There's been a lot of talk about $DOGE lately. The lines "to the moon" are also thrown a lot as a number of people are investing in dogecoin and "HODL" it until the right time. There are a number of people that still don't know what exactly dogecoin is and why it matters.
Is Dogecoin a Joke?
For those that haven't been keeping up with the news lately, cryptocurrency is getting more and more popular as people are slowly adjusting to modern trading and investing instead of traditional ones. When talking about investments, cryptocurrency is something that a lot of people are looking forward to.
What exactly is dogecoin? According to an article by CNBC, well, dogecoin is a particular cryptocurrency that was actually branded by an epic viral dog meme that came out years ago! The cryptocurrency currently has a market capitalization of around $86 billion after following a massive six-month climb of about 25,000%!
Is Dogecoin a Good Investment in 2021?
According to a certain portfolio manager and the founder of Quantum Economics, Mati Greenspan, the joke is now on Wall Street. What is happening is that there are now teens on TikTok that are even outperforming the "smartest suits" by a whopping thousands of percentage points.
What makes dogecoin different from the likes of bitcoin is that it actually doesn't have a hard market cap. Bitcoin currently has a market cap of 21 million coins. It was then described by Greenspan as having a "really crazy inflation schedule."
Elon Musk Dogecoin
One clear influence on the price of dogecoin is the hype caused by Tesla CEO Elon Musk. The billionaire has been talking about the cryptocurrency for quite some time now and everytime he tweets, the prices of this cryptocurrency also shoot up!
Elon Musk is famous for his "to the moon" statement when talking about $DOGE. Although the billionaire advises people to tread carefully, a lot of Musk's fans are investing more and more into $DOGE turning a few of those investors into instant millionaires.
Aside from Elon Musk, there have been others that have given their thoughts about the cryptocurrency. Other celebrity endorsements include Mark Cuban the owner of Dallas Mavericks, Snoop Dogg the artist, and even Gene Simmons the Kiss bassist. Even the popular beef jerky brand Slim Jim started to get in on the whole action as well, according to Coindesk!
Dogecoin was supposed to be a cryptocurrency to mock other cryptocurrencies but it has now turned into a cryptocurrency that has reportedly performed well for a number of investors. Due to the coin's price coming from $0.05 back in April 1 to a whopping $0.72 on May 8 a number of people are already taking profit.
The value of the coin, however is now being expected to go up and a lot of new investors are looking into cashing in on the opportunity.
This article is owned by Tech Times
Written by Urian B.