r/Dogecoin, a community on Reddit, that is getting stronger and stronger as more people join. Could this be the new r/WallStreetBets community? The Dogecoin army has come to light ever since Elon Musk started talking quite a lot about $DOGE.
Elon Musk on Cryptocurrency
Although Elon Musk has been quite open about his fondness for cryptocurrency in the past, it was only up until recently that the Tesla CEO has expressed his thoughts on $DOGE and $BTC. Elon Musk's fondness of Dogecoin goes way back and the popularity of this cryptocurrency is getting bigger and bigger.
Just recently, a lot of market fluctuation has been happening mostly due to two large events. One of the events is where Elon Musk suddenly announced that Tesla won't be accepting Bitcoin payments due to "environmental" issues when it comes to mining. The CEO then clarified later on that he was not selling any of his Bitcoin holdings but rather just stopped receiving them.
China Exits Crypto
The second event is the China's crypto crackdown wherein a large portion of cryptocurrency investors, traders, and miners were located. With China being strict about cryptocurrency, massive crypto holders were either forced to prematurely exit from the market despite probably meaning to hold for a while longer.
For those expecting the market to stabilize, it might do so some time soon but currently, there are still a lot of entries and exits in the crypto world making the price pretty volatile. While Bitcoin and Ethereum are being viewed as reliable cryptocurrencies, Dogecoin still remains questionable.
Is Dogecoin a Good Investment?
One big difference between cryptocurrencies like Bitcoin and Ethereum is that they already have innate uses and that they also have a market cap. Dogecoin, on the other hand, does not have a market cap, which means there could be millions of $DOGE in circulation and still an unlimited supply of Dogecoin left.
The r/Dogecoin community on Reddit has been growing even more popular ever since Elon Musk started talking about Dogecoin and even more recently, when SNL host Conan O'Brien asked the Twitterverse their thoughts on Dogecoin. With everyone talking about Dogecoin, it would be natural for people to look for certain hubs and places where they can both share and learn more about the cryptocurrency in itself.
$DOGE Reddit Community r/Dogecoin
A certain Twitter account @itsALLrisky shared a photo of the Dogecoin Reddit community getting with its two million subshibers! The r/Dogecoin community talks about Dogecoin and everything $DOGE which can help novice traders know more about the coin that they are getting into.
Although the purpose of Dogecoin was actually to make fun of cryptocurrency in general, the coin has still been raking in massive growth even turning certain people into overnight millionaires due to its rapid spike in prices. Dogecoin today might not be that bullish but it still remains volatile with its prices going up and down with enough spread for day traders to make a profit from.
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Written by Urian B.