So Dogecoin? Yeah! What is Dogecoin? What is this hot trending topic among the cryptocurrency community? Are you ready to learn everything that there is about Dogecoin? Do you want to consider this meme coin as an investment option? You’re in the right place!
Today, we are going to embark on a financial venture in the mysterious but awesome world of cryptocurrencies. We are going to learn exactly what we need about Dogecoin and whether we should buy and invest in it or just enjoy the hype going around taking all media by storm!
Just a heads up! This post is only for the purpose of education. What you are about to read, is not financial advice of any kind and is not intended to be one! I’m neither an expert financial advisor nor a professional trader. I’m just a crypto enthusiast and chose to invest in cryptocurrency after doing my own research. So, always DYOR before making any financial decision. Seek independent financial advice from experts if necessary.
Everything You Need to Know About Dogecoin [Video]
Not in the mood of reading a long article? I’ve got you covered. Watch this video and enjoy learning what you need to know about DOGE!
What is Dogecoin?
This hot topic that you see and hear everywhere, the Dogecoin or DOGE, is a decentralized cryptocurrency that is running on an internet technology called the blockchain. Well! It’s like Bitcoin. Actually, it is a fork of Bitcoin that is open source and everyone can participate in its development. But don’t worry! you don’t need to be a developer or programmer to invest and make money off Dogecoin and I’m not going to bore your mind out of your skull to tell you lots of technical stuff that you don’t need to know at all.
Now! What do you need to know about this cute cryptocurrency? First and foremost, it is a meme coin inspired by the Doge meme, the cute Shiba-Inu breed dog that was shot into fame back in 2013. Second, is the Dogecoin market cap. By the time that I’m writing this article (May the 4th be with you BTW), the Dogecoin Market Cap. is near 73 billion dollars.
Yeah! 73 F**king billion dollars. That’s a hell of a lot for a meme coin that some say it’s worthless. Some who have missed the opportunity to invest, I believe. Dogecoin is currently Ranked 4th (May the 4th and ranked 4th on this day. coincident? I think not!) after Bitcoin, Ethereum, and BNB.
That’s pretty awesome, isn’t it?
Third, and the last thing to know about Dogecoin, the most important one in my view, is the amount of support it receives from everyone. There are a lot of supporters including many high-profile identities and celebrities. One of the notable ones that you hear his name on news is Elon Musk, who explicitly showed his support after purchasing Dogecoin for his newborn child as a long-term investment.
These three reasons are enough to know what Dogecoin is and why it is trending news all over the internet. If I hear these reasons or read them somewhere, I’m pretty convinced that the Dogecoin hype isn’t an ordinary one!
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Dogecoin Price [Real-Time]
You probably wonder “What is the price of this dogecoin thingy anyway!”. Well! This chart, taken from the TradingView website, shows the real-time price of Dogecoin.
You can check it out. It could be anything depending on when you are reading this article. It is currently 60 cents and growing. It could be 1 dollar, maybe 2. Or it might be worth thousands; Who knows?
Dogecoin to The Moon!
Among all the news, headlines, tweets, and social media talks, you may have heard “Dogecoin Rise” or “Dogecoin to the Moon”. Rising Dogecoin to the moon doesn’t mean sending it on a rocket straight to the moon. Although Elon Musk once tweeted about doing this to Dogecoin I’ll talk about it later! In the cryptocurrency community, when you are increasing the price of an asset, like Dogecoin for example, by buying and holding as a long-time investment (or HODL), you are rising the asset to the moon!
The story of “Dogecoin Rise”, “Rising Dogecoin”, and “Dogecoin to the Moon” is exactly the same, but the scale is massive, nearly international. The story of pumping Dogecoin is beyond just some big players (Crypto Whales) pumping the price to the moon. Rather this meme coin is being pumped by the community who decided to show how powerful they can be to form truly decentralized money.
Another thing that you might have heard is “The DogeFather” or even “The CEO of Dogecoin”. The Dogefather is what Elon Musk tweeted about his Saturday Night Live (SNL) appearance on May 8, 2021. The tweet started a big hype for itself, leading to artworks, like the one below, being designed by the community and Dogecoin enthusiasts.
After Elon Musk’s tweet, many started talking about the CEO of dogecoin. The community started asking Elon to become the CEO of Dogecoin and that’s where this expression is coming from often in the form of hashtags.
Dogecoin is decentralized and having a “CEO” somehow defeats the purpose of decentralization. But, what people want from Elon Musk, who is currently the CEO of everything good, is to be the CEO of Dogecoin a.k.a. the “Representative” of this meme coin! So, it’s OK I guess!
Let’s talk about going to the moon stuff. Remember the “Rising Dogecoin to the Moon”? Elon Musk tweeted the following talking about his plans to put Dogecoin on the moon, literally!
Is he really going to do that? No one knows, but if someone is going to “put a literal Dogecoin on the literal moon” no one can do that but the CEO of SpaceX, Elon Musk!
With that amount of influence just by one person with nearly 25 times more followers than Jeff Bezos and the support of the Dogecoin community, this could be a better investment option.
Now, with all the evidence, like the CEO himself asked us all, what does the future Hodl? #DOGE
Elon Musk even participated in the meme community by sharing financial meme coin memes like this one. Isn’t that great?
The Effect of Elon Musk on a cryptocurrency like Dogecoin is so much that a small hint of Dogecoin in a tweet will send the price to the moon resulting in a massive pump. I like to call this phenomenon The Elon’s Effect!
He shares memes while he is also a meme! Look at him. Look how the CEO of Tesla enjoys a puff of a well-wrapped joint during a live show on the internet!
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Should You Buy Dogecoin?
Buying Dogecoin and investing in this cryptocurrency or other crypto is a good long-term. However, don’t rush to buy and do your own research before trying to hop on the wave of doge meme and crypto.
What you should consider before taking any kind of financial decision, like buying and investing in Dogecoin and hoping the price goes up, is to understand the risks involved and the volatility of the market.
If you are well-informed of the risks in buying, selling, or trading cryptocurrencies, then it’s time to invest an amount of money that you can afford to lose, put it aside for a while (Hodl), and come back later to see how much profit did you earned as a result of your investment.
Can Dogecoin Make You Rich?
It’s hard to guess. Investment, as a whole, is a profitable way of making money, especially in cryptocurrency markets. But, and there is a big BUT here, it involves a lot of risks that may incur a lot of loss. Dogecoin, or any other cryptocurrency, can actually make you rich, provided you invested when the prices were low and the market was not as popular as it is today.
Dogecoin, with all the support and popularity among different communities, is known as the meme coin of the people, and it is highly unlikely to crash to a point without return. Dogecoin’s ROI (Return on Investment) since its beginning in 2013 was 100,000%. That is a whopping amount of profit, many of which came from the past 2 years!
However, like any kind of financial investment, it could go the other way around. It is unlikely, but all markets are prone to collapse at some point in time and their value will drop dramatically as the result!
Therefore, always do your own research (DYOR) prior to investing and buying Dogecoin, and never invest more than you can afford to lose. I invested in Dogecoin back in 2019. My investment wasn’t $10,000, $1,000, or $100. It was just a $20 investment, which I shall consider a very very successful investment!
Will Dogecoin Grow?
Linke any other cryptocurrency, the price and value of Dogecoin can and will grow in long term. But as I mentioned earlier, all financial markets, including the cryptocurrency market, are volatile and therefore there are risks involved in investing in them.
While the prices are always growing and the market cap is always increasing, there is the risk of market collapse. For this reason alone, you should never invest more than you can afford to lose!
Is Dogecoin Unlimited?
One of the controversial topics surrounding Dogecoin is the fact that it is unlimited so it has the same properties as Fiat money or Fiat currency. Yes! Dogecoin supply is unlimited like any Fiat money. This will result in inflation as the supply amount increases: The same problem with all Fiat currencies.
But while Fiat currencies are unlimited all the time, Dogecoin supply is limited per year. Miners can only mine a limited amount of Dogecoin per year. The annual limitation amount is reached by consensus and is placed to control the inflation to prevent problems like those we have with Fiat money.
To conclude, Dogecoin is unlimited, but in a limited way! And this popular meme coin will never be similar to Fiat money and will never have the problems Fiat currencies have.
Where to Buy Dogecoin?
Buying Dogecoin is easy. If you want to learn how and where to buy Dogecoin with a credit card, a debit card, or any other way, this section is for you. But before buying cryptocurrency with your bank card, make sure the bank or government all you to do so. If unsure, ask professionals or use a prepaid debit card.
There are a lot of places where you can safely purchase Dogecoin and add it to your crypto wallet. The best options, and also the quickest, are signing up on a centralized exchange, verifying your identity, and buying dogecoin or trading it later for USD or other cryptocurrencies. Centralized exchange sites allow you to purchase any cryptocurrency such as Bitcoin, Ethereum, Cardano, BNB, and basically any crypto they have listed in their exchange.
They also have a lot of tools to analyze charts, prices, and easily trade with other assets which I don’t recommend since it is something you have to learn and become a professional at before doing!
Overall, I prefer to purchase my crypto and trade it on centralized exchange websites due to the fact that they are really easy to use and have user-friendly interfaces.
Here’s the list of some of the best options you have to buy Dogecoin with a credit card or a debit bank card:
- Binance – 10% Trading Commission kick-back (discount) if you signup by my Link!
- Gate.io – 20% Trading Commission kick-back (discount) if you signup by my Link!
- Robinhood – Only for US Citizens
- Binance US – Only for US Citizens
The other option you have regarding buying cryptocurrencies, including Dogecoin, is using a crypto wallet. They are also easy to use and good for Holding long-term. They don’t need identity verification and often come in the form of a smartphone app that you can install in seconds. However, trading them, or swapping them with other cryptocurrencies, is harder and slower since their liquidity pools are smaller. But, you can still buy Dogecoin with such wallets with your credit card or debit card.
Here’s the list of the best wallet options for your that are easy to use and support Dogecoin and other cryptos:
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Should You HODL Dogecoin?
First, let me explain one thing that you may think it’s a typo and I’m a very bad writer! No. Hodl is Hold but as said by the crypto community. It has a long meme-like story that I won’t get into, but when someone says Hodl, they mean don’t sell and hold the asset until the price goes higher. So, Hodl is not a typo but the community slang of Hold!
What was the question? Yeah! Is Hodling (or Hodling) Dogecoin profitable or not? I’m going to say my own opinion here and I’m not providing any financial advice. I am neither an expert nor a cryptocurrency trader. My opinion regarding crypto investments like Dogecoin, Bitcoin, or others is to Hodl long-term.
So I Hodl for a minimum of 6 months and I tell my close friends to do so. But if you want to Hodl or sell, please DYOR before. Oh yes! DYOR means “Do Your Own Research” which is another crypto community slang for saying “I don’t provide financial advice!”.
Dogecoin FAQ Answered
The topic of Dogecoin is huge and the hype is even huger! So it is common to have many questions in mind with no apparent answer. That is why I researched online and found the frequently asked questions (FAQ) regarding Dogecoin. You can see the list of these questions below as well as their answers.
Both Dogecoin and Bitcoin are decentralized cryptocurrencies, but while Dogecoin is a Bitcoin fork, the two are not similar to each other other than both being cryptocurrencies.
No. It’s highly unlikely. Bitcoin is the first cryptocurrency in the world. The foundation of Blockchain technology was built by Bitcoin and it will remain “Bitcoin” forever. Dogecoin won’t be the next Bitcoin, but it can become the No. 1 cryptocurrency in the world, but it’s pretty rare!
Some believe that Dogecoin is there only for big players to make money by pumping and dumping the value and earning profit by the difference of price. Such cryptocurrencies are usually purposeless, have few supporters, and have a short lifespan. But Dogecoin was established back in 2013 and has a lot of supporters as well as a well-defined goal. It is also open source and everyone can contribute to its development.
NO!!!!! Never invest more than you can afford to lose and always DYOR and understand the risks involved in investing in financial markets such as cryptocurrency, Forex, or other available options. It’s the same for investing in Dogecoin. Invest only the amount that you don’t need in the future and you can afford to lose if by any chance the market collapsed.
Yes! Mining Dogecoin or any other cryptocurrency is a complex task and requires a lot of technical knowledge and suitable hardware. There are a lot of services, like NiceHash, allowing you to mine crypto using your computer or laptop. Also, there are a lot of mining pools that you can join and mine Dogecoin with collective computing power.
Dogecoin is recently coming to the attention of many online stores and other online services and is slowly finding its way to global fame. The number of websites, eCommerce stores, and businesses that accept Dogecoin as payment is increasing, with many joining the Dogecoin community every day. You can rely on Dogecoin to become a way of payment for online products and services but currently, you can Hodl and enjoy the value growth.
Yes! as the Dogecoin website insisted on this subject, 1 Dogecoin will always equal 1 Dogecoin. You can say: In Doge we Trust – 1 Dogecoin = 1Dogecoin
As final thoughts, I believe that Dogecoin can have a good future. There is a lot of community support and many celebrities including Elon Musk is showing a lot of interest in this doge-themed internet meme cryptocurrency. It is currently affordable at about
60 to 70 cents and had proved to be a good investment option, especially for earlier investors. However, I solely wrote this article for the purpose of education, so no financial advice is intended!
Investing in Dogecoin and trading it could be a great way to Make Money Online but remember that it involves a lot of risks. Make sure you are aware of those risks before making any financial decisions. Ask an independent financial advisor for more information. This article does not provide any financial advice!