Dogecoin is probably one of the most widely discussed cryptocurrency of 2021, surpassed in popularity only by Bitcoin. What started as a joke has since turned into a massive, worldwide phenomenon with hundreds of thousands of dedicated fans in almost every country of the world. But what is Dogecoin really, and is DOGE still a good investment?
What is Dogecoin?
Dogecoin (DOGE) is a blockchain-based digital currency similar to cryptocurrencies like Bitcoin (BTC) and Litecoin (LTC). Dogecoin allows people to send, receive and store funds in a decentralized way, without having to use third party intermediaries like banks or payment companies.
The most unique thing about Dogecoin is its massive, global community. Unlike many cryptocurrencies which are very complicated and only appeal to IT experts, DOGE is simple and fun, and loved by millions of people around the world.
History of Dogecoin
The history of Dogecoin began in 2013, when two experienced blockchain developers named Jackson Palmer and Billy Markus decided to create a new cryptocurrency. Their goal was reaching a wider audience than Bitcoin, which back then was very unwelcoming of people with no technical knowledge.
Dogecoin was mainly inspired by Bitcoin and Litecoin - two of the most popular digital currencies at the time. But the most important thing about DOGE was the fact that it was conceived from the start as a joke currency, advertising itself through memes, and not trying to appear too serious and high-brow.
Choosing the popular yellow shiba inu dog as the Dogecoin logo proved to be a genius decision. Dogecoin became a worldwide phenomenon, and nowadays many popular celebrities are avid Dogecoin fans. The list includes Snoop Dog, Jake Paul, Kevin Jonas, Soulja Boy, and, last but not least, Elon Musk, who calls himself “the Dogefather”.
Dogecoin Price Analysis
For a very long time Dogecoin was considered just a meme currency, and it didn’t immediately become as popular as it is today. From 2013 until 2020, the DOGE price mostly remained at a very low level of around $0.001.
It wasn’t until the end of 2020 when Elon Musk started to promote Dogecoin on his Twitter, which has caused the DOGE price to massively pump and eventually reach its current all-time high of over $0.73 on May 8th, 2021.
Nowadays, Dogecoin is one of the 10 largest cryptocurrencies on the market, with a market cap of over $35 billion. However, many people are convinced that Dogecoin still has a lot of room for growth, and that the DOGE price will continue to increase.
Is Dogecoin a Good Investment?
Many critics point out that Dogecoin has some serious problems, such as the fact that it has outdated technologic fundamentals, no real-life use cases, no developers, and that it is backed by nothing else by Elon Musk posting memes on Twitter. However, it’s indisputable that DOGE was able to provide its investors with a 52154% ROI, which certainly means that it has proven to be a good investment so far.
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