If you are still wondering to make a decision on investing in Doge coin, here is a simple analogy by Doge Army Major. If you are beginner, let us try to understand what is dogecoin, its history and specialty.
Dogecoin and its history
Dogecoin is a cryptocurrency from which an internet meme takes its name. It began as a way to ridicule the industry, but a vibrant group of enthusiasts was quickly built up. Since 2013, it has come a long way, reaching a $2 billion market cap in the January 2018 crypto craze at its height.
- The large number of altcoins that cropped up in 2012-13 could not be believed by Jackson Palmer, an Adobe employee. As a joke, he sent out a tweet saying he was investing in Dogecoin, a fake coin that was common at the time, based on the Shiba Inu dog meme.
- While he tweeted in good humour, there were a few people who felt he was on to something. They said a light-hearted token was really needed by the industry that could fight the more divisive coins on offer. So Palmer teamed up to make Dogecoin a reality with Billy Markus, a programmer.
- Dec 2013-Dogecoin was founded by Jackson Palmer
- June 2014-The Dogecoin Foundation is set up to preside over the code of the currency
- April 2015- Jackson Palmer, co-founder, leaves Dogecoin
- January 2018-The market cap of $2 billion briefly exceeds
- May 2019-The famous Coinbase Wallet is added to Dogecoin
- Elon Musk says Dogecoin is the best cryptocurrency in March 2020
What makes Doge Special?
- It has fast transactions and low transaction fees, both important for broad adoption, speed and cost.
- Unlimited supply The coin was initially capped at 100 billion coins, but it was changed to an unlimited supply later on. That maintains a reasonably stable price.
- Community-heart Dogecoin’s is its involved community. Reddit dogecoin comminuty (a subreddit for sharing, discussing, hoarding and wow’ing about Dogecoins) has over 1.1 million investors and it is growing fast.
Analogy by Doge Army Major
One word: Doge— Elon Musk (@elonmusk) December 20, 2020
According to Elon, who has previously suggested that the “people’s crypto” could become the official currency on Mars, these massive holders are the only thing standing in the way of Dogecoin being a popular currency.
Now back to you, what is your decision? If you decided to invest, only invest the money you are ready to lose. Good luck!