Updated: May 10
Ok so unless you have been living under a rock you probably have heard something about the "meme" crypto coin DOGE. So what is all the hype? and is it just hype?
Dogecoin was started as a joke in 2013, at a time when the cryptocurrency boom was in its infancy and there was a flood of small, primitive coins entering the market. Doge has regained popularity, apparently boosted by attention from billionaires like Elon Musk and Mark Cuban and easy access through free-trading app Robinhood and here in NZ through Binance.
So generally speaking cryptocurrencies have support behind them and a large infrastructure of technology... but Doge really at this point has no real-world uses and is generally known as the "Meme" or "joke coin. But as of recent times, the joke has turned in to a real investment option...A risky one but without risk, there is no reward right?
Doge started at 4 cents (USD) and then over time is slowly increased but not until the last 18 months has it taken off and as of May 6 2021, it is now as I write this at 66 cents per coin! that's a big increase and in 2021 alone it has increased 14,000%! so if invested early enough you have a pretty decent return.
So is Doge a bubble coin? and if so when will it burst? the answer really is nobody knows. there is crypto purest out there that hate Doge and can’t wait for it to crash and burn yet there's a large number of people who think it could reach $10 or even $100 a coin! Doge seems to be very much influenced by hype and celebrities. Yesterday Meek mill purchased $50k worth of Doge and Elon musk is due to appear on the US skit show Saturday night live and he's been tweeting up a storm including one telling people to call him the "Dogefather" Which sent doge soaring again.
So in full transparency, I have some money in Doge but the smart way to look at it is that it is enough that if it gets to $1, $10 or $100 I will make a nice chunk of change but if it all goes to shit then I'm not homeless.
If you're interested in investing in cryptocurrencies then do your research and don’t put all your savings in as it's very volatile.