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What is Dogecoin, and how does it work? What happened when a joke became more popular than bitcoin?

Why has it become so famous all of a sudden?

Dogecoin is no longer a laughingstock. Its popularity has skyrocketed this year, thanks in part to the widespread acceptance of bitcoin and other cryptocurrencies.

However, Elon Musk is the most vocal and visible supporter of dogecoin. One of his strange tweets to his 50 million followers has the potential to send cryptocurrency prices soaring. That’s what happened on Friday when Musk tweeted “Doge Barking at the Moon” and posted a picture of “Dog Barking at the Moon,” a painting by Spanish artist Joan Miró.

Dogecoin has also gained cult status on the internet message board Reddit, where a famous community — similar to the WallStreetBets group behind GameStop’s rally — agreed earlier this year to push its value “to the moon,” resulting in a 600% increase in value.

Whether it’s a good investment or not is always up for debate. Dogecoin, like the more actively traded and commonly accepted bitcoin, is subject to extreme uncertainty so that it could collapse at any time. However, it has risen at an incredible rate this year.

Markus, who sold all of his dogecoins when he was laid off in 2015, isn’t benefiting from the coin’s meteoric rise. He put it towards the purchase of a Honda Civic.

Reference

What is Dogecoin? How a joke became hotter than bitcoin – CNN. https://edition.cnn.com/2021/04/17/investing/what-is-dogecoin/index.html

DOGE Has Another Meteoric Rise, Spurred by Musk Tweet – BtcPro. https://btcpro.com/2021/04/18/doge-meteoric-rise/

Secret to Building Wealth – Buy Assets, Avoid Liabilities. https://retireby40.org/secret-wealth-buy-assets/

What do you think?

Written by Winston

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