Your guide to Dogecoin, the weirdest cryptocurrency moment of 2021
Since its first appearance in 2013, Dogecoin has been… well… an outsider in the cryptocurrency world. Literally created as a meme, it has somehow persisted to the point that even non-members and non-crypto nerds are looking for where to buy Dogecoin.
But more than persist, he benefited from a Elon Musk’s Tweet, and like NFTs such as NBA Top Shot, it took advantage of a moment in the limelight last month when its value hit $ 0.45 and made people wonder if there was more to Dogecoin than ‘it seems.
Since then, the long-term predictions for Dogecoin have proven to be unpredictable, but that hasn’t stopped all the last people on the internet from weighing in with their thoughts.
But you still wonder how did we get there to start? What is Dogecoin used for? What is Doge even?
Well, buckle up, because this is your guide to understanding Dogecoin in 2021. And if you’re still interested after all of this, we’ll even show you where to buy Dogecoin yourself in the US.
Who is Doge and why does he have his own room?
To understand Dogecoin, you have to go back to 2013, when the Doge meme first took the internet by storm.
Little more than an image of a Shiba Inu captioned with absurd phrases, Doge was the perfect encapsulation of the internet’s inherent absurdity. Fun, funny, and easy to twist, Doge memes were popping up in the feeds of baby boomers, zoomers, and everyone in between.
As a result, it was only a matter of time before Doge’s influence began to spread to other corners of the internet. And one of those corners was the nascent global cryptocurrency, which was driving the then-volatile Bitcoin to legitimacy. Hence the creation of Dogecoin.
More than just a benchmark, all of Dogecoin’s inspiration was to create a cryptocurrency that didn’t take itself very seriously and was essentially worthless.
And so unlike other cryptocurrencies, Dogecoin was created with no limit on the number of coins that can be minted. And to date, over 129 billion Dogecoins have been minted. This lack of scarcity theoretically meant that its value should never have increased over time.
And for a while this was true. Until it didn’t, Dogecoin took a life of its own.
If Dogecoin was created as a joke, what is it even for?
But after its first wave of hype following its inception, Dogecoin quickly found its purpose. Due to its ability to process transactions faster than Bitcoin or Ethereum, Dogecoin is often considered a good spending currency.
It has also become a popular cryptocurrency for people who wish to tip others frivolously on the internet. For example, Reddit users have made it a habit to tip someone with Dogecoin when they post something good on the site.
Due to its stamina, Dogecoin experienced a relatively solid increase in value during the crypto boom of 2017 and 2018, rising from $ 0.0001 to a high of $ 0.0115 in January 2018 and resulting in a permanent increase in the value of the supposedly worthless cryptocurrency. While it was certainly curious, no one considered that there was more to Dogecoin than what was seen.
What led to this huge Dogecoin price spike in 2021?
For all intents and purposes, the real story of Dogecoin began in early 2021. Following the entire Gamestonks debacle that took Wall Street and the internet by storm, another reddit forum, r / SatoshilStreetBets, has reported that ‘they were fans of Dogecoin and had every intention of sending its value to the moon. This led to an initial spike in Dogecoin’s value, at $ 0.05, which then prompted billionaire tech barron Elon Musk to voice his support as well.
As you might expect, people noticed and the price rose further, peaking at $ 0.079 before leveling off at between $ 0.05 and $ 0.06.
And while a lot of people have a curious eye on Dogecoin after this, I don’t think anyone expected Dogecoin to rise in mid-April, which caused its market cap to rise to $ 40 billion and plunged the financial world into a frenzy. The rise in Dogecoin is widely believed to have been aided by the Coinbase IPO, which led to higher prices in several cryptocurrencies. Combined with the meme factor, it ultimately sent Dogecoin into overdrive.
And while Dogecoin has returned from the moon, falling to $ 0.16, it’s worth pointing out that its value is still at $ 0.26 at the time of writing.
Is Dogecoin the New Bitcoin?
This wild year (and generally wild existence) that Dogecoin is experiencing naturally leads to a question: Is Dogecoin worth buying?
Sadly, that’s not for us to say, and we’re not sure anyone really knows the answer to this question to be honest.
You can find the full range of thoughts and opinions on Dogecoin, including those who think you should get in while you get, those who think there are better ways to invest, and those who think Dogecoin will stop. finally to exist.
What we do know is that many were optimistic that there would be an artificial Dogecoin spike to 4/20 as a result of memed investors, which never really happened. Many analysts are also concerned that there is a larger cryptocurrency bubble that could burst at any time.
At a minimum, it’s probably wise to approach any currency created as a joke, and any cryptocurrency that has no limit on how many coins can be minted, with some caution. At no point was this ever intended to be serious currency, so anyone can guess what will happen from now on.
So where can I buy Dogecoin in the United States?
If you’ve decided that buying Dogecoin is right for you, you’re in luck: buying Dogecoin is super easy.
There are two reputable and safe places where you can buy Dogecoin in the United States
The first is Binance, which is arguably the best cryptocurrency exchange. Besides letting you buy, sell, and convert virtually any cryptocurrency you can think of, they also employ a rigorous set of security measures to keep your account safe. In addition, the site is easy to use. Including the time it takes to set up your account and verify your ID, purchasing Dogecoin will take you less than 15 minutes.
The other option is to buy Dogecoin through the Robinhood investment app. Yes, this is the same service that found itself embroiled in the controversy after freezing trade amid Gamestop’s rise to power. But at the very least, they’re a known entity, and you can feel some degree of assurance that they won’t rip you off. Like Binance, the process is extremely straightforward, and once your account is set up, purchasing Dogecoin will only take a few minutes, if not seconds.
Once you have your Dogecoin in hand (metaphorically speaking), we think it’s a good idea to transfer it to a Bitcoin wallet for safer custody and more control over how you use it.
While you can use a digital option like the Coinbase wallet or the official Dogecoin wallet, we recommend that you choose one of the best hardware Bitcoin wallets (which stores many types of cryptocurrency) for maximum security. Because cryptocurrency hardware wallets lack wireless connections, they are virtually impossible to hack. And in the event that they are lost or damaged, will keep your data fully encrypted while also allowing you to restore your account from a backup key.
And if you need a recommendation, we’ll choose the Ledger Nano S.
Buy: Ledger Nano $ 59.00
So there you have it. In the cryptocurrency world, nothing is guaranteed, but at least you have what you need to decide if Dogecoin is the right cryptocurrency for you.