Two software engineers known as Jackson Palmer and Billy Marcus desired to create an instant payment system. They aspired to have a payment system that is fun and free from conventional banking taxes. They aspired to create a digital currency that could extend to an extensive demographic other than bitcoin. This intention brought about the invention of a cryptocurrency known as dogecoin.
Dogecoin was developed as fun. Dogecoin was introduced to the online community on the 6th of December, 2013. Within 30 days of inauguration, the coin had over a million newcomers to its website. As of 19th of December, 2013, dogecoin increased by over 300% in worth within seventy-two hours. It rose from the US $0.00026 to $0.00095. They experienced this growth when China banned the Chinese banks from financing the Bitcoin economy.
Three days later, the effect of the Chinese restriction affected the dogecoin economy also. This event led to their first main crash, dropping by over 80% in net value.
Dogecoin experienced its first online theft on the 25th of December, 2013. The coin’s online wallet platform got hacked. This theft propelled action on Twitter. This action made it the extensively spoken altcoin on Twitter. Though, it was in the wrong viewpoint.
A donation scheme known as “SaveDogemas” was inaugurated after the theft. One month later, enough money was donated to cater to those whose money went away with the crash.
January 2014 was a turning point for the Dogecoin economy. The trading volume of the cryptocurrency went above that of Bitcoin and another cryptocurrency. The dogecoin market capitalization increased close to that of bitcoin.
Moreover, Jackson Palmer declared an extensive leave of absence in April 2015 from cryptocurrency.
The Dogecoin economy experienced a major shift as of early 2018. Dogecoin value increased to $0.017/coin. This increased the coin’s market capitalization to about US $2 billion.
As of January 2021, the net worth of the coin increased by 800%. The increase was a massive increase never recorded in the organization since its inception. The increase was a result of interest from Gamestop short squeeze, Reddit customers, and partly from Elon Musk.
Now, you know the history and all that dogecoin entails. You might still be skeptical about some facts. If this is the case, we have to examine a crucial point together.
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Is Dogecoin Worth Buying?
Dogecoin experienced an increase in market capitalization and net value recently. Attention given to it by Reddit users, different celebrities, and Elon Musk made this possible.
It has recently become the face of the cryptocurrency market. It is possible to earn a lot trading dogecoin. As of the time of writing this article, a dogecoin amounts to US $0.05. Yet, any substance that doesn’t have a track record of retaining its value should be given time before one venture into it.
I will recommend cautious investors do not trade dogecoin. Why?
The price of the coin increased recently. Moreover, it can be purchased in few places, Robinhood being the top seller. The fluctuation in price action and unguaranteed security is a concern to the crypto-traders.
Dogecoin has the prospect of becoming a big cryptocurrency community. Besides, its present worth is compelling to any crypto-trader. But yet, it’s dangerous to be moved by the vibe all over.