Firstly, I have to mention that I am not financial advisor, and you are responsible for all of your financial decisions. These ideas are for entertainment purposes only.
Dogecoin was founded in December 2013. It was started by two software engineers named Billy Marcus and Jackson Palmer. It was started as a joke and meme coin. They launched the web site as a joke first. It immediately got a big cult following but its value never came close to being worth one cent and it continued for 3 years. However, everything changed in March 2017.
Dogecoin began to experience its first price pump and reached the peak value of 0.4 cents. At the start of 2018, it experienced its second price pump. Its price jumped at least %100. Today Doge is one of the most popular coins after Bitcoin and Ethereum. More people started talking about it on Twitter. Elon Musk shared a tweet about that. Thanks to all these things Dogecoin hit all time high of nearly 9 Cent. It now sits at a price of over $0.54 per coin. Dogecoin’s value has essentially multiplied by the thousands.
What is DOGE?
Dogecoin has unlimited supply. It gets a block reward every minute. It means that there are 10,000 of those times 60 minutes, 600,000 new dogecoin introduced into the system every hour. It makes 14.4 Million every day. This system makes Dogecoin inflationary. There is no supply cap. There are nearly 1,300 businesses which accept dogecoin, but it is not a big number because United States has nearly 32.5 Million Businesses. Those businesses that accept Dogecoin are smaller businesses.
Dogecoin is different from Bitcoin because Dogecoin has no limits on the number of coins that can be mined. Although it has unlimited supply of coins, it still costs money and time for Dogecoins to be mined. It became a cryptocurrency that people want to purchase. As we already know, Dogecoin has grown so much in the past 8 years of existence there have been a lot of people who became rich thanks to this coin.
Therefore, more people started to invest in it. There is one 33-year-old investor who said that he became a millionaire with this meme cryptocurrency. He claimed that he invested nearly $200,000 when it cost about 4.5 cents. He became a Doge millionaire in only two months. Yes, in only two months. It means this guy 10xed his investment. However, now you have to be patient. Sometimes patience can really pay off.
What Can You Do?
Regardless of the price movements of this coin, you should never give your money that you do not understand fully. You can read about Doge to figure out and understand what it is and its strategies. It is so heavy on speculation and that makes it a dangerous thing to put your money into. Today, doge has a higher market cap than so many well-known companies. Before you put all of your money you should know that cryptocurrencies are still very volatile.
Do not forget that it can take months or even years before you see some significant changes. However, you can be a millionaire like Doge Millionaire in only two months. Doge multiplied its value but it took at least three year to really break out its value of $0.02. Between 2017-2021, it has faced plenty of steep dips too. If you can see your investment, go through in a turmoil without a guarantee, you can invest right now. It will be hard for emotional traders.
We can see new highs in dogecoin in the coming months, but it depends on your risk level and priorities. If you are going to invest $100,000 to doge right now, it is more like speculation in my opinion. But of course, it can gain a lot in the short term too. It depends on your decision. You are responsible for only your decisions.