When Dogecoin (DOGE) first came onto the scene, most people saw it as a joke, including its founder. Then suddenly, even Elon Musk was backing the coin, and its value soared. Now though, the price has dropped, and some are wondering if Dogecoin is just a joke after all. You might be asking yourself: Should I invest in Dogecoin, or have I already missed the boat?
DOGE dates back to 2014, making it even older than Ethereum, which launched in 2015. But unlike most cryptocurrencies, its team never had high hopes of it becoming the next big currency or changing the world. Don’t feel bad if you’ve ever considered it a “stupid idea” because that’s literally why founder Billy Markus created it in the first place.
Since it’s based on bitcoin, in theory, DOGE would be classed as an alternative currency. Plus, Elon Musk recently started accepting Dogecoin as a payment method for Tesla merch, which seems like the use case he foresees.
Despite being around since 2014, Dogecoin went pretty much unnoticed for the first six years of its existence. When Dogecoin launched, its price was $0.0002, which didn’t change significantly until 2021. In February 2021, the coin enjoyed what at the time seemed like a big jump up to $0.079.
Since Dogecoin was only created as a joke and has swung about wildly in price, it’s probably not something at which you want to throw your inheritance. But if you’re committed to this high-risk but admittedly irresistible coin, here are a few aspects to take into consideration.
Dogecoin gives many people a sense of camaraderie; you could even say that it has cultural capital because of how it’s impacted society and brought people together.
The markets are always doing crazy things, and once you embrace that fact, you can profit from it. I’m not talking about reading some fancy chart patterns. I’m just talking about observing that mania has begun to sweep the world and recognizing that it’s precisely the type of mania that could lead to a price spike.