What is Dogecoin?
Dogecoin, also commonly known in the trading world as DOGE, is an open-source cryptocurrency. Usually portrayed in a more humorous light, it is considered to be an alt-coin and is mainly used as a meme.
The open-source cryptocurrency was released eight years ago in December 2013, by Jackson Palmer and Billy Markus, the image of a Japanese Shiba Inu dog is the main face logo. Although dogecoin were primarily a mere concept of a joke in 2013, it was not until 2017 during the big cryptocurrency bubble where it had been recognised, resulting in a significant rise in value.
However, once the bubble had burst in 2018- the dogecoin had suffered an enormous loss. Not all had been lost though as the support army for the dogecoin was rising with so-called amateur traders sharing trading tips online via platforms such as Reddit and Twitter. At this moment in time, traders can buy and sell dogecoin through the means of all digital currency exchange platforms. There are also options to store dogecoin within digital wallets online or via exchange.
Dogecoin Stock
Following up from the trading wars between amateur traders and hedge fund investors- the crypto market is currently hitting a valuation of a staggering $1trillion as amateur traders have now switched to Bitcoin’s arch-nemesis- Dogecoin. Over the past 24 hours, the market saw a rapid increase in volatility by 500 per cent, taking its value up to $0.05- according to The Independent. With the meme-inspired cryptocurrency mainly appealing to those on social media forums and retail investors- one could say that those involved within the dogecoin frenzy are very cult-like as their behaviour had seemed to be a reflection of the encouragement from Reddit forum page WallStreetBets.
As quoted by The Independent, Eric Demuth, CEO and Founder of BitPanda had said: “The most interesting aspect is how social communities on the internet now have an immense influence on the volatility and direction certain assets will go into. What we are seeing is a historical power shift from the elite to retail investors – and this is just the beginning.”
In more recent news, the prices of Dogecoin have risen by 50 per cent as world’s richest man- Elon Musk sends out a tweet on Twitter saying: “No highs, no lows, only Doge”, which was followed by after he tweeted earlier that “Dogecoin is the people’s crypto”. On Thursday morning coinmarketcap.com- an online cryptocurrency data provider had said that it was estimated the crypto coin had a market value of up to $6.3 billion (£4.6 billion). To which the value of a single coin was estimated $0.05204 the very same day.
How To Buy Dogecoin?
According to the Metro.co.uk- they recommend an online platform called Exmo cryptocurrency exchange. This will enable you to buy, sell and exchange Dogecoin. Similar to many online platforms, you will be required to give your full name, contact information and proof of ID before trading. You must link your bank account to be able to deposit and withdraw funds. However, if you choose to do so, it is advised that you set up extra security such as two-factor authentication before setting up any financial account.
*Investment poses a variety of risks, which influence its volatility and financial return. Nonetheless, there are plenty of resources and analytical tools which can help one navigate these challenges in the world of investing!
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