What is DogeCoin, exactly?
Is it a joke? Will it make me rich? Read on to learn more about DogeCoin and how it all came about!
Now, one of the questions I typed above was:
Is DogeCoin a joke?
And the simple answer is – To begin with, absolutely. And this was well documented in the news and by the 2 creators of the coin – Jackson Palmer and Billy Markus.
They literally admitted to setting up a coin/digital payment system as a complete joke…
Users of this coin are quite literally dubbed ‘Shiba Inu’s (A Japanese dog breed and now famous dogecoin mascot!)
Is DogeCoin a new coin?
Not really – The coin was created all the way back in 2013 by the 2 guys mentioned above (Both software engineers) and the idea behind their ‘joke’ was to create a mock version of the already established Bitcoin.
But the purpose of the release of the ‘dog-coin’ wasn’t just meant to be a joke – It was also released to give traders/investors the chance to get to grips with the weird and wonderful new world of Crypto-currencies.
Is there a limit on how many Dogecoin can be created?
Unlike a lot of other Cryptos, there is no limit on how many Dogecoin can be created. Compare this to a coin like Bitcoin, where there is a hard limit of around 21 million coins.
How much has DogeCoin gained recently?
Well, if we look at the last 6 months trading, the percentage gains in dogecoin have shot up by something like over 25,000% – not bad for an internet, dog-meme, joke-coin!
Who has been backing the Coin?
Some great names here! Rap superstar – Snoop Dogg, Space-X CEO Elon Musk and Kiss bassist – Gene Simmons!!
How much is DogeCoin Worth?
At time of writing, Dogecoin is fast approaching a $70m Market Cap. It even reached a peak of just shy of $92m in the month of May which made Dogecoin the Fourth largest coin in circulation!
How does DogeCoin compare to other asset classes in performance terms?
To be honest, DogeCoin has just about outperformed everything else on the market of late. And that includes Bitcoin and Ethereum, which have also both experienced explosive growth!
And when you compare Dogecoin to traditional investments like Gold, FX crosses and stock market Indices – these asset classes don’t even come close. It is important to remember, however, that the risk that cryptos carry is enormous!
Ok – so we’ve been through a few fundamentals of what the coin is, who made it and why they made it, as well as looking at some recent performance figures. Now let’s look at some DogeCoin stories that have made the news, of late.
Let’s start with one of the largest financial institutions in the world – Goldman Sachs.
DogeCoin News: Goldman Sachs Executive
It was recently reported that an executive at global investment bank – Goldman Sachs, has made so much money from the Coin, he has resigned!
His name is Aziz McMahon and he was Managing Director and head of emerging market sales at the bank. This move comes at a time where GS have only just opened their crypto desk – reversing a decision they made to steer clear of the crypto world a few years back.
DogeCoin News: Ethereums Opinion
The co-creator of Ethereum (Charles Hoskinson) has recently shared his Doge opinion. He thinks that the coins bubble will almost certainly burst in the near future.
He puts this down to the coin not being built on any original tech and also blames the recent market moves and popularity of the coin on Tesla CEO – Elon Musk.
This brings us on to Elon nicely for our next news piece!
DogeCoin News: Elon Musk
A lot of the headlines we come across seem to have the name ‘Elon Musk’ written somewhere! The self-proclaimed Dogefather recently made his way onto popular comedy sketch show – Saturday Night Live, in the States – where the coin was a hot topic.
A particular sketch where Elon was asked what the coin actually was and he couldn’t put the answer to bed, left the DogeCoin market plummeting when he ended the sketch by calling the coin – ‘a hustle!’
During the sketch, the popular retail trading app/platform – RobinHood, actually received so much traffic that it crashed!
He also caused a huge stir on Twitter recently, when he asked his 54m followers if Tesla should accept the Coin as a form of payment – 78% of them said yes and there were almost 4m votes cast – again showing the popularity of the coin.
DogeCoin News: Anonymous Holding
We will end this article with one of those stories that you read and think – why couldn’t that have been me!?
It’s said that there is an anonymous, early Doge investor out there that has been sitting on an absolute goldmine and has been for years. This person or persons currently holds coins to the value of 2b USD!!!
Now you may read this article and think – Doge isn’t the coin for me! So if you want to try out trading some other cryptos – Click here to open an account today.
Good Luck and Happy Trading!
