Does dogecoin have potential?
History of dogecoin (doge):
Way back when, at the start of the 2010s, blockchain technology went public and exploding in popularity. When bitcoin took center stage, many developers tried to replicate what bitcoin achieved and claimed that their coin is similar if not better than that bitcoin offered. Thousands of coins were created and only a few took root but none of them came to rivaling bitcoin. Dogecoin, a fun meme coin exploded in popularity because of its non-serious nature. No body took it seriously and invested money to see what would happen.
Elon musk backed the coin later on that year and it became a permanent presence on many different exchanges. A huge convention took place to help garner huge investments in the popular coin but it soon died out later that year.
When bitcoin exploded in 2016, everyone was buying any coin they can place their money into. Dogecoin was one of them but it didn’t garner much of a price change yet. Still worthless then a fraction of a penny but the coin was making progress. There needed to be some type of kick or major event to move the coin’s price.
The war on wallstreet:
When reddit users found out that cooperate hedge funds were shorting company stocks, users on the platform started investing heavy amounts of money into the GME stonk. This initial explosion of the GME stock snowballed into a movement to take back wallstreet from the corporation giants.
Just when GME was about to take another leap forward, robinhood pulled the plug followed by other trading platforms that suspended all trades for the GME stock. The only option was to sell your shares. This event is what caused the inevitable rise of dogecoin.
People were itching to invest their money into something, so thats when the idea hit to invest their money into dogecoin and other atlcoins alike.
What is dogecoin:
Dogecoin is a meme token created purely for fun. It has no hard market caps, and has a soft market cap of $9B.
Potential?
Yes, dogecoin has potential. Elon musk and other celebrities during the months of January through April, helped move the coin to new heights. After the superbowl many people sold their investment and it went down to $0.0431. It rose back to 0.06 without the help of any celebrity or news coverage on its own. This shows that dogecoin can stand on its own and has potential to garner more investments. It’s simply too big to fail.
If you liked that article be sure to take a look at the article we wrote about XRP below!
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