Dogecoin is a cryptocurrency which got its from the "Doge" Internet meme that features Shiba Inu dog as its logo. What started out a joke, it now has it’s own online community and is ranked the top 50 coins according to Coinmarketcap.
Jackson Palmer is an Australian entrepreneur created Dogecoin as a joke. However, what started out as a joke, grew through social media, has an active community and eventually made its way onto Binance. Despite Binance's strick listing policies, Changpeng Zhao aka CZ said despite the coin not having a lot of technology behind it, the community was too large to ignore.
Dogecoin has rallied over 84% in just seven days amid a Bitcoin market consolidation. In less than 48 hours the price of the cryptocurrency that is associated to a rather controversial meme hit highs of $0.0060 from levels marginally below $0.0025. While gains towards $0.01 became difficult to sustain, DOGE/USD is containing the gains above the short term support at $0.0040.
The dogecoin price rally was caused by a TikTok video that got 1 million views. If you been living under a rock, TikTok is the Twitter of videos. TikTok videos are usually short, usually involve music and cater to the younger generation. TikTok user James Galante put out a "Lets Get Rich Video, which caught fire, was picked up by TikTok's algo and the video caught more fire.
Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know...that was the message behind the video which lead to the pump in price. Dave Portnoy, founder of Barstool Sports and recent daytrader said the nonsense was a pump and dump and defined the situation as a "bubbly rosé." But it got enough attention that the Dogecoin got listed on Bitfinex.
Although the Dogecoin and it's community is all about fun and games, according to Jay Hao, CEO of crypto exchange OKEx, Dogecoin is no joke. Dogecoin is actually from a 2013 fork from Litecoin. And now Dogecoin is being used for tipping on Reddit and Twitter and is demonstrating use cases for micropayments.
But for now, Dave is right, this was a definitely a bubbly rose as price is retracing back to the origin of the strong move higher several days ago.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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I could see myself using Dogecoin for Twitter tipping. I didn’t know there was that option.
Personally, I can't take Dogecoin serious, but if they get into micro payments, that's a game changer.
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I’d give them out just for the game of it, not for actual financial value. I suppose if enough people have them as novelties, they might be worth something.
I'm happy to see you included that it started off as a joke because I am quite aware of that. I purchased Dogecoins as far back as 2017 but let it off last year without the slightest idea of the hype imminent. Reasons I let it off still remains that the Doge team haven't been serious with it but with this hype, I bought in again, quite higher than the initial price I purchased it in 2017. It was quite easy using ChangeNOW for the purchase though. Let's see if Doge would join in the altseason movement.
One thing is for sure, that have great marketing tactics within the community.
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No the joke is that BTC has become a stable coin thanks to the CME.
LOL...tru dat.
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If the team will have its mission or goals. Dogecoin is fast, adoption no problem, and its been in no 28 - no 32 by ranking.
The thing that most people still miss about Dogecoin is that even though it was started as a joke, it has something going for it that pretty much no other currency has: Mass Appeal. We tend to take ourselves very seriously in the cryptosphere, but it is likely something like Dogecoin — which is cute, fluffy and ridiculous — that will appeal to a crowd that otherwise still thinks of cryptos as "nerd money."
=^..^=
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Great point.
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I find it unbelievable that people outside of the tiktok pump joke are buying and holding Doge as a real investment.
Wild haha.
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Retail investors they are...I sound like Yoda.
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