This year was the best year for Dogecoin holders. Not only did this cryptocurrency increase vastly in prices, but apparently it gained a famous figure backing it up, which is non-other than the richest man in the world, Elon Musk. Having great clout to his advantage, and dealing in an unregulated market still, Elon can tweet as much as he’d like without getting in trouble with the SEC, pushing the coins he loves higher and higher. In this article, we’re going to analyze the past prices of DogeCoin, and see if there’s any interest in investing in this cryptocurrency that stands for nothing except a funny meme. Stick to the end of this article, as we’ll show you how to earn FREE DOGECOIN.
What is Dogecoin?
DogeCoin is based on the “doge” Internet meme that features the famous Shiba Inu dog breed. It came to life as a Fork from Litecoin in December 2013. The supply of Dogecoin is uncapped, meaning there is no limit to the number of Dogecoin that can be mined. You can Mine DogeCoin on your own just like mining Litecoin as the process was mered, or by joining mining pools. So far, Dogecoin has been a tipping system on Reddit and Twiter to reward creators for good content.
What is the relation between Elon Musk and Dogecoin?
Elon Musk was known for his big dreamy projects that are coming to life: a fully electric and powerful car system to overtake the traditional fuel system, commercial flights to Mars, Solar City which provides electricity from solar power, Neuralink which develops implantable brain-machine interfaces…This guy is all over cool tech.
On top of that, Elon is very famed for his love of memes and jokes. He made his first appearance in the meme scene when the famous Youtuber Pewdiepie invited him to host “Meme Review”, a series where they rate funny memes. Elon seemed to love that concept and started his Twitter journey since then.
Now, what can be better than the love of jokes and the love of tech? You guessed that right…Dogecoin! The cryptocurrency that is decentralized, open-source, and has a funny dog as its mascot. It combines perfectly what Elon Musk enjoys. His latest tweet was sharing the winner of the Dogecoin hype video contest:
Dogecoin Price Analysis
Dogecoin never had interesting price-action prior to gaining fame thanks to Elon Musk, with prices following a sideways trend between a support of USD 0.0025 and a resistance of USD 0.005. We can notice in figure 1 how prices started to pick up since March 2020, which represents the cryptocurrency market Bullrun.
When Elon Musk started tweeting and endorsing Dogecoin publicly, prices went crazy, especially that Elon became at that period of time the world’s richest man. Having this person back up a cryptocurrency is huge and applies to any community. Prices soared with each tweet that was being posted. We can notice after each pump, profit-taking was occurring driving prices slightly downward. Year-to-date shows an increase of a whopping 1,500% in Dogecoin price!
Should you BUY DOGECOIN today?
Well, it all depends on the strategy of how you plan to invest your money. If you have a small amount that you can afford to lose in case things turn sour, Dogecoin is a good alternative, as currently, it is eyeing a price of USD 0.1 or a 40% increase in prices in case you enter the market at today’s price of USD 0.072.
If we want to talk fundamentally, there is nothing behind the technology of owning Doge, other than being a person who loves memes and jokes. If Dogecoin was a solid coin, why didn’t Telsa company buy Dogecoin as well? Or mention that they’ll start accepting Dogecoin in the future? When reputable companies issue public statements, they can never hype or issue fake news as they’ll get in trouble with the SEC. But hey, there’s always a possibility of maybe adding Dogecoin in the future maybe. That’s the bet you should be taking.
How to claim your FREE DOGECOIN!
You made it to the end of the article! Congrats, now here’s a reward for ya. In order to get free Dogecoin, you can go to a Dogecoin faucet, which is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities. You didn’t hear this from us, enjoy 😉
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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