Dogecoin is a virtual currency with a market capitalization of over $500 million dollars and a per-coin value of just over $0.01. This is a pretty impressive accomplishment for a cryptocurrency that started out as a joke. Dogecoin, which is based on the popular Shiba Inu internet meme, has no serious developers or backers, which makes it one of the first cryptocurrencies to be created purely for fun. (All of this may sound familiar to readers of the simulation series A Dark Room—the developers of that game are working on a new game called Frog Fractions 2, which is in development but not yet released.)
“Wow. Such doge. Very crypto. So bubble. Soon burst. Very sad.” Such were the words on everyone’s mouth today that woke up in tune to the latest Dogecoin news. Earlier today, /u/m4n0, a moderator of many Dogecoin Reddit pages, posted a thread titled “Why you shouldn’t invest in Dogecoin.” Within minutes, everyone was talking about the dogecoin bubble, just as it had been predicted by many, including /u/m4n0 in the past. To everyone’s surprise, the dogecoin bubble burst immediately after the thread was posted, causing the value of Dogecoin to fall by about 90% in a matter of 5 minutes.
Summary of the situation
- Dogecoin could be a bubble fueled by Musk’s tweets.
- Cuban is helping to promote Dogecoin and attract more investors.
The cryptocurrency that has started the trend of the past few months with its high value and exponential growth is Dogecoin.
It should be noted that before the 20th century. April, the day of the stock market correction, the value of assets increased by 8.736%. This value has been declining since January 1 and reached 500% growth in April.
This growth has taken the asset to a capitalization of $37 billion, ranking it eighth on CoinMarketCap. However, the skepticism that follows cryptocurrencies is inevitable.
These doubts about Dogecoin are due to its poor reputation as a meme currency. Even Doge couldn’t change his reputation, which hindered his growth. However, with the rise of Elon Musk and his reliability, the outlook for Dogecoin is changing.
Dogecoin and its Bubble Value
The doge value bubble has also raised the spirits of novice investors – a bubble that will burst. Jim Cramer, host of Mad Money, recently wrote about it on his blog.
According to Kramer, crypto-currencies like NFT and Dogecoin are the components that make up crypto-currencies, referring to the bubble. He noted:
Dogecoin started as a joke, and it remains that way, only there are more people involved.
He also added:
I think a serious market would be the Dogecoin gambling market, since the coin is focused on sports betting. Why not? For me it’s sport, so why not bet?
These statements by Klamer are part of a recent interview he gave. At the same time, Klamer said he thought Dogecoin was a joke, but that not all decentralized currencies work the same way.
CoinShares chief strategist Meltem Demirors said something similar to Clamer:
In my opinion, this is a classic bubble. My company does not analyze Dogecoin because it is not on the market.
The statements of Klamer and Demiror are not the only ones. There is evidence to support these observations.
Message: It is estimated that 1% of doja addresses make up 94% of the total and one address represents 27%. Similarly, the articles show that the number of holders of short-term securities rose from 165,000 to 582,000 between December and April this year.
It’s no surprise that Tesla CEO Elon Musk uses Twitter as a source for digital assets.
Earlier this year, the businessman tweeted 25 times about Dogecoin, igniting a trend for the cryptocurrency. The most recent tweet was Dogfather.
At the time of writing this post, Doge is up 25% in less than 4 hours, from $0.26 to $0.32.
But that’s not Musk’s only statement, as he even corrupted the image of Bahá’í chants to emphasize this benefit. This while confirming his seriousness by trying to literally bring Doge into the clouds.
These are not the usual developments aimed at digital assets. But it’s something very similar.
Tesla SEO is not the only one, as Mark Cuban has stated that Dogecoin has no implied value. But he didn’t just embrace the facility, he defended it.
Although both directors stressed that they were not the owners of Doge, it did make the asset famous. This is a bomb that could explode at some point and many investors will suffer.
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Frequently Asked Questions
Will Dogecoin reach $100?
There are a lot of doubters out there who say that Dogecoin will never reach one hundred dollars. They say it is a silly coin that only people without a lot of money to invest would be interested in. However, others see it as the next big thing in cryptocurrency. While the Dogecoin community is still relatively small, the coin is growing increasingly popular. Many people are now calling Dogecoin the “people’s currency” or the “Internet’s coin”. The Dogecoin community has been helping people with donations and fundraisers, and there is a lot of potential for the coin to grow. It’s hard to believe, but Dogecoin, the meme-inspired cryptocurrency that started as a joke, is now worth a whole lot of real money. The currency’s value has increased by 10,000% since its creation in 2013, and in the last month alone it’s rocketed from $0.002 to $0.018. While there are a few factors that could be driving the massive increase in Dogecoin’s value, the only one that really matters is the fact that the Dogecoin community has grown.
Will Dogecoin ever explode?
Dogecoin has been a fun currency for the Internet since its inception in 2013. But will it ever be anything more? Some people are saying Dogecoin is the next big cryptocurrency. Others think it’s just a fad. No matter which side you’re on, one thing is certain: Dogecoin is here to stay. With its value increasing steadily over the past few months, it’s time to take a closer look at what’s behind the currency’s recent success. When Bitcoin burst onto the scene in 2009, everyone was convinced that it was just another bubble that would pop, and that the whole cryptocurrency experiment would be considered a failure. 10 years later, it’s clear that cryptocurrency is here to stay, and there are currently hundreds of different cryptocurrencies available for purchase. The most popular coin, of course, is Bitcoin, which is used to purchase everything from cars to cupcakes. However, a new coin has started to gain popularity recently: Dogecoin. While it started out as a joke, the coin is gaining traction, and it has the potential to become one of the top five coins in the world. Dogecoin has reached all-time highs since the beginning of the year, so it
Will Dogecoin go up in 2020?
Although many cryptos have experienced dizzying price increases this year, the stories of their rise and fall are well documented. But what about the coins that seem to sit dormant for long periods of time? In the case of Dogecoin, the meme-based cryptocurrency that was created as a joke, it has a lot of people wondering if they should invest in it. Although Dogecoin was created in 2013, its price languished for years—hitting a low of $0.0003 in early 2017. But a recent spike in Dogecoin’s price makes it a tempting investment. Although Dogecoin rose by over 1,000% in 2013, making it the most profitable cryptocurrency to mine that year, the coin’s price has since fallen to all-time lows. The market has been flooded with new altcoins, and the price of existing coins like Dogecoin have not been able to compete. Consequently, Dogecoin has fallen from the fifth largest cryptocurrency to the twentieth. However, the currency remains popular, with an active user base on Reddit and Twitter. Dogecoin has been described as a “joke currency” as many of its users find its key features appealing; the cryptocurrency’s block time is much faster than many popular coins, and Dogecoin’s transaction fees
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