By 
A few years ago, if somebody told you that Dogecoin would be the fourth-largest cryptocurrency, you would have laughed out loud. The currency features the image of a dog on it. The rise of Dogecoin has been unimaginable. According to Coinmarketcap, the YTD returns of Dogecoin is a staggering 6,684.38%, and the current market cap is around $41.68 billion.
The history of Dogecoin is quite fascinating, and it was started literally as a joke in 2013 by Jackson Palmer and Billy Markus. The fun part of the currency is the mascot “Shibu Inu” a Japanese breed of dog. The primary purpose of Dogecoin was to reward content creators. Dogecoin faucet is a redistribution platform of Dogecoin where anyone can get the currency. The USP of Dogecoin is that an infinite number of coins can be mined, and more than 130 billion coins are in circulation. Mining Dogecoin is comparatively easy, and it can be mined on operating systems such as Windows and Mac.
Recent surge
The transition from joke to cryptocurrency is very wild. The most notable factor behind the rise of Dogecoin is tech billionaire Elon Musk’s tweets. When Musk tweeted in April 2021 in support of Dogecoin, the Twitter and Reddit followers went berserk buying an enormous amount of Dogecoin, which led to an extraordinary surge. However, this can’t be the sole reason behind the popularity in mainstream media. Other cryptocurrencies such as Bitcoin and Ethereum saw tremendous growth, and the listing of Coinbase supported the unexpected rise, opening the door for all cryptocurrencies.
With the support of Musk, Dogecoin found its way into the crypto world. Dogecoin has also gained cult status on the internet message board Reddit, where a popular group — similar to the WallStreetBets group behind GameStop’s rally — decided earlier this year to push its value “to the moon.” Dogecoin’s value increased by over 600% as a result of that push.
Is there any risk ?
The problem is that unlike Bitcoin, there is no regulation on Dogecoin. You will be amazed to know that there are only 21 million Bitcoins in the world. This number will not change at any point. On the other hand, 15 million Dogecoins are being minted, every day. The crypto enthusiasts call it the decentralisation of cryptocurrency.
Conclusion
The concern of whether it is a wise investment remains open. Dogecoin, like the more actively traded and widely accepted bitcoin, is subject to extreme volatility, so it, too, could collapse without warning. Nonetheless, its rise this year has been spectacular.
However, the future of Dogecoin will be dependent on the other cryptocurrencies, transaction efficiency and applicability. Mere speculation will take this cryptocurrency back to its purpose – The Joke.
By the way, what if you can have access to all the Indian stock market latest updates with just one click?
FlipItNews App is all set to revolutionise the way Indians perceive finance, business and capital market investment. The app aims to promote financial literacy among the Indian masses and investment through contextual information and engagement with smart investors.
FlipItNews launched “Circle”- a community of smart investors. A smart platform where any fin-tech company can build its community.
Feature Circle provides you with the opportunity to learn from market advisers, fin-tech companies, wealth advisors etc and engage yourself with other users through group discussion, polls and quizzes. Also, earn flipitcoin for every action. And the app also gives Hindi finance share market news in 50 words too.
Download the best finance information app – FlipItNews App now and get stock market news at your fingertips.
