There are many stories about Bitcoin and other virtual currencies that have gained prominence over the past decade. However, Dogecoin seems to be one of the most popular as it is often mentioned by media outlets or bloggers due to its fun name, which originated from a once-popular meme. Although it started out as a joke, it has grown to be one of the most popular cryptocurrencies on the market.
The DOGE currency is just like other cryptocurrencies—Bitcoin or Etherium. It was developed by software engineers Jackson Palmer and Billy Markus in late 2013. It started as a joke about Shiba Inu memes and has since grown to be one of the most popular cryptocurrencies around the globe.
Read on to learn more about this cryptocurrency and whether you should invest in it.
How It All Began
Dogecoin stands out as one of the best stories in the crypto world. This cryptocurrency got its name from an Internet meme that was popular in 2013. Billy Markus and Jackson Palmer created Dogecoin first as a joke. They wanted to create a fun cryptocurrency that is more accessible and could be used by a wider audience than Bitcoin. The mascot of their project is the Shiba Inu dog, from the popular Doge meme.
Dogecoin rose quickly to prominence within the cryptocurrency community. It was easy to mine and only a fraction of a cent at the time. Furthermore, the coin was easy to market to a wider audience because of its meme background. In 2021, it became even more popular by gaining a cult status on Reddit’s WallStreetBets message board, which helped it gain a lot of traction in the crypto world.
How to Buy Dogecoin
Dogecoin can be purchased on cryptocurrency exchanges. The current Doge price is around $0.065 per coin but to get the best prices, make sure you work with the best crypto exchanges the internet has to offer.
To purchase dogecoins, you will need to open an exchange account using US dollars, cryptocurrency, or both. Then, you can buy and trade cryptocurrencies, including the famous Dogecoin. Some online brokers will allow you to purchase Dogecoin, in addition to conventional assets such as bonds, stocks, and mutual funds. Although they don’t offer as many of the cryptocurrencies as exchanges, Dogecoin is still available.
Once you’ve purchased Dogecoin, it’s important to transfer the coins to a crypto wallet, just like with any other cryptocurrency. You can have a variety of wallets, including wallets accessible via your smartphone or a physical hard drive also known as a cold wallet. The wallet is secured with a password. Your coins are kept outside an exchange so there is an additional layer of protection against hackers.
Should You Buy Dogecoin in 2022?
Dogecoin investors who purchased it before 2021’s big gains have been well-rewarded. Some investors are still a bit cautious when it comes to Dogecoin, due to the never-ending pressure that is placed on the coin’s price by the constant stream of new coins that hit the market. However, some of them still want to have a little bit of fun. Dogecoin will always remain the original meme coin and that’s why it will never drop in popularity.
You should also bear in mind security concerns regarding Dogecoin are always present. Dogecoin just doesn’t have the same code-level security and code-level scrutiny as other cryptocurrencies on the market.
It is one example of a cryptocurrency that comes with risk. You can purchase a few coins to get familiar with the system. However, you should think twice before investing a significant amount of your hard-earned money in a cryptocurrency that was born out of a joke.
To Sum Up
Dogecoin ranked 10 on a list of the best cryptocurrency in July 2022. That being said, we can see why more and more people are interested in investing. What started out as a complete joke turned out to be one of the most famous cryptocurrencies in the world.
However, remember that Dogecoin can be extremely volatile and you might lose your investment quickly, so think carefully before you dive into this cryptocurrency. If you are a beginner looking to test the waters of crypto, keep in mind that you can get a lot of support on the forums due to its popularity.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin