Dogecoin To The Moon
As the crypto market continues to surge, Dogecoin (DOGE) has proven to be a lucrative investment opportunity in 2021. Dogecoin was created as a joke in 2013 by founders Jackson Palmer and Billy Markus, based on a popular meme featuring a Shiba Inu. Shiba Inus are a Japanese breed of dog. At the time of its inception, the pair had no idea the massive success their “meme” currency would incur in the years to come. Dogecoin has gained massive news coverage throughout 2021 and has been trending on Twitter for some time as many celebrities have expressed their support of the cryptocurrency.
This past week was filled with exciting news for the meme cryptocurrency, dogecoin. The community of investors that back dogecoin are resoundingly saying “much wow!” as the cryptocurrency has reached astonishing highs of $0.7561 last Friday, May 7. At the time of writing this piece, dogecoin has retraced from its recent all-time-high to retest the $0.50 mark which is a crucial psychological price level for the cryptocurrency.
What Is Dogecoin?
“Dogecoin is an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide.” — According to the official Dogecoin website, Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. The site tells users to think of it as “the internet currency.” If you click ‘learn more’ the site also states that Dogecoin is a fun, new and rapidly growing form of digital currency. For those of you curious to learn more about Shiba Inus, the site also tells you about their beloved mascot. The site reads, ‘”Doge” is our fun, friendly mascot! The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.” With such a powerful use-case as a decentralized peer-to-peer digital currency it is no wonder some have stated the beloved cryptocurrency is the future currency of earth.
Dogecoin In The Media
This past Saturday, May 8, Elon Musk, “the dogefather”, appeared as a guest-host on Saturday Night Live. The show was a much-anticipated event for supporters of Elon Musk and the beloved cryptocurrency, dogecoin, alike.
Upon being asked what dogecoin is while on the air, Musk responded stating “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”, while also making various other comments regarding the cryptocurrency. Elon Musk also responded to a remark, “So, it’s a hustle?” by saying “Yeah, it’s a hustle,” in regard to dogecoin, followed by laughter. Musk has been a major supporter of the cryptocurrency and has given strong support the community that stands behind it.
Dogecoin To The Moon
Elon Musk also tweeted back in April that SpaceX was going to put a literal dogecoin on the literal moon. He was not kidding. On Sunday, May 9, it was announced that SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of next year, with Elon Musk’s commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment, according to Reuters. This is an extremely exciting time for supporters of the currency and supporters of space exploration alike.
Should I Invest
Only invest what you are willing to lose. There is a large amount of volatility and risk that accompanies trading cryptocurrencies, especially without the proper research and information to make investment decisions on hand. In the short-run, I rate dogecoin as a Buy and in the long-run, I rate dogecoin as a Strong Buy, as it is just beginning to gain acceptance. This will be an exciting cryptocurrency to follow in the coming months. In regard to the long-term potential of dogecoin, one must not forget, fate loves irony. The best way to have long-term success with an investment in dogecoin is to simply buy and hold. You will thank yourself later.
Develop Your Financial Knowledge
Adequate financial literacy and a comprehensive financial plan can help you make intelligent investment decisions and begin to realize your potential in the markets. To develop the skills and strategies necessary to become a competent trader, one must develop the necessary skills and knowledge through education or mentorship. Learn more about how Venerated Capital Group can help you reach your financial goals and improve financial literacy by visiting their official website.
