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Dogecoin is currently among the well-known crypto assets in the market. What started as a joke has now turned into a popular crypto asset that many people have invested in. Dogecoin (DOGE) has an interesting background and it has certainly grasped the attention of several crypto enthusiasts, including the famous Elon Musk.
Even though it is popular, it has not convinced everyone of its stability or utility. Some people have invested in it and are fascinated by it, on the other hand, people who have been in the crypto space for a long time do not consider DOGE to be a significant asset anytime soon.
However, whether that is the case or not is something that will be revealed with time. For now, DOGE is among the top ten cryptocurrencies in the market.
Here is some information you need to know about cryptocurrency.
Origin of the Dogecoin
Dogecoin (DOGE) is also called the meme coin or meme crypto asset. The sole reason behind this unusual characteristic is the fact that Dogecoin is based on a meme.
DOGE was launched by two software engineers, Jackson Palmer and Billy Markus in 2013. It is a copy of the flagship crypto asset Bitcoin and was originally created as a joke. The Dogecoin features the Shiba Inu dog and is considered to be more of an amusing digital asset.
Since it was created, DOGE has attracted people who have been intrigued by the idea of digital assets and want to participate but are not specifically serious about it.
Dogecoin can be considered a cryptocurrency that does not necessarily need a lot of maintenance. However, it is still counted among some of the prominent crypto assets in the market.
Popularity of the Dogecoin
Dogecoin has gained popularity ever since it was launched due to the meme aspect associated with it. Another reason why DOGE is somewhat above other small altcoins is the support it receives from Tesla CEO Elon Musk.
Elon Musk declared himself to be the “Dogefather” and has noticeably been in DOGE’s corner. Musk has expressed his admiration for the meme coin several times and was also seen promoting it on National Television this year while hosting Saturday Night Live (SNL).
Elon Musk’s tweets in favor of Dogecoin have visibly influenced its price several times.
However, Elon Musk is not the only popular name in DOGE’s corner. Other well-known celebrities such as Snoop Dogg and Gene Simmons have also voiced their support for the meme coin.
These are a few reasons that have caused Dogecoin to stand out in the crypto market, among a wide array of digital currencies.
Performance History of the Meme Crypto Asset
Just like other digital currencies, Dogecoin is also a volatile asset. More or less, its volatility has been dependent on Elon Musk’s tweets and other factors. However, here is a brief recap of its performance history in 2021 so far.
At the beginning of this year, DOGE was seen to cross the $0.05 level for the first time. After crossing this threshold, it was also seen to claim an all-time high in April and went as high as $0.70.
However, the meme coin was seen to drop below $0.45 after Elon Musk’s appearance on National Television. Following this price drop, the value of DOGE was further reduced to $0.27.
The price of the meme crypto asset was seen to slightly surge after Coinbase Pro announced listing it on the platform last month. However, the ups and downs in the price of Dogecoin are not something new and are not likely to cease anytime soon.
Where Can You Buy Dogecoin?
There are a few crypto exchanges that sell Dogecoin if you are looking to invest in the meme coin. Some of the well-known exchanges where interested parties can find DOGE include the following:
- Binance US
Should You Invest in Dogecoin?
People who have been in the crypto space for quite some time are well aware of the volatility and unpredictability associated with digital assets. This also includes the famous meme crypto asset, Dogecoin.
The price of DOGE relies on several factors, as does the price of every other crypto asset. Therefore, whether you choose to invest in DOGE or not is simply a matter of your preference and suitability.
However, whether you buy DOGE or not, make sure you always choose secure and suitable crypto exchanges to buy, sell or trade digital currencies.
Stepping into the world of crypto is exciting, however, it can be slightly intimidating at the same time, especially for people who are new to it. There are several factors that beginners should know such as which exchange to opt for or which crypto asset to invest in.
One of the popular cryptocurrencies almost every crypto enthusiast is familiar with is Dogecoin. If you are interested in buying the meme coin then you should have some of the information mentioned above.