So, it’s been almost a week since the boom of Doge coin and a lot of people aren’t very happy with Elon Musk; The Tesla / SpaceX billionaire tweeted last week sending the ‘joke’ coin rocketing and has continued to pump the coin since despite it falling rapidly and not quite making the dollar he hinted it would.
Things haven’t quite worked out for everyone and a lot of people have taken to Twitter to voice their anger at their major losses. Saying that, a lot of people have made a lot of money! But before we take dead aim on the rich kids, get them in the crosshairs and take them down we need to reflect on Doge coins journey through to present day…
Major losses aren’t unfamiliar with Doge coin; not long after the coin gained notoriety there was a 300% increase in 72 hours ($0.00026 to 0.00095) which stemmed from the Chinese governments decision to ban it’s banks from investing in crypto.
Only three days later the coin crashed by 80%. Two days after that on Christmas day 2013 Doge was hacked! With millions of Doge coins taken from it’s own wallet platform it’s Twitter presence blossomed with the “SaveDogemas” initiative, an appeal to support those that had had there precious coins robbed.
In January of 2014 the trading volume of Doge coin exceeded that of any other coin, including the galactically know Bitcoin! I know right! However, it’s market cap remained significantly behind and hasn’t done much.
Musk to the rescue!
Back to the present and things haven’t quite worked out for everyone and a lot of people have taken to Twitter to voice their anger at their major loses. Saying that, a lot of people have made huge amounts of money on Doge; Those who held from the last plunge and those who bough below $0.05 did good when it hit $0.08
Not knowing when to sell and Selling during the dips seemed to be a major problem with rookies taking the fall to the skimmers. Twitter was literally on fire!
Like with all Crypto though, it’s not a miraculous get rich program; there is money to be made but most investments in crypto are better held longer term and selling when your calm and collected and not emotionally jarring the buttons on your mobile phone in panic rage! We all do it! Remember to set your stop losses people!
So what is Doge coin anyway?
For those not in loop, Doge coin, featuring the face of the shiba Inu dog from the “Doge” meme was introduced by it’s creators Billy Markus (IBM Software Engineer) and Jackson Palmer (Adobe Software Engineer) December 2013. Doge coin quickly gained its own following and eventually reached a market capitalization of $5,382,875,000 on January 28, 2021.
Doge Coin was designed as a ‘fun’ and ‘free’ peer to peer digital currency aimed at reaching a broad demographic, a coin for everyone… something that Musk is totally onboard with calling it “the future currency of Earth” and “Doge is the peoples crypto”. He’s not wrong, this was shown in the latest movement however it does look like people are starting to lose faith for obvious reasons.
So, is Doge still worth buying? If so, where?
This is not financial advise, you should do your own research, this is our opinion! We are not qualified, financial advisors!
Totally! But… Do your own research make your own informed decisions. See what’s trending, bare in mind Doge coins history… will it make a dollar? quite probably and for this reason I’d say buying around $0.05 is probably where I’ll be at when it comes to putting in some hard-earned cash! The coin currently sits at around $0.07 one day I might look back and say “Elon was right!” …curses!
Now, you’ve done all the research, you’ve waited for that Elon Tweet…where do you buy?