Do You Even Know Me Meme
It's likely that you've heard of Dogecoin past now, if only from news headlines. This form of cryptocurrency has been making waves in the investment community of late in large part due to its funny name and viral meme origins, but it's likewise possibly becoming a more legitimate investment option. And then what exactly is Dogecoin? The answer is as complex as information technology is amusing. Let's break things down and take a look at Dogecoin's origins, where information technology came from and how information technology became the king of all "meme stocks."
Dogecoin is a cryptocurrency, similar Bitcoin or Ethereum, but that's largely where the similarities end. It was intended to exist aught more than than a joke and was originally created in 2013 by two software engineers named Billy Marcus and Jackson Palmer (pictured here).
The pair designed their new crypto money with the intention of creating a satirical response to Bitcoin, and they selected a Shiba Inu dog from a popular internet meme to exist the confront of Dogecoin. "Doge" is a deliberate misspelling of "dog," which was in line with the humor used in the original memes that included a photo of a Shiba Inu side-eyeing the photographer.
Marcus and Palmer fix upwards their new joke currency with its own website at Dogecoin.com, proclaiming the faux digital asset "an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide." Before long after its launch in December 2013, Dogecoin exploded in popularity after inspiring its ain subculture on Reddit.
Early, Dogecoin gained popularity as a method of "tipping" others online similarly to giving a thumbs up on Facebook or liking a social media post. To the founders' astonishment, even so, Dogecoin began to grow not only in popularity but also in value. Many fans were attracted to its irreverent take on cryptocurrency and the fact that there'southward no limit to the number of coins that can be "produced."
The digital currency further continued to rising in popularity when its fan community began using Dogecoin to contribute to charity campaigns such as Doge4Kids and Doge4Water. As the Dogecoin customs'due south donating efforts increased, the coin'due south popularity connected to surge.
Ultimately, Dogecoin fever even began making fans of celebrities such equally Kevin Jonas, Guy Fieri, Snoop Dogg and Elon Musk. The wave of celebrity endorsement helped ship Dogecoin out of the realm of a lighthearted internet joke and into the office of serious cryptocurrency contender — albeit a hilarious one.
What Are Meme Stocks, and Where Did They Come From?
Dogecoin isn't lone in its nomenclature as what'south become known every bit a "meme stock." Meme stocks are a relatively new phenomenon that's appeared much to the dismay of traditional Wall Street investors. What sets a meme stock autonomously from other stocks is that the rise and fall of its toll tend to have lilliputian, if annihilation, to practise with the value of the company backside it. Instead, its ownership and selling volumes are inspired solely past the hype it'south generated on social media platforms similar Twitter and on websites like Reddit.
This phenomenon was what led to the Gamestock and AMC stock sagas of early on 2021. In essence, large groups of investors got together on social media and decided to drive up the prices of these stocks by all buying shares of them at the same time. The incidents created major waves on Wall Street as professional investors realized just how powerful the coordinated efforts of retail (significant not-professional person) investors could be. For the first time in history, stocks became a lot less predictable — fifty-fifty companies with questionable performance indicators, such as Blockbuster, BlackBerry and Nokia, saw double- and triple-digit price percentage increases.
Should You Invest in DogeCoin?
The better question is, should you have an investment in Dogecoin seriously? The important affair to realize is that Dogecoin is not the next Bitcoin begging to happen. The reason that Bitcoin has been increasing in value as drastically as it has is a matter of supply and demand.
Because there's ultimately a lifetime cap on the number of Bitcoins that tin always be created, people are willing to pay more to go a piece of the action. Dogecoin, on the other hand, has no limit equally far as the number of Doges that can exist, and millions of new Dogecoins are released onto the market each mean solar day.
Throughout the course of the coin's existence, the price of a single Doge hasn't yet risen to 50 cents. That said, this can also be a fun alibi to invest if yous find yourself so inclined. Among the reasons that Dogecoin has become so popular is that it'southward easy to invest in for a very low corporeality of money, which presents minimal risk. The added perk is that the price besides doesn't take to ascension a great deal for investors to realize gains.
Say, for instance, yous bought 20 Dogecoins in March of 2021 when they sold for around five cents apiece. At the fourth dimension, this would've required the investment of a mere dollar. When the toll of Doge briefly rose to 40 cents a share in April of 2021, your xx Doges suddenly would've collectively been worth $viii — not a bad return on a $1 investment.
Simply exist enlightened that the price of Dogecoin tends to be incredibly volatile and unpredictable. Cull the amount you want to invest wisely, and go along in heed that Dogecoins can fall in value just as quickly and randomly every bit they occasionally surge.
How and Where to Go About Investing in DogeCoin
Wondering where to purchase Dogecoin? Current events have made it much easier, as many more trading platforms are now offering Doge purchases due to public demand. In order to get in on the craze, simply select one of these trading platforms and create an account. Many trading platforms are available as apps you can download and employ to merchandise — y'all might already be using Robinhood, for case.
Upon signing up, you'll be required to provide basic information such as your name and address. You'll also be required to prove your identity, but oft this is as uncomplicated as uploading photos of your driver's license. From there, you lot'll prepare a connection with your banking concern on the platform and apply it to fund your new account. Later on that, all that'due south left to practice is navigate over to the cryptocurrency department, select Dogecoin and start trading.
Some of the more than popular apps and trading platforms that currently allow members to buy Dogecoin include:
- Robinhood
- Webull
- Binance
- Kraken
- Crypto.com
Source: https://www.askmoney.com/investing/dogecoin-meme-stocks-101?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
0 Response to "Do You Even Know Me Meme"
Post a Comment