the basics of dogecoin

the og meme coin that made people millions. is it too late to invest?

In the early days of memes

the shiba inu dog meme dubbed "Doge" made its mark as one of the most memorable memes for a lot of people. As it grew in popularity and more and more people began to share the meme, a couple of crypto currency enthusiasts decided to create Dogecoin ($DOGE) as a "joke".

It's protocol was introduced on in December of 2013, so around the same time as Bitcoin. The joke was intended to play off of all of the speculation regarding Bitcoin and it's legitimacy. Everyone was so intent on proving Bitcoin's legitimacy and from that speculation came the most illegitimate "meme coin" in DeFi. To get a better idea of its logistics, check out the Dogecoin whitepaper below.

dogecoin-whitepaper (1)

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For years and years

one Dogecoin could be bought for tiny fractions of a penny. This is because it had no real use or value behind it at all. This is the case for a good amount of the alt-coins out there today. What makes Dogecoin different than many alt-coins today is that it it stored on its on blockchain. Whereas meme coins like Shiba Inu are Ethereum based tokens, Dogecoin is its own protocol all together. This made it seem like a more worth while investment opportunity to some people who believed in the DOGE community enough to the point where the coin may one day have value.

Thanks Elon

For tweeting things about Dogecoin which causes people to YOLO lots of money at once and in doing so pump the price of Doge "To the Moon". People have literally made millions of dollars off of Elon Musk tweeting things about Doge being "the people's crypto". His tweets along with some Dogecoin hype in the community caused the price to jump to $0.41. That was shortly before he appeared on Saturday Night Live and we saw Dogecoin hit its ATH (all time high) of $0.74.

Other people like Mark Cuban also endorsed Dogecoin heavily, but at the end of the day all crypto is volatile and Dogecoin has a lot of reason to be considered one of the more volatile ones out there. It is definitely an interesting project and could have some real world when it comes to buying merchandise or tickers on the Mavericks website, but besides that there is no reason to believe it will reach levels anywhere near that of Bitcoin and Ethereum.

Check out how other celebs are involved in crypto and impact the market at 3 famous celebrities in crypto.

Today,

Dogecoin sits at $0.25 and has a market cap of $33 billion. If you are looking for a fun community project to be a part of, then check out Dogecoin, but if you want to make money in the crypto space with the least amount of risk as possible, then definitely stick with your stable coins.

If you are interested in investing that definitely check out Coinbase. It is my favorite cryptocurrency exchange that is safe, secure, and offers a wide variety of cryptos to invest in. Also you can do things with Coinbase like stake your coins, earn annual interest, or even get a cryptocurrency debit card.

Click this icon to join Coinbase and in doing so receive $10 worth of Bitcoin for FREE

For more info to help you on your crypto journey, stay up to date with cryptosyte.com. Be on the lookout for stuff about other cryptocurrencies and news in the #crypto space.

*this is not financial advise and I am not a financial advisor