All you need to know about Dogecoin
April 21, 2021 (Investorideas.com Newswire) - Cryptocurrencies made a statement by entering 2021 with positive trends and high market caps. The pioneer of digital currencies Bitcoin, went on to reach an all-time high earlier this year, alongside many other cryptocurrencies as well.
Till date, thousands of digital currencies and cryptocurrencies have emerged, providing the masses with an opportunity to enter crypto trading with the coin that they think suits them well. With new cryptocurrencies emerging on a frequent basis, let's take a look at one of the most popular and hyped cryptocurrencies these days.
What is Dogecoin?
Dogecoin is an open-source peer-to-peer digital currency, with doge as its mascot. The mascot was popularized as an online meme and has now become the logo of this currency. It originally surfaced in 2013 but rose to popularity as it gained value and generated hype over the past year.
Reportedly, it started off as a joke, which has now turned into something that is much more than a joke, with people claiming that dogecoin will be the cryptocurrency of 2021 and some even call it the new bitcoin. Interestingly, Dogecoin does not have a maximum supply that could ever come into circulation as of yet, unlike Bitcoin.
Facts and Figures
At the time of writing, Dogecoin is the 6th largest cryptocurrency by total market capitalization. Yes, you heard it right, what started off as a joke by two engineers, has now made it to the top 10 cryptocurrencies and is ranked at the 6th position. One Dogecoin currently costs $0.3467 and has a total market capitalization value of over $45 billion.
If you think the market capitalization figures are impressive, wait till you hear about the sort of gains that have been recorded over the past few months. During the crypto boom that started in 2020 and lasted into 2021, Dogecoin alone has given nearly a 1900% gain since January 2021.
Elon's role in the Dogecoin rally
Elon Musk knows how to remain in the spotlight, and rightfully so. Elon's influence over the global markets is almost insane. We've seen how Elon Musk's tweets about Bitcoin have majorly impacted the value of the coin across the world. This time, just a couple of days ago, Elon musk posted a tweet which hinted towards Dogecoin and it led to a 400% rally in the value of Dogecoin.
Reddit's role in the Dogecoin rally
We've seen the people's power when Reddit came up against Wall Street investors in the Gamestop Saga. Yet again, Reddit proved that people have the power to move the market. Reddit users started sending Dogecoins to each other, out of respect and affection. This led to a lot of hype being generated around the currency as it got exchanged and the user base expanded.
What's in it for you?
Even though seasoned investors fail to find the fundamentals that keep on pushing it to higher values, the people surely love how this coin has rallied and has become a center of attention in the crypto world. Just like any other cryptocurrency, a positive trend and rally is something to rejoice for anyone that has invested in it.
As far as crypto trading is concerned, people rally behind coins that offer high volatility, in an attempt to make money in the shortest possible time. The recent Dogecoin rally has shown that it is a highly volatile currency with a lot of potential.
What you can do is use convenient and secure trading platforms such as Bitqt and utilize their AI based trading technologies to make the most out of the volatility that this currency offers and enjoy until it lasts.
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