Dogecoin is a cryptocurrency. What makes this currency so popular? Is it just novelty or are there other factors at play that make people want to invest in this coin? We will explore these questions and more in this blog post.
Why is Dogecoin so popular?
One of the reasons is Elon Musk, the founder of Tesla and SpaceX, famously tweeted “Wanna buy some Dogecoin?” in response to a tweet. The google searches for “What is Dogecoin” increased dramatically. This year alone hashtags like #dogecoin, #dogecoinmining, and #dogecoins went viral. The growing popularity of cryptocurrency has increased due to its accessibility through smartphones, social media platforms like Reddit and Twitter, and mining as a way to make money– all contributing factors in why Dogecoin is so popular.
Is Dogecoin like Bitcoin?
Dogeday is April 20th and the idea is to drive up the price of Dogecoin. The idea was originally to just do something fun and have a laugh, but things escalated quickly when the Dogecoin price went up 100% in one hour as traders took advantage of the low volume period.
This reminds me so much of the GameStop Stock Hype, which if you know anything about that, was very risky.
Should you purchase Dogecoin?
Unless you like to gamble, which I do not endorse. I’d stay far away from this.
Can you make money quickly? Sure! You can win money betting at a casino too, but the risk is more than I’m comfortable with.
Wealthy people invest in long-term and thriving investments, they often ignore the hype surrounding new investments.
Building wealth long-term is a marathon. In an age of instant gratification, the old adage applies — “slow and steady wins the race.”
Partnering with a financial advisor can help you decide which investments are best for you based on your personal needs.
***This is not investment advice and should be considered as opinion only. Please do your own research before making any decisions or investments based on any blog post content.
How did you hear about Dogecoin? Let me know in the comments below!