If you’re going to give financial advice on the internet, please do your homework first.
Imagine having someone take their life savings, their stock portfolio, loans, and their credit cards and investing them all into Dogecoin, a cryptocurrency that was meant to be taken as a joke.
Well no need to imagine because somebody actually did it.
Why? He did it and I quote “Because it’s doge!”
This was a video shown on none other than TikTok where people as young as 16 are giving financial advice to their viewers.
This is not okay, by any means. It shows how unprepared and uneducated these “adults” are on the topic of money. Money is a very important thing for people to have. Without it, we would be in a big problem selling anything in order to eat and survive.
So please, next time you see someone give financial advice ask yourself is this person ready for real life? The answer is likely no, as these young people may have never been put into any serious real world situations yet. With all prospective financial vehicles you should to your research fully before getting any skin in the game.
With that in mind here is a brief history and the purpose of DogeCoin and what’s next for this high profile “memeCoin”.
On December 8th, 2013, Jackson Palmer, an Australian programmer and marketing manager for Adobe tweeted a picture of a dog with captions based on the internal monologue of the fictional Shiba Inu dog from the “Doge” Internet meme with a comment “Investing in Dogecoin, pretty sure it’s the next big thing.”
The same day Billy Markus AKA @billymarkus joined in and started to write the code for an alt-coin a create a modern cryptocurrency based on Bitcoin.
For those who don’t know what alt-coins are they are basically different cryptocurrencies other than Bitcoin.
The very next day DogeCoin was born by Jackson Palmer and Billy Markus as a joke.
But it wasn’t too long after that things started to get serious.
On January 8th, 2014, Jackson Palmer announced the launch of DogeCoin and if the currency ever became popular he would take his investment and run away from the country (an odd prediction but maybe he was planning on getting rich off of something else).
As a joke everyone held up a “doge” in their social media posts. On February 5th 2014 Jackson Palmer finally posted his first tweet of “I’m leaving jax if anyone wants to buy my house.”
The joke had turned into reality. DogeCoin was actually real and it was going to be huge.
Things have started to pick up pretty fast for DogeCoin as it quickly caught on as a legitimate, useful cryptocurrency.
On February 22nd, 2014, DogeCoin reached a value of 1 million dogecoins.
By early 2015 the value of the coin has gone down due to more people getting into it.
Today (June 17th, 2021) DogeCoin has a market capitalization of $40.7 billion USD. It is ranked #7 according to CoinRanking.com
I’m sure many of you are looking at the value of DogeCoin and thinking that is crazy but I have a reason for sharing this with you.
As someone who has watched the currency start to become popular I think it’s only fair to share my thoughts on why this coin has been so successful.
I don’t claim to know everything about how DogeCoin has been so successful but here are at least a few reasons I have why I think it has been such a success.
The community behind DogeCoin is amazing. From what I can tell from the FAQ that is linked in the sidebar of this post there were around 1,000 people who started mining dogecoin early on. The community behind DogeCoin continues to grow because the community is so active in posting on social media sites and forums and it certainly helps when you have huge companies helping out.
Developers behind the coin are active and seem to be very communicative. There are many, many examples of this but a couple stand out to me. Here is one example of a developer doing an AMA ( Ask Me Anything ) on Reddit where he was very active in answering people’s questions about DogeCoin and made sure to let everyone know that he wasn’t just some scammer guy trying to get money. The community around Dogecoin doesn’t seem toxic at all.
What does the future hold for Doge? OEK (Only Elon Knows). But if the last few years have been any indication of what’s to come, it will be one hell of a show, so keep an eye on it.
Conclusion & Rating: 74/100
Dogecoin is actually quite impressive considering how old it is and how it started.
Want to grab some real life DogeCoins as souvenirs check out this great Physical Dogecoin Collectible Souvenir 2 Pack for Doge Coin & Commemorative Cryptocurrency Enthusiasts from Amazon
Leave a comment on your experiences or thoughts on DogeCoin or Crytpo in general.