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June 8, 2021

Dogecoin | Pump And Dump Or The Real Deal?

Dogecoin with white background

Overview

Dogecoin is an altcoin in the cryptocurrency space. This crypto some even consider a meme and a humorous version of the traditional Bitcoin or other cryptocurrency coins. The humor is seen especially in that the Shiba Inu dog from popular memes is the logo.

Though the company began as a joke, we are willing to say that this company is worth checking out. Elon Musk has even come forward to recommend that investors make investments in this cryptocurrency. It is actually the fifth most popular crypto now available, coming a long way since its creation in 2013.

Features

  • An unlimited supply of cryptocurrency coins for both trading and for mining
  • Extremely low price point as just rose in popularity in 2021
  • Price points at around 30 cents per coin as of May 2021
  • Inflationory properties that allow the valuation to always increase due to the unlimited supply
  • Same technology as that which is behind Litcoin
  • Open-source and free to trade between peers and between other investors in the public market
  • Scrypt technology used for the mining process which allows it to go much faster
  • Only takes one minute to mine a blockchain to receive 10,000 Dogecoins
  • Available to purchase on mobile apps like Robinhood
  • Compatible with a digital wallet to allow you to always monitor your crypto markets
  • Partnership with businesses like Microsoft, Overstock, and Shopify that accept Dogecoin as a payment method
  • Partnership with Elon Musk to continually bring improvements and software updates to the digital currency
  • A strong presence of a Dogecoin community where many even allot funds for relief efforts around the world
See also
With Stagflation Ahead, How Will Gold Respond? How Has Gold Responded Before? | Birch Gold Group

Pricing

Before the year 2021, purchasing a Dogecoin did not even cost a penny. In 2021, the price soared, but we believe it is still manageable. In April, it was $0.41 for a Dogecoin, even reaching a price of $0.70 at one point. As of May 2021, the price of a Dogecoin is around $0.30.

Pros and Cons

Pros

  • No cap on crypto supply
  • Extremely easy to mine
  • Inexpensive price of coins
Dogecoins only take around a minute to mine, and you can purchase as many as you want. Pricing currently is only a few cents per coin too!

Cons

  • Just rising in popularity in 2021
  • Difficult to predict
Elon Musk became an instant fan of Dogecoin. He assisted in making this crypto so popular among users. With the waning of popularity, it is difficult to predict future outcomes of the value of this crypto.

How to Purchase Dogecoin

To purchase Dogecoin, you will need to sign up for a digital wallet. Digital wallets are available in desktop browsers and in mobile apps.

After signing up for your wallet, you will sign up for a Dogecoin address. Follow this by using an exchange software, where you can directly buy the Dogecoin you need, such as Binance or Kraken, to name a couple. It will automatically go into your digital wallet after you withdraw how much you need.

Investing in Dogecoin

Some individuals do not want to buy Dogecoin for their digital wallets and only want to invest. If this is you, we recommend using an investing app like Robinhood. There are only a few apps and software programs that offer Dogecoin investments.

After you download the investment app of your choice, you will search the word "DOGE." After locating the Dogecoins, you will enter the number of how much you want to buy. After purchase, you will use a digital wallet that allows you to monitor the markets. Tou will then be able to determine when you should sell or trade.
See also
Top Valuable Coins to Look Out For | Factors for Determining a Coin’s Value

Safety of Dogecoin Investments

Overall, Dogecoin does seem to be safe to invest your money in. Celebrities such as Elon Musk and Mark Cuban would not use the cryptocurrency if safety were an issue. If need be, investing in this currency can even help you learn more about digital finances.

If you do worry about financial safety, start with small investments. You will lose less money if you only put a small amount into your Dogecoin investment. No one knows what exactly will happen to the future of this crypto.

Where to Use Dogecoin

As mentioned earlier, we have only found a few places where Dogecoin is available for use. These include AT&T, Microsoft, Newegg, and Overstock, to name a few. The companies that allow for Dogecoin are significantly fewer than those that accept Bitcoin purchases.

Many Dogecoin users devote their currencies to the communities. They will tip other members within the Reddit communities with the crypto. The tips are for users who post content that makes others laugh or lightens spirits in the community. Otherwise, you can trade or sell your crypto, as mentioned.

Joining the Community

You may wonder by now where you can find the Dogecoin community or how to join the community. Most of the followers of this crypto are in a Reddit group. This community has helped organizations like the Olympics. They also regularly come together to help those suffering in the Dogecoin community.

Is Dogecoin Worth It?

Dogecoin may not be as popular as Bitcoin, but it is a fun crypto opportunity. You can make some purchases with this digital currency, but most individuals use it just for the Dogecoin community. Others, however, do invest in this currency just for the fun of watching the market rise and fall.

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Nathan Rosevear

Nathan offers insights and reviews around the highest rated precious metal IRA specialists. He is an investor in gold and silver industry.
His passion is helping Americans secure their finances through stable investing and provides such help by blogging valuable information for investors to make sound financial decisions.
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