In the last 2 years, all the financial markets have seen a boom. The cryptocurrency markets are no different. In fact, in 2021, we got to witness various interesting scenarios when the prices of a few cryptocurrencies increased abnormally.
In this blog post, we are going to talk about a cryptocurrency that gained the attention of every investor this year. Yes, we are talking about Dogecoin.
Timeline of Dogecoin
Dogecoin was invented in 2013 by two engineers, Billy Markus and Jackson Palmer. However, unlike other renowned cryptocurrencies, the objective behind creating Dogecoin was not to introduce a payment method. The founders of Dogecoin created it as a joke on the speculation that exists in the cryptocurrency markets.
The symbol of Dogecoin is derived from a meme itself. In the past, a meme that featured a Shiba Inu dog was trending on social media platforms. Hence, the same was used on the coin with the intent to make fun of the cryptocurrencies.
Since Dogecoin did not have a legitimate purpose behind its existence, its prices were dirt cheap and there was no significant demand. If we talk in numbers, the first-ever recorded price of Dogecoin was US$0.00026 in 2013.
By the end of 2020, it reached only $0.004480 which is a considerably low increase compared to other cryptocurrencies that gave a massive return.
However, in 2021, there came a sudden surge in the price of Dogecoin. The boom was unexpected and tremendous. It all started with a buzz on Reddit in January after which the currency surged 800% in merely 24 hours.
It was after this day that Dogecoin grabbed everyone’s attention and investors went crazy. In fact, in just 4 months the price increased by over 2800% and as of now, it is up by 5600%.
Dogecoin has received different reactions from different people. While there are businessmen like Elon Musk who are supporting the currency, there are investors who feel that it has no future. In fact, in the past, the creators of the coin themselves did not have faith in the future of Dogecoin.
In 2015, Billy Markus sold all his Dogecoins to buy a used Honda Civic. As of now, the market cap of Dogecoin is greater than the market value of Honda itself.
So, these were some of the few instances that Dogecoin witnessed which lead to a sudden change in its price.
Following are the most important reasons for investing into DOGE cryptocurrency:
- With the help of the DOGE cryptocurrency people will be able to enjoy quickness and security element in the whole process because value can be sent to anyone internationally without any kind of barrier in the whole process.
- It will always help in providing the people with very much secure network along with real-time consensus so that people can ensure proper safety and security of the transactions.
- The working of the DOGE cryptocurrency is also very much easy as well as user-friendly and is very much capable of ensuring that people never have to face any kind of hassle in the whole process.
- This is considered to be the perfect option for all the investors who do not have enough capital to invest in expensive cryptocurrencies and will always allow the newcomers to get into the market perfectly and gain the necessary experience very easily.
- DOGE cryptocurrency is also very much capable of providing the people with fast and cost-friendly transactions and the best part is that it also supports the people with very active community so that there will be no problem at any point of time.
- The transaction speed of this particular cryptocurrency is also very high in comparison to other available options and it is also based upon proper compatibility with several kinds of platforms.
Online course on cryptocurrency
If you were intrigued by the information we shared and have an interest in cryptocurrencies. We have something that you would like. Unluclasswill soon be offering an online cryptocurrency course that will act as a guide for those who want to enter the cryptocurrency markets.
The course is quite comprehensive and covers various aspects of cryptocurrency that one should know about. For instance, it talks about the different types of cryptocurrencies, the history of cryptocurrencies.
It also mentions the recent developments that have taken place in the crypto markets. So do not wait, learn about all kinds of cryptocurrencies and the cryptocurrency markets now! Check out the unluclass website for more updates!