Dogecoin is almost certainly not a good investment in any traditional sense of good investing, but that might just be the reason to buy.
Dogecoin was created by software engineer Billy Markus in only 3 hours. After copying and pasting Bitcoin‘s core code, Markus spent “the bulk of that time making alterations to the client to make the text Comic Sans”.
Markus will be the first to admit that Dogecoin was created as a joke. He even sold his entire position in 2015 just to buy a used Honda Civic. As of April 14, Dogecoin has surpassed a $17 billion market cap. That’s a lot of Civics.
Is it too late to board the Dogecoin rocketship, or will Elon have a few extra Falcon 9s to spare for the journey?
While I am by no means an expert on fundamental analysis, anyone who’s ever copy-pasted anything online can tell you that this task is likely not worth $17 billion.
Just like Bitcoin and the US dollar, the price of Dogecoin is only worth what someone else is willing to pay for it. And for some reason, people are willing to pay a lot for the Shiba Inu, meme coin.
To find out why we turn to Richard Dawkins 1976 book, The Selfish Gene, where the word “meme” was coined. “The new soup is the soup of human culture. We need a name for the new replicator, a noun which conveys the idea of a unit of cultural transmission, or a unit of imitation.”
Dogecoin’s price is not based on its underlying technology, it’s based on its cultural value.
In the Robinhood-GME-Twitter-pandemic era we find ourselves in today, Dogecoin has somehow managed to unite people all over the world in common pursuits of money, laughter and connectedness.
For the now-not-so-low price of $0.13, you can purchase your very own Dogecoin, and be a part of a global movement.
Dogecoin to the Moon?
Dogecoin has pumped 2000% 3 separate times since 2017. It’s kind of its thing.
The billion dollar question left to be answered: where does it stop? Frankly, nobody really knows. During the 2017 bull run, you would have been sent to the psychiatrist for suggesting $1 dogecoin, but today it’s all twitter can talk about.
Let’s put things in perspective for a moment. $1 Dogecoin would yield a market cap eclipsing that of Charles Shwab, Blackrock, American Express, IBM and Goldman Sachs. This seems unlikely, but it’s already ahead of E-trade, Hasbro and Levi Strauss – so who really knows anything anymore.
Should You Invest in Dogecoin?
So far in 2021, an army of social media-fueled Robinhood investors took down Melvin Capital during the GameStop short squeeze, and decentralized cryptocurrencies have caused panic within central banks across the world. It appears that power is leaking from the top, draining down the ladder through fiber optic cables and WiFi routers.
If you’re a zoomer or a millennial with a Robinhood account, odds are you already own a chunk of DOGE larger than any financial advisor on the face of the earth would recommend, and you’ve also probably already made a higher yield on it than those advisors will make in the next decade on their stock portfolios. Give yourself a pat on the back, you’ve earned it.
An investment in Dogecoin is not about making money (although it may happen accidentally) it’s about being a part of something bigger.
The retail investor is no longer an individual. They’re a team, and Doge is their mascot – at $0.01 or $1.
How to Buy Dogecoin
If you’ve decided to throw away some of your money in exchange for being a part of a revolution, here’s how you can do it.
Dogecoin is not supported by Coinbase or Gemini, however you can pick it up on Robinhood, Binance.US and Kraken.
Disclaimer: this is not investment advise and is purely for entertainment. There is just my opinions and should not be treated as financial advise. Please seek professional help for investments and financial advise. And always remember to "like" and subscribe!
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