Apart from “Bitcoin” the King of crypto, “Dogecoin” or “Get the DOGE” is pretty much what you hear in the international cryptocurrency community these days. I’m darn sure if you’re looking for top gaining coins to invest your resources, the top search results will contain something about Dogecoin.
As digital currencies become more prevalent in our society, a lot of people; across diverse demographics have realized that they missed out on Bitcoin, and are now very much inclined to put their money in any crypto that promises to be the next Bitcoin.
But why the sudden hype around Dogecoin you might ask, given the fact that it existed since 2013 and was primarily built to be a joke. Well, this article tells you why. Although you can’t buy crypto due to the CBN BAN, if you stick to the end of this article, I’ll share with you a tip on how I “got the DOGE” and how you can too, that’s if you’re interested in Joining the Dogecoin Cruise.
A Bit of Backstory
Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. It was invented by software engineers Billy Markus and Jackson Palmer in December 2013 and features the iconic Shiba Inu from popular internet memes as the logo.
The coin which is a direct copy of Bitcoin took Billy Markus only 3 hours to create as he admitted to using Bitcoin’s open-source code by changing certain variables including replacing all instances of Bitcoin with Dogecoin as well as replacing MINE with DIG as he believed dogs don’t “mine”, but “dig”.
The proponents of Dogecoin would have you believe that the currency started as a joke and is well on its way to the moon. This is not far from the truth since the coin became an almost instant success from the point it was introduced to the world. There are variations to the story of how the meme coin became a force to be reckoned with, one major school of thought is that Reddit made it happen. I would love to talk about the story but I am certain you’d rather I talk about the cruise since many other blogs have articles about the history of Dogecoin. However, for those just starting with DOGE, you can read everything you need to know here.
Initially, Dogecoin started with 100 Billion coins in supply and has since developed its community reaching a market capitalization of $77.22B on May 4th, 2021 making it the fourth-largest cryptocurrency by market capitalization on CoinMarketCap with a circulating supply of 129,461,434,269 DOGE. Although Dogecoin is a copy of bitcoin there are certain distinct features. A notable one would be the absence of any lifetime hard caps on the number of Dogecoins that can be created as opposed to the limited supply of 21 million Bitcoins that can exist.
There was a time when one Dogecoin was worth less than a cent, but the recent surge on Doge Day – April 20th has taken its value well over $0.40. Although the value dipped to $0.25 after Doge Day, yesterday it set a record-breaking all-time high (ATH) of $0.57 however this price isn’t the same across exchanges. Now would be the best time to check out my recent article on how Exchanges Don’t Set Crypto Prices – Your Actions Do
Dogecoin Recent Fame
Following Dogecoin’s cult status on the renowned Reddit WALLSTREETBETS message board in early 2021, the group which is behind the GameStop rally of January decided to throw its weight around Dogecoin to push its value to the moon. This push has seen Dogecoin rise over 600% and to 5000% in 2021 when you also combine the effect of the World’s richest man Elon Musk umpteenth tweet about the currency and how he wants to put it on the moon. Other celebrities like Rapper Snoop Dogg and kiss singer, Gene Simons have joined the cruise taking to their Twitter handle to push the “Get the Doge” narrative.
More recently, it was in the news that a First-Time 33-year-old Dogecoin investor named Glauber Contessoto became a Millionaire after 69 days of investing. How real is that? I would argue that a first-timer investing in stocks or Foreign exchange has a higher chance of losing all his money than adding a 20 percent profit to his portfolio. Here is a YouTube clip of Glauber sharing his story.
Now, you’re probably thinking about whether Dogecoin is worth your money and time. Well to answer that, I would say it’s not every currency that goes from being a meme to 5000% growth in a year. The king of crypto; Bitcoin has seen lesser growth in the same period. Even though you shouldn’t consider this as financial advice since I am not a finance expert, it wouldn’t hurt to buy some Doge given its current price, putting you well on the way to becoming the next big thing in 69 days or overnight.
Those who bought Dogecoin in early 2021 have been well rewarded and I’m not left out even though I didn’t start as early as some did. if we can have over 5000% in the last 4 months what could the remaining months of 2021 hold for Doge and cryptocurrencies in general? It’d interest you to know that even with this growth, Dogecoin is yet to hit the $1 mark, which means that if you buy at the current price of writing this article $0.57 as listed on Binance, you’d have over 130% return on investment when Dogecoin eventually hits the $1 mark and that’s just a tip of the iceberg given the different price milestones its set to reach.
I honestly think this is a great opportunity for anyone in Nigeria and the world at large who’s looking to get started in crypto, if you missed out on buying a lot of Bitcoin or Ethereum while they were yet to hit the $1, you could easily buy up to 100 Dogecoins with less than NGN30,000.
Where to Get Dogecoin
You can buy Dogecoin on Binance or Robinhood. Recently, Coinbase debuted as a publicly-traded company and hopefully, with the company public, Dogecoin would become supported as the currency is currently not supported on the platform.
If you wouldn’t mind performing tasks to earn free Dogecoin every hour on faucets instead of buying it, you can check out the Doge Faucet Website. This does take a lot of patience and time because it’s becoming increasingly difficult to get a good percentage of Dogecoin on faucets as the currency continues to soar in price and gain much more attention from people.
Back to the tip, I promised to share how to get the doge. If you’re a Nigerian reading this and considering buying, you’d probably feel left out due to the cryptocurrency ban in the country coupled with the fact that you’d hardly find Dogecoin listed on P2P Exchanges. It is for this reason I created a WhatsApp group to help my readers navigate through the ban Legally without having to break any law. Therefore, should you need to buy Dogecoin or any other currency of choice, feel free to join the WhatsApp group using this link to find out how you can legally do so without hassles?
Is the Dogecoin cruise worth joining? I very much believe it is. Should you join? I don’t see why not. If you learned something valuable from this article, I would appreciate you leaving a comment and sharing this article so more people can also see it.