Have you ever invested in a meme? Me either, but here is why you should consider it.
Nothing says 2021 like Dogecoin, the Shiba Inu dog-themed cryptocurrency has soared in value since late January.
Dogecoin’s initial purpose was just a joke by its creators and to mock all cryptocurrencies other than Bitcoin. For the logo they chose the Shiba Inu from a meme called Doge, which rose in popularity that same year. Sinceits creation in 2013 by co-founders Jackson Palmer and Billy Markus, Dogecoin has seen been flatlining until recent years in which brief sparks occurred at various intervals. Since late January Dogecoin is the new get-rich-quick buy and the most talked-about cryptocurrency.
Cryptocurrency is deemed a risky investment because it can be very volatile. But Dogecoin has had a 600% increase in price since late January and it’s still on a climb thanks to Tesla chief executive officer Elon Musk.
Similar to Bitcoin and all cryptocurrencies, Doge is decentralized, meaning it is not issued or backed by government or bank. Also, there is no limit on the quantity of coins according to Yahoo money.
According to Robinhood, Dogecoin was trading for $0.083 per coin early February, and yet remains in that range after a slight drop. With a price of $0.005 at the start of the year, it has increased ten times with a price of around $0.070 per coin now.
Right now, with the global pandemic money must be tight especially for college students all around. This is your chance if you have not started to begin investing in something and Doge gives you the opportunity with growth over time.
When it comes to investing there is an inherent risk, but there is reward when it comes to holding long term. Wallet Investor claims Doge is a healthy investment in the long run.
Ripple Coin News a source for relevant and needed information on crypto currencies stated they expect Doge to hit $1.00 by May 2025.
You could buy 1000 shares priced at $0.05 which would be a $50 investment, and if shares move in price to $1.00, you will not only double your profits, it would be 20 times the amount you’ve invested. You would have made all this money with no work needed from the time you invested.
According to Investor Place, Dallas Mavericks owner and business icon Mark Cuban is certain, and around 100% convinced of Dogecoin reaching $1.00. He also announced that his NBA team will accept Dogecoin as payment for merchandise and tickets.
If you missed out on the opportunity to buy Bitcoin when prices were lower in 2016, now is your chance to buy Dogecoin. Bitcoin which back in 2016 was priced around $400 per coin is now around $60,000 per coin.
Investors who turn the other way from the $60,000 asking price of a single Bitcoin will be happy to see the good deal on a single Dogecoin. As of April 12, Dogecoin is at $0.070 per coin according to Robinhood. One Bitcoin can buy you around 800,000 Dogecoins.
You could buy 50 coins for under $4.00, which is less than the price of a Big Mac. This could be the investment that changes your financial status for life.
With Doge being Bitcoins rival, it has been getting talked up by internet-savvy entertainers in hopes to push the coin yet higher.
I can’t tell you what to do with your money, but in my eyes, Dogecoin is worth investing in.