Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion.The cryptocurrency is based on the Doge meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.

Dogecoin has the potential to be a lucrative short-term investment. Certainly, if you had invested in mid-January and sold at just the right moment, you could have made a lot of money. However, short-term investing is incredibly risky, and it’s a great way to lose a lot of money.

I dont know if i could in good faith tell anyone to invest anything long term on doge. But short term….

Dogecoin currently has a market capitalization of $7 billion, in line with some global businesses with large-scale operations. And in the past year, the value of Dogecoin has increased 2,400%. Skeptics see this as evidence that Dogecoin’s value is too easily manipulated.

Both Markus and Palmer distanced themselves from Dogecoin in 2015, citing shady dealers and a toxic environment.

Earlier this year, the cryptocurrency found favor with tech giants, social media influencers, and bigwigs across industries. Mr Musk has been one of the most ardent supporters of Dogecoin. On February 4, 2021, he wrote, “Dogecoin is the people’s crypto.” The simple tweet in favor of the digital currency sent its value up by 75%.

Mr Musk has been one of the most ardent supporters of Dogecoin. On February 4, 2021, he wrote, “Dogecoin is the people’s crypto.” The simple tweet in favor of the digital currency sent its value up by 75%.

The tech billionaire followed this up with another tweet that read, “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue IMO (in my opinion).” “I will literally pay actual $ if they just void their accounts,” he added.