Dogecoin to the Moon! Really?
Doge to the Moon is a twitter hashtag popularized Elon Musk. Mr. Musk is so obsessed with Dogecoin that he has not only bought dogecoin for his kid but also has started accepting dogecoin payment for his Space X mission as well as allowing people to purchase tesla products through dogecoin. Actually, Musk is literally taking Dogecoin to the Moon. SpaceX moon mission is named DOGE-1.
After Elon Musk began promoting Doge, a lot of people started a campaign on Twitter that Dogecoin should also be listed on Coinbase. Finally, in 2021 Coinbase listed Dogecoin for trading and investing.
Elon Musk and Reddit, both have continuously pumped on Dogecoin. This has resulted in price gain. When Elon Musk referred to himself as the CEO of Dogecoin, the price went up, when he tweeted Doge to the moon, the price went higher, when he said he is doge father, Dogecoin went even higher.
Is Dogecoin a Joke Coin? Or, a Real Cryptocurrency?
Bitcoin is the world’s first crypto currency. It was launched in 2009. Two years later, Litecoin was launched as the first altcoin (alternative coin, the term used for crypto currencies other than Bitcoin). Ripple, which is currently facing Security Exchange lawsuit in the United States, was launched in 2012. A year later, in 2013 Dogecoin was launched, not as a cryptocurrency but as a joke. Well, Doge was just a meme coin until influential figures like Elon Musk, Snoop Dogg, and the Redditors (Reddit users) began to promote Doge. Until the end of 2020, Dogecoin was a fraction of a cent. In January, it became 1 cent, then over the days, weeks, and months, the price began climbing. When the price started going up, the world began to talk about Doge. It was no more a joke but a cryptocurrency with great potential.
Doge, once a joke, is no more a joke. Traders and investors have started taking interest in Doge. The coin that literally did not have any value until 2020 became 1 cent in January and peaked at 68 cents. When the crypto market crashed in 2021, the value of dogecoin dropped. Even when the market improved, the value of dogecoin did not improve much.
Dogecoin to 1 Dollar
“Dogecoin to 1 Dollar” is a trending hashtag on Twitter. Not only are influential people like Elon Musk and Snop Dogg campaigning for Dogecoin but even common people are passionate about Dogecoin. A lot of crypto enthusiastic are campaigning for Doge to become $1 on Twitter and Reddit.
Elon Musk has gone one step further to promote Doge, he has not only named his moon mission DOGE-1 and started accepting Doge payment for his mission, but he is also even organizing a concert for Doge in this spaceship base (that is according to recent news)
Once Again Doge is Going Down: How is the Price of Cryptocurrency Determined
The price per doge went up to 43 cents after Coinbase listed Doge on its platform, the price went high up to 68 cents then started falling when the crypto market crashed in 2021. It is now 13 cents. The highest price for dogecoin was back on May 7th when it reached an all-time high of 68 cents.
Cryptocurrency does not have a real price. The price of cryptocurrency is what people believe. Doge was 68 cents on the 7th of May because people believed it is worth 68 cents. Currently, the price of Doge is 13 cents because people believe the worth of this currency is 13 cents. This is the beauty of cryptocurrency, it is completely controlled by the community.
Is Dogecoin a Real Cryptocurrency or just a Meme Coin?
You may want to deny this but the truth is Dogecoin is still a “joke coin” because it does not enjoy support from big investors. BNB coin, which was created in 2017 is above $400 yet a coin that is 8 years old is not even a dollar. If this is not a joke then what is it?
Perhaps, it would be wrong to think doge as a meme coin. How can a joke coin have a market capitalization of $24 billion USD (It was $48.17 before the market crashed in 2021) and rank 13th in terms of market cap rank? Just in one year after its launch, Doge reached a market capitalization of 60 million. Doge is not a joke and it was never a joke.
Will Dogecoin reach $1?
If you ask this question to someone who has invested in doge, you will get a favorable answer. For instance, I have invested in Doge. If I did not believe “dogecoin to 1 dollar” I would have never invested in dogecoin. If I was not hopeful of doge going $10 in 1-2 years, I would have never invested in dogecoin.
In 2011, Vitalik Buterin (Ethereum founder) used to write for a certain website and receive 1 bitcoin per article, and 1 bitcoin was $3 back then. Nobody, not even Buterin had perhaps thought Bitcoin would reach $64k just in 12 years. We can expect the same thing to happen with dogecoin.
Some people think dogecoin may never go very high due to its unlimited supply. Every year 5.25 billion Dogecoin are mined and released to the Dogecoin network. By the time you finished reading this article 50 thousand, dogecoin will be released to the dogecoin network (with the rate of 10, 000 coins per minute).
First published on Forum Coin, in author's name.
