Will Dogecoin reach 1 dollar ?

Dogecoin, the cryptocurrency branded when a famous dog culture from years ago, has seen its quality surge from February 2021. Dogecoin was originally created a minimum of partially as a blithesome joke for crypto enthusiasts, and took its name from a once-popular meme culture and recently Dogecoin has become the fifth largest cryptocurrency by market cap, as of now it's sixth largest crypto and incorporates a capitalization of $50.39 Billion USD. 

In 2013, software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as the simplest way to form fun of bitcoin and also the many other cryptocurrencies boasting grand plans to require over the globe.

It had been dubbed a "meme crypto" Dogecoin is an open-source cryptocurrency that's supported a fork of the Litecoin code. because as the name suggests, it's mainly created based on the Doge meme that became viral in 2013. within the period of six months Dogecoin has seen  surge of quite 26,000 percent, making it one among the dream pick for a few of the investors.

What made Dogecoin explode ?

When Markus and Palmer had the Dogecoin ready, they weren't taking it seriously, or had any plans of promoting the currency. Steps in Reddit, yes the identical platform you discovered while during the GameStop saga. The Dogecoin subreddit exploded quickly, giving them the eyeballs and resources needed to create a crypto successful. Reddit users started sending one another Dogecoins as toke on respect or affection. the continual exchange of currency on the platform made it popular and expanded its user base.

Another major contributor for Dogecoin's growth is none apart from Elon Musk. It isn’t clear when dogecoin started to catch Elon Musk's attention. Elon has spent years talking up the token. Elon's post mostly in support to dogecoin often caused Doge to  high prices. These tweets helped retail investor to gain interest on Doge.

 

CREDIT : Twitter(@Elon Musk) 

However, Elon isn’t the only celebrity backing Doge token. NBA team, Dallas Mavericks owner Mark Cuban, Snoop Dogg and many others have shown their support for dogecoin.

How to invest in Dogecoin ?

You can purchase Dogecoin on a cryptocurrency exchange like Binance or Kraken. The exchanges require you to create an account with them and fund it with U.S. dollars or the other currency. Then you will be able to trade cryptocurrencies, including Dogecoin. Notably, leading crypto exchange Coinbase Pro recently listed Dogecoin on its platform.

Some online brokers including Robinhood and TradeStation, also allow you to shop for Dogecoin. They don’t offer as many of the cryptocurrencies as exchanges, but Dogecoin is usually available.

Like other cryptocurrencies, once you’ve purchased Dogecoin it’s best to maneuver your coins to a crypto wallet. Wallets take many forms, from online services offered by exchanges like Coinbase to apps on your mobile device or maybe a physical Winchester drive. You secure the wallet with a non-public password. Since your coins are held outside of an exchange, there’s an additional layer of protection against hacks.

In India, you can open crypto brokerage accounts on any of the Dogecoin listed exchanges like, WazirX, BuyUcoin, and others. Interested individuals can buy Dogecoin by depositing money into your crypto wallet through a Debit card, bank transfer, IMPS transfer from the available platforms. These exchanges require a unique KYC process, which verifies user details.

Is Dogecoin a good investment ?

Cryptocurrencies are very volatile assets and prone to large swings in either direction. Bitcoin, for instance, has skyrocketed this year and by April 16 was trading above $61,000, compared with less than $30,000 at the end of last year. But the cryptocurrency has been prone to pullbacks, including several times in last month. 

Since there is no lifetime limit on the number of Dogecoins that can exist, and millions of new Dogecoins are released onto the markets every single day, there is very little incentive to hold the cryptocurrency for the long term. Bitcoin continues to rise in value because of the system’s lifetime cap on the number of coins that can be created. The gains in Dogecoin that have been seen in 2021 may not be sustainable over the longer term. 

Should you invest in Dogecoin ?

Investing in Dogecoin or the other cryptocurrency depends on your understanding of the crypto market and its underlying technology. Knowing of these it's still your ability to require risk with such volatile assets. there's also security risks for dogecoin making it more liable to hacking or unauthorized access compared to other crypto's.

Those who bought Dogecoin to start out 2021 are well rewarded. Still, White could be a little wary about buying Dogecoin, especially as an investment. The constant flow of latest coins onto the market put unending downward pressure on the coin’s value.

Price Prediction

By end of 2021 Dogecoin is anticipated to succeed in $0.39 mark and it's assumed that doge will reach $0.70 mark by the top of 2023 (May be $1 mark by 2025).

Disclaimer 

This blog is meant to produce you knowledge about cryptocurrency and it's not an financial advice. Please do your own research before investing.