With the fast-paced and technological world that we live in, some changes are inevitable in our daily lives both on a private and an economic level. The past decade has seen a major rise and development in cryptocurrency. With the youth being more technology-friendly and open to new developments, the demand and value of them have gone up significantly.

So today, I will tell you about Dogecoin and how it turns up to profits not.

What Is Cryptocurrency?

It is a digital currency created using encryption software used as an alternative form of payment. The use of encryption allows it to perform a dual function of currency and a virtual accounting system.

Considering that the currency is secured by cryptography, it’s nearly impossible to counterfeit or double spend.

Bitcoin was the first among the first cryptocurrencies to gain popularity, but in recent times Dogecoin has picked up the pace, it hit an all-time high within the first two months of 2021.

Important Difference Between Dogecoin and Bitcoin!

Bitcoin is the original blockchain proof-of-concept. It is considered ground-breaking but in the year 2013, an Australian marketer made a joke combining the 2 most talked-about topics, cryptocurrency, and Doge.

In online crypto circles, dogecoin gained popularity almost immediately, Reddit was the most crucial tool in spreading its popularity. And while Dogecoin was started as a joke, or to satirize the dubious crypto coins, endorsement by high profile celebrities has pushed it to the 10th position globally.

Elon Musk On Dogecoin And Why It Is Going High

Elon Musk’s tweets (his declaration about him being the unofficial CEO) acted as a major endorsement. That also reflects the risk surrounding cryptocurrency. It is one of the most traded cryptocurrencies.

Its meme value played a major role in popularizing it, its main attraction was the high profits.

Is Dogecoin Risky?

Much like others, Dogecoin has seen high price volatility.

While we can’t predict its price with certainty, it’s expected to be prudent in its direction. The fear of missing out and the generally bullish movement in the market will keep pushing the prices up.

In other words, more investors are likely to continue buying Dogecoin, pushing prices even higher, But to the flip side of the coin, the government regulations are acting as a potential hindrance. And while they are highly valuable, they aren’t useful for anything but trading.

The markets are thinly traded and regulators but absent. So manipulation and price-pumping are present.

Considering the owners created it as a joke, a fun, instant, free from traditional banking fees. It has performed exceptionally well and gained incessant popularity over the years, both due to its profit and meme value.

In conclusion, We hope now you are all informed about Dogecoin and Crypto.

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Also Read: What Is Iot? How Does It Work?