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Coming from a few fractions of a penny all the way up to a few cents on its way to who knows what powered by rocket emojis, Shiba INUs and Elon Musk Tweets. Everything happened in a kind of random way. In the tech world, it has been kind of fascinating to watch what is going on here.
There is nothing called an official financial advice in the cryptocurrency space, because no one is really sure. Thus, no investment advice or advisor can be held for anything you may do or decide to do watching any kind of investment strategy.
DogeCoin is a cryptocurrency. So, in order to understand basically what is happening with it, you go to understand what cryptocurrencies are. And, so it is good to use Bitcoin to understand the concept.
Bitcoin the dominant cryptocurrency is basically a decentralized digital currency. It is an unregulated highly volatile digital currency and there are several other altcoins with similar characteristics with variable market caps and volatility though. Each altcoin is an alteration of the rules related to Bitcoin.
The thing is almost anyone can make an altcoin, it is really impressive if you would take some time to know how easy it is to come up with your own altcoin. Each of them are built with variable tweaks and versions of the same fundamentals and pretty much all of them are those that claim to be better than Bitcoin in some way or the other. This is indeed debatable. There are many of them out there like Ethereum, Litecoin, Stellar, Ripple, Dash, NEO and there are thousands of them. Every Altcoin gives some reason for you to invest on probably citing better use cases than bitcoin.
With Dogecoin it all started as a joke by Jackson Palmer. Eventually, it becomes more than a joke and a real thing. They collaborated with Billy Marcus from IBM, gave it a logo, launched it, built the thing and not it is real. Fundamentally, we know what Dogecoin is as an alternate crypto, but the reason it is caught back on and stuck around for as long as it has is because the community has taken it very lightly. With so many altcoins there is so much work to be done to identify which ones are useful and which ones are good. Thinking in terms of short-term and long-term investments, which ones you can buy and eventually make more money.
Every investor is looking for the little altcoin that will eventually grow and become the massive important thing. There are several little altcoins that lead investors in to possible murky waters of scam. And, pump and dump schemes, which investors should not be investing in.
Now, Dogecoin with the development activities taking place is kind of all serious and some are like still take it as a joke and kind of seriously.
