Dogecoin: Hi There, I m harry here. so I’ll admit I never thought I would be making this video but here we are talking about one of the biggest meme investments of 2021. dogecoin! which is so far this year gone up 1500 in price from 0.005 cents to seven cents at the time.
I’m making this video fueled by viral tweets internet memes and lots of comments with rocket emojis in them and even though this entire currency started as a bit of a gag the recent price movement is making everyone question that maybe this is something.
we should start to pay close attention to it and that perhaps it’s going to be much more than just a meme from 2013.
although I want to be clear I was not planning to make a video on this but simply due to the sheer amount of comments asking for me to talk about it literally in the thousands so I’m gonna do it I have no idea how many of those comments were just a joke but in the spirit of dogecoin even if it is a joke.
I’m gonna take it seriously and talk about exactly. what it is why it’s gone up so much in price and whether or not it’s a viable investment because of last year.
I bought a few hundred thousand dogecoins on a spur of the moment whim is a bit of a joke, so if you want to know whether or not I still have those back. when they were a fraction of a penny keep watching and I’ll answer it but first, I want to share a quick thank you from our video sponsor today the like button that’s right this video does not have a sponsor so if you wouldn’t mind supporting the blog just by comment it would help me out a ton and would help out the blog algorithm and deciding whether or not to recommend this blog to other people and with that said let’s start here.
Welcome to dogecoin I’ll admit I didn’t know too much about the history of this until I started looking into it and wow it’s interesting the whole thing started as somewhat of a joke in 2013. when Jackson palmer a product manager at adobe began making light of the whole cryptocurrency craze by posting about his own non-existent cryptocurrency venture dogecoin at the time it was nothing more than a satirical joke based around the doge meme featuring ashiba inu with comic sans thoughts popping up but to Jackson’s surprise those dogecoin tweets actually began gaining some popularity on Twitter and after some positive feedback, he was quoted as saying one night after work.
I sit down with a beer I had too much time on my hands and I bought dogecoin.com then I photoshopped the logo onto the coin and put it up there not too much later it was picked up on Reddit where it caught the attention of bill Marcus a software engineer at IBM who reached out for permission to actually go and build out the software and turn dogecoin into a fully functional working cryptocurrency the infrastructure was fairly simple and not even a month later.
It was launched in December of 2013. two weeks later the value jumped up 300 through a combination of viral press and timing around china forbidding the trading of bitcoin and dogecoin began growing functionally however it did have some real-world uses Reddit began allowing its users to tip each other in dogecoin and mobile video games allowed small in-app purchases but all thanks to the virality of meme culture in 2014 the trading volume of dogecoin surpassed every other cryptocurrency.
Including bitcoin since then, the following around dogecoin has continued to grow, and in 2018 robin hood began allowing dogecoin to be bought and sold for free on their platform giving it significantly more exposure it was even further popularized when Elon musk begins tweeting about it causing the price to skyrocket within minutes today.
It has a market cap of almost 10 billion dollars and is trading at a price of around five to eight cents all from something started less than eight years ago as a complete joke so now the big question is does it actually have any value and is it a good investment well that’s a difficult question to answer because despite all of its success.
it was never really meant to have much intrinsic value that’s because it’s derived from the open-source project litecoin which means there’s no limit to how many coins could be produced within the system this is very much the opposite of bitcoin which is limited to 21 million bitcoins in existence and that’s it but with dogecoin right now there are over 128 billion coins in supply and rising by the day each year the supply of dogecoins can increase by as much as 5 billion which is meant to encourage people to actively use and spend it as a currency otherwise over time the value of a dogecoin might decrease as more of them enter circulation and as of now for anyone curious this represents an inflation rate of about four percent per year however as more coins are mined over time that five billion amount will represent a smaller and smaller difference when compared to the total number of coins in circulation.
So theoretically within a few hundred years it could end up being a fairly stable currency with very mild inflation just because the number of new coins in circulation is going to be predictable year by year now.
I would say functionally in terms of how it’s designed it’s very much like the u.s currency that we use day-to-day like the dollar only has value because our government guarantees that a hundred dollar bill will buy you a hundred dollars worth of goods but as more us.
Dollars are printed and the cost of materials begins to rise the same one hundred dollars you have starts buying you less and less but with all of that said is dogecoin an actual investment and is it better than the two free stocks that weeble is going to be giving you down below in the description.
We need to deposit 100 on the platform because those two free stocks could be worth all the way up to 1600 so you may as well get free money down below in the link.
Enjoy and let me know which two free stocks you get not too shabby of a plug if I say so myself didn’t even have that planned in there it just flowed nicely but anyway sorry guys we’ll get back to the video now anyway as far as dogecoin as an investment it just depends who you ask the founders.
Who created dogecoin in the first place are totally perplexed by its popularity like the co-founder Jackson palmer who left the dogecoin team in 2015 was quoted as saying in an interview with no immediate plans for development it looks like the coin will slowly become stagnant in the future the circulating supply of dogecoin is astronomical which will deter the price of the cryptocurrency from rising any further and while they certainly didn’t anticipate any amount of success.
They’ve used the popularity as a way to give back including a 50 000 donation to raise awareness for Kenya’s water crisis they’ve also raised 25 000 to get jamaica’s bobsled team to the Olympics when the team qualified the creators were even quoted as saying that.
Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. See more