DOGE (Dogecoin) is an open-source, peer-to-peer cryptocurrency and is an altcoin and a cynical meme coin. Launched in December 2013, Dogecoinfeatures the image of Shiba InuNai as its logo. Although it was designed as a joke, Dogecoin’s blockchain still has value. It is built on the Litecoin blockchain technology. The low price and limitless availability, which use a script algorithm, are notable features.
There has never been a better wealth builder than the stock market in the long run. According to a study published by Crestmont Research, the broad-based S&P 500’s rolling 20-year total returns (including dividends) have never been negative between 1919 and 2020. To put it another way, if you purchased an S&P 500 tracking index in 1919 and kept it for 20 years, you made money.
Cryptocurrencies, on the other hand, have outperformed standard stocks over the last decade. Bitcoin (CRYPTO: BTC), the world’s largest digital currency, gained more than 700 percent in the previous year, from April 21, 2020, to April 21, 2021. Meanwhile, Dogecoin stocks (CRYPTO: DOGE), the most common cryptocurrency, has risen nearly 16,000 percent in the last year.
Dogecoin is soaring to an all-time high
According to cryptocurrency news and data provider Coindesk, the virtual currency, which has a Shiba Inu dog’s face as its emblem, soared more than 100 percent to an all-time high of $0.298 on Friday morning. This is the milestone for Dogecoin, and this time, it may thank one of the worlds of richest man Elon musk.
This isn’t the first time Musk’s tweets have boosted Dogecoin’s value, which began as an internet joke over seven years ago. In February, a series of tweets from the tech billionaire, who has more than 50 million Twitter followers, pushed the bitcoin rival’s price up by more than 50%.
Surge price of Dogecoin
Dogecoin continues to be one of the social media’s favorite subjects, since it has been trending for quite some time, owing largely to Musk’s frequent tweets regarding it.
Dogecoin is used to buy and sell products and services on websites that support it. Also, be exchanged for fiat currencies such as the United States dollar. Since Dogecoin is not supported by any government, its value fluctuates like that of other cryptocurrencies. Dogecoin currently has a market capitalization of $16.9 billion. Its increased value is mostly due to its profitability and the long-running online humorous chatter surrounding it.
Yes, people have made a lot of money by purchasing Dogecoin stocks at https://www.webull.com/newslist/ccc-dogeusd, and while it was designed as a joke currency at first, if you can afford to invest a small amount of money in it, it may not be such a bad idea.