The Rise Of Dogecoin: The Truth Behind This 'Joke' Investment

Here is the truth about investing in Dogecoin, and it’s mission to hit $1. I explain why dogecoin is going up and discuss if it will succeed in the long term. Add me on Instagram: MarkTilbury

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1. Creation of Dogecoin

To understand the rise of Dogecoin we have to go all the back to 2013 when 2 software engineers Billy Markus and Jackson Palmer were joking around about combining the Doge meme, which was taking the internet by storm with bitcoin to create what they dubbed a Dogecoin.

It was all meant to be a joke about how there are now so many of these alternative coins so why not something as silly as Dogecoin. To their surprise it quickly gained support from the internet and became a reality.

2. Dogecoin influencers

Huge influencers who have creditability are constantly promoting the coin on their own social media platforms. The biggest of these has to be Elon Musk who has also been dubbed the Dogefather. Every time Elon makes a tweet he causes the price to spike, lots of people are holding out hope for his appearance on Saturday night live and feel that the mere mention of dogecoin will propel it to the moon.

Other top Dogecoin influencers include snoop dog and Mark Cuban from Shark Tank.

Will the rally come to a screaming halt after these influencers move onto the next big thing?

3. The Dogecoin Community

The Dogecoin community has taken on a life of its own. They even had a doge day to create hype around the coin and managed to push the price of the coin past 42 cents. They also have their own in jokes and have a shared mission to get dogecoin to $1.

One of these members called James Galante made a TikTok video that went viral, the aim was to get people to band together and you guessed it get Dogecoin to $1. It all depends on what they call diamond hands staying strong and holding the coin for as long as possible. As the value of the coin is completely dependant on how many people are selling it and how many people are buying it.

The movement has even created its own celebrities such as the Dogecoin millionaire, who recently hit a high of 2.5 Million dollars after investing his life savings into the coin, without being an expert.

4. Platform Availability

More rocket fuel has come from Dogecoin becoming easier and easier to access and buy. One of Dogecoins latest boosts came after it was listed on the trading platform Etoro, who opened the coin up to its 20 million users worldwide who then drove the coin to a new all time high.

Amazingly Doge fever caused the Robinhood App to crash because so many people were using the platform to trade. The second largest crypto app coinbase has yet to include dogecoin on its platform. This is exciting as they have 60 million users and judging by what we saw by Etoro and their 20 million users this could have a big effect on the price of the coin when these investors gain access.

5. Utility for Mass Adoption?

The influencers and the community can only take dogecoin so far. The real challenge it has to face is whether it gets adopted on a mass scale and has real world use. From a technical standpoint its actually a more usable currency than bitcoin, for example if you wanted to pay for something in Bitcoin for the transaction to process it would take a startling 10 mins! However if you were using Dogecoin you could be out of that store within 1 minute of swiping your dogecoin card. This is all down to the Blocktimes being much faster.

The big question here is will more companies start accepting dogecoin and if they do will it be a serious long term arrangement or just a short term decision to gain media attention, and make the most out of the current crazy situation?

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*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

The Rise Of Dogecoin: The Truth Behind This 'Joke' Investment

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