The History of Dogecoin Whats behind the hype of the memecoin

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Trying to make sense of the recent Dogecoin hype is impossible, but the meme asset continues to build a fan base and social media attention. • Dogecoin, started as a joke only for it to make some serious developments and price gains. Is Dogecoin more than a memecoin, even enough to be considered a valuable asset? And why do people like Elon Musk and Snoop Dogg tweet about it all the time? Let’s take a closer look at one of the most discussed cryptocurrencies. • Find our Blog article here: https://blog.bitpanda.com/should-you-... • #Dogecoin #Memecoin #Bitpanda #Cryptocurrency • Chapters: • 00:00 - Intro • 00:45 - The Shiba Inu meme - the start • 01:39 - Why is Dogecoin so appealing • 01:59 - Dogecoin an alternative to Bitcoin • 🚀 Register at Bitpanda: https://web.bitpanda.com/user/register/ • • ▬ The launch of Dogecoin ▬▬▬▬▬▬▬▬▬▬▬▬ • Dogecoin started as a fun project based on the famous Shiba Inu meme during the first wave of the Bitcoin hype in Silicon Valley. What started as a joke soon turned into a real cryptocurrency that was based on Bitcoin’s code. Dogecoin experienced price surges of up to 300% within the first few weeks of trading.While Bitcoin has attracted attention from both retail and institutional investors over the years, Dogecoin maintained its “underdog” position. • ▬ Is Dogecoin an alternative to Bitcoin? ▬▬▬▬▬▬▬▬▬▬▬▬ • This brings us to today: Dogecoin still hasn’t reached $1, however, at the time of filming, and the beginning of May, the price is up by more than 10,000% in one year(yes, you heard me right) and its market cap is now more than $60 billion. Now that we have taken a look at Dogecoin’s history, you might be wondering whether it is more than a meme. • Due to the increasing popularity of crypto in general and Elon Musk’s focus on both Bitcoin and Dogecoin, the two assets are often compared. • But can you even you compare the two? • One key difference between Dogecoin and Bitcoin, is that Dogecoin does not have a fixed supply. By default, Bitcoin’s demand will most likely always be higher than its supply, which could potentially push the price up steadily over the coming years and decades. The fact that Dogecoin has an unlimited supply could in turn lead to a decline in price over time. That doesn’t mean that Dogecoin will eventually crash, it could of course still go up – but it’s definitely a fact to consider when thinking about holding Doge for the long term. • But, where has Dogecoins success come from? Dogecoin’s success wasn’t a coincidence. When well-known people with huge followings push a product or asset, one can assume that they’re not doing it out of charity but more out of self-interest. • When you look for reasons why Elon Musk is pushing Dogecoin, the answer is probably somewhere between “because he enjoys trolling” and “because he doesn’t like the US financial authority”. It’s interesting to see this coming from one of the richest people in the world and who happens to know how to go viral on social media every other day. But you should still be very careful when you follow short-term hypes that are based on something like this. So the super important basic rule of “don’t invest more than you can afford to lose” applies here more than ever. • So is Dogecoin more than a joke? Probably, yes. However, right now it’s also a trading meme comparable to Gamestop and while it feels that retail investors are in control, there are probably bigger forces driving the price in the background. Whether you hold Dogecoin in your wallet for a long time or not depends on how you feel about the aforementioned aspects. • • ▬ About Bitpanda ▬▬▬▬▬▬▬▬▬▬▬▬ • Bitpanda is a fintech based in Vienna, Austria and was founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. Bitpanda has 2 million users and more than 400 team members. With a PSD2 payment service provider licence, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. The goal is to tear down the barriers to investing and personal finance through digital assets and blockchain technology like cryptocurrencies, precious metals, fractional stocks and ETFs and to bring traditional financial products into the 21st century • ▬ More Videos ▬▬▬▬▬▬▬▬▬▬▬▬ • ► All videos: / bitpandaofficial • ▬ Subscribe ▬▬▬▬▬▬▬▬▬▬▬▬ • Subscribe @Bitpanda: https://www.youtube.com/c/BitpandaOff... • ▬ Social Media Website ▬▬▬▬▬▬▬▬▬▬▬▬ • ► Facebook: / bitpanda • ► Twitter: / bitpanda • ► Instagram: / bitpanda • ► Reddit: / bitpanda • ► LinkedIn: / bitpanda • ► Website: https://www.bitpanda.com/en

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