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What is Dogecoin Cryptocurrency, and Why is it Popular?

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What is Dogecoin Cryptocurrency, and Why is it Popular?

The rise of the Dogecoin cryptocurrency meme by 570% in 5 years has suddenly enriched numerous people.

All current prices and analytics can be viewed at https://cryptotracker.com/price/dogecoin.

Moreover, there you can analyse the state of prices, find out the latest events from the world of digital currencies.

What is this cryptocurrency, why is it so popular, and why has it suddenly grown in price? Let’s find out.

What is Dogecoin?

Dogecoin was created on December 8, 2013 by Portland-based programmer Billy Marcus.

Marcus planned to create a cryptocurrency that would be enjoyed by many people from different segments of the population.

In addition, the creator of Dogecoin wanted to distance himself from Bitcoin, which at that time was associated with the drug trade.

Dogecoin is a meme-cryptocurrency whose community has treated it as some kind of fun candy wrapper, but with a practical use.

For example, the Dogecoin community has repeatedly supported fundraising for charity.

In January 2014, they managed to raise $50,000 for the Jamaican bobsleigh team to compete in the 2014 Winter Olympics. The Jamaican team qualified but lacked the financial means to compete.

In the spring of that year, the community raised about 70 million DOGE, the equivalent of $55,000 at the time, to fund NASCAR driver Josh Wise.

Why did Dogecoin rise?

It all started with Elon Musk’s joke tweet about being the CEO of Dogecoin. The community appreciated the joke, as a result of which the DOGE rate rose.

A little later, the baton was picked up by the sensational Wall Street Bets movement, which used the profits from the growth of GameStop and AMC shares to “pump” the Dogecoin cryptocurrency.

At some point, the price of the cryptocurrency began to naturally fall at a rapid pace, but well-known hip-hop artists did not let the coin collapse:

  • Snoop Dogg;
  • Kiss Gene Simmons.

What is the result? Several famous people and large communities of retail investors have fun and help the cryptocurrency grow in value. Nothing supernatural.

Where can you buy Dogecoin?

The Dogecoin cryptocurrency has been available for purchase on several cryptocurrency exchanges.

However, it must be understood that the purchase of digital assets is a very risky business. Indeed, growth over the past month by more than 40% is encouraging.

But on the other hand, stronger currencies have shown that a strong fall can occur in one day, and no one is immune from this.

Therefore, the risk of losing a large amount of investment is very high. But at the same time, this is a great opportunity to increase your fortune.

However, this can happen within a year, or maybe within one week. Planning asset growth is a very complex detail, so it can happen at any time.

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