When Dogecoin (DOGE) first came onto the scene, most people saw it as a joke — including its founder. Then suddenly, even Elon Musk was backing the coin, and its value soared. Now though, the price has dropped, and some are wondering if Dogecoin is just a joke after all. You might be asking yourself: should I invest in Dogecoin, or have I already missed the boat?
Like any cryptocurrency, buying Dogecoin doesn't guarantee huge profits for investors and no individual trade will be the one you can retire on. The path to trading profitably is a long road and it took me a long time to realize what I needed to do to get there.
Still, the success of both DOGE and copycat Shiba Inu coin proves that we can never know what to expect from the crypto market. In other words, we can’t rule out a DOGE comeback. To determine whether it could make a good investment, let’s do some research first - I’ll run through its history and how it works before moving on to a few factors that could make it valuable.
DOGE dates back to 2014 — making it even older than Ethereum, which launched in 2015. But unlike most cryptocurrencies, its team never had high hopes of it becoming the next big currency or changing the world. Don’t feel bad if you’ve ever considered it a “stupid idea” because that’s literally why founder Billy Markus created it in the first place.
The crypto protocol was made by copying and pasting the source code behind Bitcoin. Markus claims it took him just three hours to launch Dogecoin and that he did so for a joke. Even Markus sold all his holdings in 2015 — he must be kicking himself now.