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.
Since it’s based on bitcoin, in theory, DOGE would be classed as an alternative currency. Plus, Elon Musk recently started accepting Dogecoin as a payment method for Tesla merch, which seems like the use case he foresees.
When Dogecoin was launched, its price was $0.0002, which didn’t change significantly until 2021. In February 2021, the coin enjoyed what at the time seemed like a big jump up to $0.079.
Let’s start on a pessimistic note. If you’re looking for a surefire way to grow your investments, other cryptocurrencies arguably have more inherent value and should therefore be less risky.
If you feel an illogical pull toward Dogecoin that you just can’t shake, you’re not the only one. Some might say it’s just a joke, but DOGE gained traction by taking inspiration from a meme and using it to give a middle finger to both the financial system and cryptocurrencies that take themselves too seriously.
You can see Dogecoin as a 100% rational movement for the people, or it is the perfect example of how irrational the markets are. If it’s the latter, this could potentially be a way to make money.