Ticker

6/recent/ticker-posts

Why Dogecoin is in Trending?

 

Why dogecoin is trending?

             One such cryptocurrency which no one ever heard before has suddenly become very popular, that within last 1 month its price has increased to 900%. Today we are talking about dogecoin. On a random particular day dogecoin became trending on twitter. How did this happen, why dogecoin price is increasing, what reasons are behind on it, where is the cryptocurrency being used? And what is the role of ELON MUSK and some twitter groups behind it? All such things will be discussed here in this article. 


     Let's start with dogecoin story from starting. In 2013 this meme shown on-screen became very popular. Here in this meme, Shiba Inu, a japanese dog picture is there, along with that wrong english is mentioned, and this became very popular. 

Dogecoin trending meme

This became so much popular that knowyearmemes, a meme website stated thus meme as a top meme in 2013. 


           Oneday Adobe's software engineer Jackson Palmer tweeted stating that Dogecoin can become a next big thing. This tweet unexpectedly got so much response, that he bought a domain called dogecoin.com which is a span on 1 month and got more than 1 lakh visits. He wrote on his website dogecoin.com that whosever can help to bring dogecoin into reality can come to me. After that IBM's software engineer, Billy Markus contacted him and both of them together brought dogecoin into reality. After bringing this into reality, dogecoin gain tremendous popularity.


           Dogecoin became very popular on reddit as well. In 2017 starting dogecoin's full market value was 20 million dollar which in the ending of 2017 went to 2 billion dollar. After 2017 there was no such activity in this cryptocurrency but from past few months or say past 1 year there have been some activities, and behind this, there are many reasons which i discuss one by one. Behind dogecoin's price rise, there are mainly two reasons. First is Elon Musk and Second is Reddit users. First let's talk about Elon Musk. For a quite long time elon musk is tweeting in favour of dogecoin. And you must know when elon musk tweets about something not only the world but also the stock market and cryptocurrencies also moves from it. 


         Whenever Elon Musk tweets, the impact is powerful. When he tweeted about SIGNAL, a growth in signal user base was also seen. And also when he tweeted about GAMESTOP then the share price of gamestop increased crazily. Thus, because of dogecoin's tweets by Elon Musk, this popularized a lot. See the recent tweets on screen by elon musk.

Elon musk tweets on dogecoin

He recently took a poll questioning people which is the future cryptucurrency on earth? Will it be dogecoin or other cryptocurrencies? And in this poll people are majority seen voting dogecoin. Another reason for the high price in dogecoin is Reddit users. There are two reddit users, Wallstreetbets and Satoshistreetbets. Here reddit user's target is to increase the dogecoin price and bring it to 1 dollar per coin.


             Currently the price of dogecoin is 0.06 dollar per coin. So their target is to get this to 1 dollar per coin. And this they have formed a community and by being united they are purchasing dogecoin. And thus they planned that untill and unless dogecoin doesn't reach 1 dollar per coin they will not sell it. But the question is why are people investing in dogecoin? The main reason is that people are looking at it, not as an investment but they are looking at it as a culture/community. People who are investing in dogecoin they are building up a community and this community takes up new initiatives. For instance, the Jamaican Bobsleigh was qualified for Winter Olympics but they hadn't money for participating in the same. For this dogecoin donated 50,000 dollar for them, due to which this team went to winter olympic team. Just like that they helped many players also. 


              For a country like Kenya where there is water scarcity, thus, to solve the problem they took many initiatives. So this way dogecoin community helps in fund raising, social causes.  But many times people took inappropiate advantages of this. A person called Alex Green whose real name is known to by Ryan Kennedy started donating big-big amount of donations, due to which in dogecoin community this name came out. Due to this ,Alex Green stated that he wanted to create a dogecoin exchange and for that he would be needing 2-4 million dollars. So he raised 2-4 million dollars(14-28 crore rupees) from dozecoin community. But later this came out to be a scam in which many dogecoin investors faced losses. 

Elon musk on dogecoin


      So in that time period, many more scam related to dogecoin came out. Then Jackson Palmer who made dogecoin said that many scams are coming out and many people are using it for wrong purposes. So for some time he maintained distance from dogecoin. Now we will talk about problems related to dogecoins. The first problem related to dogecoin is that supply is quite huge. Currently 100 billion dogecoins are available and now every year 500 billion dogecoin will come. If we talk about Bitcoin the supply is limited. Overall only 21 million bitcoin will be available there in the existence. The point related to supply is very important. Another reason is that for the past many years, the software update was not happened for dogecoin. Also no new technology has been used for dogecoin. The innovative technology of bitcoin has been used  there. In bitcoin many technological initiative had taken place.   


             But this didn't happen in dogecoin. Thus to summarise this whole dogecoin, we can say that more than the investment it is a community. Many communities have brought in Putin coin, Trump coin. So this is a community more than an investment. It would be better if you look at this as a community. It is agreed that dogecoin has given a lot of return for the past years but when the euphoria gets finished then the chances of price decreasing is also a lot. If we talk about Gamestop only then after the tweet its price increased upto 347 dollar but then slowly and steadily it is decreasing to 100 dollar. Because of this many investors face loss as well.


       If you liked this information then share it among your friends so that they will know about the high popularity of dogecoin, its high share price, the story behind it with easy explanations and less time. If you wanf to know about cryptocurrencies technology and how block chain technology works then check this where i explained how blockchain technology works. 


Check all Topics:

© FINOUT

Post a Comment

0 Comments