Until last year, if you asked experts and experienced people in the field of digital currencies whether to invest in Dogecoin or not, they would laugh at you and tell you not to throw away your capital, because this project has no future. Today, however, a Dogecoin investor looks down on them with a smile of victory. This time it was salvation not only for whales but also for shrimp and plankton; The price of the Dogecoin really grew by 7,000% in one year.
Dogecoin’s small investors are innumerable. How many people who saw the low price of this currency and regardless of the basic points of the project such as the number of units in circulation and its future plans, said to themselves: “If the price becomes one dollar, my life will be turned upside down.”
Analysts once considered the $ 1 Dogecoin price tag to be a “poor man’s dream,” but now at $ 0.14, the mission doesn’t seem too far-fetched.
Where did the Dogecoin rise begin and why is it so supportive? Do they have plans for Dogecoin? This article examines the answers to these questions.
This article is purely analytical and contains my own personal views, so you should not consider this article as an investment proposal.
Where did the Dogecoin peak begin?
Dogecoin is one of the oldest in the digital currency market and there are many ups and downs in its price chart, but if we want to not go too far and review the main price trend, it all starts with Elon Musk. Here are the events that drew the most attention to Dogecoin:
April 2, 2019 – Ilan Musk: Dogecoin could be my favorite digital currency
On April 2, 2019, Ilan Musk, a legendary entrepreneur and CEO of giant companies such as Tesla and SpaceX, wrote in response to a tweet asking him to become “CEO of Dogecoin.”
Dogecoin could be my favorite digital currency. So cool!
The next day, Elon Musk posted two more tweets about Dogecoin, one of which was about price:
The value of the Dogecoin can change.
After these tweets, the price of each Dodge increased from $ 0.002 (28 Tomans) to about $ 0.003 (about 50 Tomans) per unit. However, due to the not-so-good situation in the digital currency market at the time, Elon Musk’s tweets were soon forgotten and the Dogecoin price fell again for a while.
Prior to these tweets, Ilan Musk on September 17, 2018 (September 26, 1997), asked Jackson Palmer, one of the founders of Dogecoin, to think about spam messages on Twitter, which, of course, made Jackson Palmer famous.
July 2020 – Dogecoin in Ticketock; The price should be $ 1!
In early July 2020 (mid-headline 99), Dogecoin grew by 80% after a well-known Tikotak user named “James Galante” invested his followers in a video titled “Let’s Get Rich.” Encouraged in this digital currency.
He urged TickTock users to invest $ 25 each in Dogecoin and wait for the price to rise from $ 0.0023 to $ 1, in which case their capital would rise to more than $ 10,000.
In this video it was said:
Let’s get rich. Dogecoin is almost worthless. There are 800 million TickTock users. When the price goes up to $ 1, you have $ 10,000. Tell everyone you know.
January 2021 – GameStop stock story; Growth of 1,100% in two days
On January 11, 2021, an online community on the Reddit platform called WallstreetBets was able to strongly influence US stock markets. In this online community, tens of thousands of small traders decided to go to war with investment companies and save them by buying shares of companies that are close to extinction. One of these companies was Gamestop, a physical computer game store that was on the verge of bankruptcy due to the corona outbreak. With the massive purchase of shares by small traders, the value of the company’s shares increased by several hundred percent and it was saved from bankruptcy.
A few days later, a wave of WallstreetBets reached countless Dogecoin fans, who decided to push the price of Dogecoin to a similar level.
In less than two days, the price of each Dodge rose by about 1,100%, which is unprecedented in the history of the volatile digital currency market.
February 2021 – Elon Musk and the big sponsors arrive
On February 4, 2021, Elon Musk tweeted:
Dogecoin is people’s money.
Famous rapper Snoop Dogg and Kiss singer Gene Simmons soon announced their support for Dogecoin, and the digital currency grew more than 100% again.
This marked the beginning of a new wave of support for Dogecoin.
February 2021 so far – a wave of acceptance and support
As I write this, Ilan Musk, billionaire Mark Kuban, and other celebrities continue to support Dogecoin.
Dogecoin’s acceptance of ATMs as a way to pay for goods and services is also one of the latest news in the field. As a prime example, the Dallas Mavericks Basketball Club, owned by the Koban brand, has adopted Dogecoin as a way to buy the club’s pro products.
The tweets of Elon Musk and other celebrities, the increase in the number of supporters and fans, and the news of the receptions are still driving the price of Dogecoin, and it is not clear when this trend will end.
Are there any plans for Dogecoin?
Elon Musk Has said Dogecoin could be the future of digital currencies, but why Dogecoin?
Dogecoin has two things that can turn it into a brand, and these two things are not found in most other digital currencies:
- Fascinating story
- Dynamic community
The “funny dog” coin was just meant to be a joke. Its founders built it with no regard for its future and no plans to market it. But this funny digital currency, with its low price, soon became a good way to raise money for charity, as well as a cheap way to reward good content on the Internet. The use of Dogecoin for charity has turned it into a so-called “Holy Digital Currency”. Also, the humor of this digital currency leads everyone to it. In this regard, I recommend the article “Why and how did Dogecoin become popular?” Read.
A good society is another Dogecoin fortune that many digital currencies lack; Full of ordinary people from all walks of life. Just head over to the Dogecoin Reddit page, which has 1.3 million members (Ethereum Reddit has less than 800,000 members), or search for “Dogecoin” on Twitter to see how it fits into the hearts of its fans; Dogecoin is considered by many to be “family money” or “poor money”; Clean money that, according to its supporters, is really for the people. Also, as long as there is humor in the real world, Dogecoin will have his own fans in the digital world, until another phenomenon is found to compete.
Entrepreneurs and businesses around the world also love products that have these two features of compelling storytelling and dynamic community. These two are the main pillars of marketing. Of course, one should not forget the technical weaknesses and weaknesses of the Dogecoin market, but these can also be overcome over time. Dogecoin’s infinite number of units, on the other hand, which was considered one of its disadvantages, is now seen as an advantage; An advantage that allows close to zero fees and applications for micropayments.
So I’m not surprised if in the near future the number of Dogecoin acceptors from large and important companies increases and the number of supporters increases day by day; No one likes to tie themselves to this fascinating story and dynamic community.
Finally, I emphasize that this article is purely analytical and contains my own personal views, so by no means should you consider this article as an investment proposal. Remember, markets do not grow forever.