Here is Why Dogecoin Might Make You Rich
As most of you all have probably heard by now, there has been a new craze for a cryptocurrency called Dogecoin. It has been trending on Twitter, been a popular topic on Reddit, and got people on different social media platforms talking about it. But the question is, does Dogecoin even have any value? Will it even make you money and is it worth investing in? Here is why I believe Dogecoin can make some people a LOT of money. Nothing to do with cryptocurrency is guaranteed, so whatever I say may not 100% happen. However, in my opinion, there is a good chance that it might get above a dollar.
The Hype is Huge
As stated in the paragraph above, there has been a lot of hype for Dogecoin. From it trending on Twitter to Dogecoin related accounts gaining hundreds of thousands of followers, to even your friends and family talking about it. This causes a huge hype and excitement for this cryptocurrency. Hype doesn’t necessarily add long-term value to the coin, as it’s just a trend for now. However, this hype has continued for a while, more than other trends, and people’s minds haven’t gotten off of Dogecoin since the first time they heard about this cryptocurrency. When there is a huge hype, there will be more individuals choosing to invest in Dogecoin, causing an increase in the price of Dogecoin, which means, obviously, more money for the investor when and if they choose to sell it.
Elon Musk
Most of you all probably know by now, Elon Musk has the power to control the market (in a way). He caused a surge in Etsy when he tweeted “I kinda like Etsy” on January 26 this year, and he caused an increase in Signal, a messaging app, from his tweet “Use Signal” on January 7 this year. The funny thing about Signal is, to prove that Musk has the power to control the market, another company by the name of Signal went up for no reason. Not the correct Signal company that Musk has tweeted about, but a random company that was simply named “Signal.” He has also helped in the surges of several other stocks, but recently, he has tweeted a lot about Dogecoin. From posting memes, jokes, and inspirational quotes about the cryptocurrency, he is making sure that the hype continues and the price of it continues to rise.
Unavailability on Popular Currency Exchange Platforms
As of right now, Dogecoin isn’t available on several different popular currency exchange platforms. The most popular ones that are available include Binance, Kraken, and Robinhood (with restrictions). Platforms like Coinbase, Webull, and other currency exchanges are yet to offer this meme cryptocurrency. In the future, if Dogecoin continues to rise and continues to maintain the same hype that it currently is, then these platforms may consider allowing the buying and selling of Dogecoin on it. As more platforms are available, more people who stay loyal to their platform will consider taking a look into Dogecoin, drawing more attention to it, and in the end, causing the price to go more up.
The second thing, however, is that the verification process for several of these platforms has been taking a long time and people aren’t able to hop on the Dogecoin bandwagon as fast as possible. Take, for example, one of my friends was interested in purchasing a couple thousand dollars worth of Dogecoin. He created a Binance account, but it took him over a week to get the account verified. In that week, Dogecoin prices went up a lot, causing him to miss out on the opportunity to buy it and profit.
My point is, when more people start to get their accounts verified and have the ability to buy more Dogecoin, the prices may start to drastically increase. With the huge influx of individuals seeking to take part in the trading of this cryptocurrency, verification processes on most of the major platforms have started to take longer (from what I’ve noticed).
Dogecoin is Unique
This cryptocurrency is unique from the rest, as it uses the meme Doge, based on the dog Shiba Inu, as its main symbol and in its name. Now, what does a meme have to do with the rise of this cryptocurrency? Basically, it draws more attention. When something is unique, more people get attached to it, causing more people to look into it and maybe even take action. This has been a strategy used in history over hundreds and thousands of years.
On top of that, a meme tends to attract more young people, who (some) may have higher risk-taking abilities simply because the brain continues to develop even when you’re an adult. The younger the person is, scientifically, the higher their risk-taking ability is (in most cases).
With the attention drawn to this meme and the uniqueness of this cryptocurrency, it stands out from the rest, and therefore, has the chance of soaring over a dollar.
That about wraps it up for the reasons that Dogecoin might go to the moon! One of my personal favorite forms of cryptocurrency and investment options, I will make sure to keep an eye on this and continue to monitor the growth of it. Now is just the beginning of Dogecoin. As the hype grows, and the word “Dogecoin” gets stuck in people’s heads, it’ll continue to grow, hopefully above a dollar.
What is your opinion on Dogecoin? Let me know in the comments!
Disclaimer: The information above is not financial advice, as I am not a financial advisor. This is simply my opinion and is not professional advice. Make sure to do your own research and talk to a licensed financial advisor before choosing to invest in anything. Nothing stated in this article or the information above is a specific incentive to make an investment. I am not responsible nor liable for any losses or results that you may experience. Dogecoin is extremely volatile and can be risky, do your own research before investing.
