Just last week Dogecoin has reached all time highs. In this video, I’ll explain what is Dogecoin and why it has been going up. I’ll also tell you my predictions for Dogecoin. Enjoy!
► Get your free Apple stock from Moomoo:
► Free Tiger Brokers stock vouchers:
► Interactive Brokers for best commission rates:
► Keep Bitcoin in BlockFI for high interest rate
► Keep Bitcoin in Ledger securely
► Invest with StashAway:
► Binance.com to buy in USD
► Sign up to Syfe and get 6 months FREE with referral code: KELVIN
► Discord chat:
0:00 – Intro
0:47 – Dogecoin History
In 2013, a man named Jackson Palmer saw the Bitcoin hype and decided to make fun of it. So he went on Twitter, and combined Doge with cryptocurrency, saying that he will invest in Dogecoin. The tweet received positive feedback and Jackson decided to go along with the idea and bought dogecoin.com. Meanwhile, Billy Markus saw the Dogecoin idea and contacted Jackson for permission to build the Dogecoin cryptocurrency.
1 month later, Dogecoin was launched and went through many pump and dumps. Then in 2020, Elon Musk came along and start tweeting about Dogecoin. Every tweet sent Dogecoin even higher. This created many millionaires like Galuber Contessoto.
5:12 – Does Dogecoin Has Any Value?
Dogecoin has value for a few reasons.
1. Perceived Value
Anything will have value as long as you believe it to have value. For example in Singapore, there’s always a very long queue whenever McDonald’s sells Hello Kitty toy. That’s because people believe that the toy is worth a lot. This is the same as Bitcoin. Many large corporations like Tesla, Microstrategy started accepting Bitcoin holding Bitcoin in their balance sheets, and started accepted Bitcoin as form of payment. This gives validation that Bitcoin has value.
Dogecoin on the other hand, has much lesser usage, only a few corporations accepted it. The only thing that’s supporting Dogecoin is the hope that it can reach $1 and Elon’s tweets.
2. Dogecoin Accessiblity
Many brokerages started allowing Dogecoin to be traded on their platforms, making it much more easier than ever for the average investor to buy Dogecoin. Besides that, Dogecoin is also one of the cheapest crypto in the top 10 list. This will attract new investors to invest into Dogecoin, believing that Dogecoin is cheap enough to go even higher. This actually creates a self fulfilling prophecy, Dogecoin did went up because just because they bought it.
3. Dogecoin Community
Dogecoin subreddit has 1.7 million members, which is much more popular than Ethereum or Cardano subreddit. Dogecoin is second in place to Bitcoin subreddit, which has 2.8 million members. The Dogecoin community is there to have fun and to make money, which is very similar to WallStreetBets. And after seeing how WallStreetBets were able to unit to cause the GameStop short squeeze, I believe that Dogecoin reddit members, together with Elon Musk are able to send Dogecoin price even higher.
9:20 – My Prediction
Anything is possible in the short term. I won’t be surprised if Dogecoin reaches $1 or even $5. That’s because the Dogecoin community and Elon Musk are still not done with Dogecoin. They still want to pump it even higher. My prediction is that Dogecoin will first go up. Then when it is pumped enough, eventually investors will get bored and move on to the next big thing, causing Dogecoin to crash quickly.