Review on Dogecoin by Jessa Santos
Dogecoin, the meme currency
experienceexperienceexperienceexperiLooking for cheap ways to explore the world of cryptocurrency? I would recommend you to try dogecoin.
Dogecoin started out as a meme, a harmless joke on cryptocurrency. But later had some value after it was made into an actual cryptocurrency.
Dogecoin was launched in 2013, and many people saw it as an opportunity to explore the crypto world.
It relies on the popularity it gets from the social media. The coins volatility is driven by social media and this may be a good thing. Although I strongly feel this sort of popularity may limit it's potential.
It is not a sustainable way to get rich quick but can generate profit.
It is faster than other blockchain because it has one minute block interval.
It is cheap and easy to mine. About 10,000 doge is added to the network every minute.
Influential people like Elon Musk, Bill Gates, have invested in this coin. This have increased the people's trust in the coin, as well as the value of the coin.
Recently, it was announced that dogecoin will be listed and traded on coinbase pro. This news increased the value of dogecoin by 40%. Right now I recommend for investment.
Pros
- Price action is very predictable
- Cheap to buy and invest in
- Transactions are faster and inexpensive
Cons
- Highly volatile. Price is driven by social media popularity
