The Rise Of Dogecoin: The Truth Behind This ‘Joke’ Investment

– Hi guys, it's Mark. So recently I made a huge mistake, and it's time we addressed it. Let me take you back
a couple of weeks ago, when I made this video invested $100 in my favorite seven cryptocurrencies. I made a profit on every investment. However, there's one have overlooked, and you didn't go easy
on me in the comments. Imagine if this video
had Dogecoin, hahaha, it would have shown a massive revenue. Surprise, you didn't get
any Dogecoin for the meme. Dogecoin is up 317% in
one week, enough said. If I had invested $100 when I posted that video on
the 28th of February, 2021 when it was just under
5 cents per Dogecoin, then at the time of filming this video, I'd have over $1,244. So maybe it's such a great investment, and how did I miss it? How did it rise so quickly? And what's the truth
behind this cryptocurrency that started as a joke, but it's now taken the world by storm.

We're gonna talk about all of this, and for every positive point I mentioned I'm going to put aside $1,000
of my own money to invest. We'll add it all up, and
we're putting it together. So if you're just a beginner, you'll know how you can get
involved in all the madness, but you know, what's even more mad that live button hasn't been smashed yet for the YouTube algorithm.

To understand the rise of Dogecoin, we have to go back to 2013 when two software engineers;
Billy Markus and Jackson Palmer were joking around about
combined in the Doge Meme which was taking the internet by storm with Bitcoin to create
what they dubbed Dogecoin. It was all meant to be a joke about how there are so many
of these alternative coins. So why not something as silly as Dogecoin to their surprise it
quickly gained support from the internet and became a reality. (man laughing) – Are you serious? – Yes, I think this really demonstrates how powerful a meme can be. They might look all innocent,
especially as Doge Meme, but they're visuals that
we can consume like candy.

They tell 1,000 words and can
spread in a matter of days. It's like a whole new language to me. It wasn't around when I was
younger that's for sure. In my opinion, people found
the Doge Meme familiar in the beginning. And the price point was low enough that they felt safe investing
and taking part in the joke. Therefore, Dogecoin was actually a lot of people's first experience
of investing in cryptocurrency. Dogecoins rise is amazing loads of people, including the creators. They never thought that it would reach this level of success. If they did, they probably
would have held onto more of their Dogecoin.

As famously one of its creator sold all of his Dogecoin to buy
a used Honda civic in 2015. I hope he's enjoying his sweet ride, even though they didn't
predict the success. They are pleased that if nothing else they've
helped bring attention to cryptocurrency and made it less intimidating
for new investors. The main culture surrounding the creation of this coin is like no other. And as we know memes are powerful. Just to put that into perspective if I invested the same
$100 into the stock market and gained an average of 10% every year, then it would take 7.2 years
to even double my money let alone 12 exit but that's only the average
return of the stock market.

If you add individual stocks
and the up and coming companies like Tesla or Apple seven years ago, you'd have far exceeded this return. And with this in mind, Public.com
are actually given away a free stock worth all the way up to $50, when you sign up and
invest as little as $1. If you wanna pick that up I'll leave the link in the description. And if you're in the UK, you can claim your free
stock worth all the way out to £200 from free trade
also using the link below. Now we gotta talk about
the next big factor in this crazy story, Dogecoin influencers. People have more power than ever before with the creation of the internet. Anyone could start a YouTube channel and gain millions of subscribers
in a matter of months. In fact, YouTube is gaining more respect, and we can see this by some
running for political positions, such as the Mayor of London
and the Governor of California, even people without a
following have the potential to create huge effects on the markets. As we saw at the start of 2021
with the GameStop situation, where the small time
investors banded together to take on the big hedge funds, and many of them came out on top.

We're seeing a similar thing with Dogecoin with huge influencers
who have credibility, constantly promoting the coin on their own social media platforms. The biggest of these has to be Elon Musk, who has been dumped the Dogefather. Every time Elon makes a tweet, he causes the price to spike, and lots of people are holding out in the hope for his appearance
on "Saturday Night Live" and feel that the mere mention of Dogecoin will propel it to the moon. You may feel that this
may already be priced in considering this has hit the news. And as the saying goes buy on
the rumor, sell on the news. You may be watching this
video after his appearance. So I wonder who's gonna be right. Other top Dogecoin influence
includes Snoop Dogg, Mark Cuban from "Shark
Tank" and Mia Khalifa. Not that I know who that person is.

Will the rally come to a screaming halt after this influencers move
on to the next big thing? Well, not the Dogecoin
community have anything to say about it, but Dogecoin community has taken on a life of its own. They even had a Doge Day to
create hype around the coin and managed to push the price
of the coin past 42 cents. They also have their own in jokes and have a shared mission
to get Dogecoins to $1. Their main base is on their Reddit page where they post memes
and advice for anyone that's considering investing. One of these members called
James Golan made a TikTok video that went viral. The aim was to get people to band together and you guessed it to
get Dogecoin to a dollar. This $1 point seems to be one of the core driving factors of the group. And when reading through their Reddit page I can feel that some people are nervous that when it reaches this target, there's gonna be a huge sell-off and the price might
drop through the floor.

It all depends on what
they call diamond hands and staying strong and holding the coin for as long as possible. The movement has even
created its own celebrities such as the Dogecoin millionaire,
who recently hit a high of $2.5 million after
investing his life savings into the coin without being an expert. What makes him special is he's
not actually that special. He's a normal guy living a humble life who is willing to take a huge risk. Some thought he was crazy,
but who's laughing now.

This example just pushes the price higher as people can see his success and they want to replicate
it, it's just fuels demand. On top of this, he takes the diamond hand
philosophy to a whole new level. If I was in his position
I'd had sold long ago or at least taken out,
some of them are profits. More rocket fuel has come
from Dogecoin becoming easier and easier to access and buy. One of Dogecoins latest
boost came when it was listed on the trading platform, eToro who opened a coin up to it's
20 million users worldwide who then drove the coin
to a new all time high. Amazingly Doge fever caused
the Robinhood app to crash because so many people were
using the platform to trade. But what many people don't
realize is that if you buy crypto on Robinhood, then it's
actually stuck there.

And if you wanna withdraw it, then you have no choice but to sell it. It's kind of like when you marry someone, and you're stuck with a
mother-in-law, I'm only joking, you know I love you Lorraine. However, if you use an app like Binance which is what I use to
buy a lot of my coins and is actually the most
popular crypto exchange in the world, then you
can transfer your coins to any wallet you want. Even this Ledger Nano X,
which I personally keep in a safe place out of
the reach of hackers and protected by my own safety keys. As the old saying goes, not
your keys, not your crypto. And by the way if you wanna get 15% of
your trading fees on Binance then I'll leave a link in the description.

The second largest crypto
app Coinbase has yet to include Dogecoin on its platform. This is exciting because they
have over 60 million users and judging by what we saw by eToro and there 20 million users. This could have a big effect
on the price of the coin, when these investors gain access. The influencers in the community can only take Dogecoin so far. The real challenge it has to face is whether it can get adopted on a mass scale and has real world use. From a technical standpoint, it's actually a more usable
currency than Bitcoin. For example, if you wanted to pay for something in Bitcoin
for a transaction to process it would like a Starfleet 10 minutes.

However, if you using Dogecoin, you could be out of the
store within one minute of swipe in a Doge Card. This is all down to the block
times being much faster. There's also no cap to
the amount of Dogecoins that are created 14.4 million per day or 5.2 billion per year to be exact. This means it's designed to be used and not a scarce resource to be huddled. In fact, currently there are 48 companies in the USA accepting Dogecoin including the Dallas Mavericks basketball team are allowing fans to
buy tickets and merge. Now this is probably because they're owned by
Billionaire Mark Cuban, who he is a crypto currency fanatic. Personally, I'm surprised that
the father himself Elon Musk hasn't started accepting
Dogecoin as a form of payments for Tesla like he's done with Bitcoin, maybe as amusing tweets are
enough to convince millions to invest but not his own board members. The big question here,
is will more companies start accepting Dogecoin? And if they do, will it be a
serious long-term arrangement or just a short-term decision
to gain media attention and make the most out of
the current crazy situation, maybe I'll start accepting
Dogecoin in my business.

You heard that Forbes better
start writing the article. In my opinion, this is a low
cost high risk investment with the potential for big returns, so not currently being seen anywhere else. I suspect the majority of
people are purchasing Dogecoin, not because they wanna buy items with it in the future, but because they hope others
will jump on the bandwagon and push the price up or with a plan to eventually sell off their coins and make a load of easy money. But this is a dangerous game, and if everyone is playing it,
someone is gonna get burnt. With that said, let's invest $10,000. I just wanna make it
clear though this is money that I can afford to lose. And I think it'll make pretty good content to track its performance over
the next couple of weeks. This is in no way financial advice a much more of a speculation
than an investment.

So for smaller amounts, I
usually buy on the Binance app, and you can easily connect a debit card. But as we're doing $10,000, I'm gonna jump on the website
I'm already signed in. But remember, if you
wanna create an account, the links in the description. So I'm gonna go to my
wallet and click Fiat which is another word for
currencies like the dollar.

So I'm gonna enter the amount and choose the faster payment option and then transfer it directly
from my bank account. Enter the amount I want to spend. My maximum is $5,000. So I'm gonna make two payments. All done Dogecoin to the moon or maybe not we're already down. So I'm gonna leave the
next video right over there but don't click on it just yet. Remember to subscribe and pick up your free stocks with the links in the description. Okay, I'll see you over there..

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