What Is Dogecoin? | How Elon Musk Is Helping To SEND IT TO THE MOON!

There are so many ways to invest your money
these days, but who would’ve guessed that one of the fastest-growing investments this
year would be a crypto coin that initially started as a meme, and that uses a cute dog
as its mascot? Come on in and let’s talk about it! What’s up everyone!
This is the Real Mark Cruz and I’m here
to keep it real with you on the things that matter the most like your money, your mind,
and your time. But, before we get started, I have to let you know
I’m not a financial advisor. I’m just a dude on the internet. This video is for entertainment and educational
purposes only. Dogecoin as it’s pronounced has always been
a strange altcoin asset in the crypto space. If you aren't aware, an “altcoin” is just
short for “alternate coin”. Altcoins are alternatives to bitcoin that essentially
build on the success of Bitcoin by slightly changing the rules to appeal to different
users.

They are relatively simple to make in comparison,
which is why there are so many altcoins out there. So let's bring it back to Dogecoin. Some people call it “DoggyCoin” or “DoGeeCoin”
but, however you choose to say it, it actually has a pretty funny origin story! Initially created in 2013 by Jackson Palmer
and Billy Markus as a joke, the project was abandoned years ago by its founders and developers. The icon that is usually associated with it
shows a Shiba Inu dog, which originally stemmed from a meme a few years ago that essentially shows a dog
next to cute and nonsensical text in a Comic Sans font. Up until recently, Dogecoin had not been seen
as a serious cryptocurrency. It was in such a weak and compromised state
that it couldn’t even power its own blockchain infrastructure. In 2014 it hitched itself to litecoin which is
another early cryptocurrency. Ironically, this past week, however, Dogecoin
has now surpassed the size of litecoin. Some investors think that because it initially
started as a joke, that inherently and unknowingly that may be one of the main reasons why it is growing
at the pace that it is as of late.

Since the creators didn’t take it seriously,
in anyway, it makes investing in Dogecoin seem more accessible and less intimidating to the
average investor. It makes it feel like it's the “people's
crypto”. At the same time, in the meme-filled world
we live in, people just like to get in on something just because it is funny, despite it not having
any sound financial fundamentals. So now that you know a little about its history,
just how big is Dogecoin? The hype beyond Dogecoin can be described as nothing short of incredible.

Its atmospheric rise has caused a buying frenzy
for it. So much so, Robinhood's crypto order system
was overloaded and halted for a little while this past week, but as we know, this isn’t
the first time they have tried to stop good price action, just saying…Hey Robinhood! We’re watching
you… Anyway, to give you an idea as to how big
Dogecoin is as of this recording, think about this. Since January of this year, Dogecoin has seen
a 1,900 percent return since that time. Yea, you heard that right. At that time, one coin was easily worth less
than a single cent on average. As of Friday, April 16th, at one point it
had a market cap of $52 billion after more than tripling in the past few days.

To wrap your mind around how big that is,
check this out: For comparison, Barclays has a market cap
of $44 billion while Lloyds Banking Group and Bank of New York both have market caps
of $42 billion each. Keep in mind though, the market capitalization
of DOGE is based on an assumed number of outstanding tokens. Unlike bitcoin, which has set 21 million as
the finite amount of the digital currency, Dogecoin has 129 billion coins right now in circulation
and will continue to make new blocks of coins available to mine each year.

Many Dogecoins are presumed to no longer be
in circulation, however. A few years back in 2013, about $16,000 worth
of Dogecoins just vanished when a digital wallet was hacked. That incident, unfortunately, resulted in
over 30 million missing Dogecoins, according to CNET. One of Dogecoins biggest supporters ironically
happens to be Elon Musk. No one truly knows if Elon is simply trolling,
or if he is serious, but over the last few months, he has written a number of funny tweets
that imply or blatant show his support for Dogecoin. At one point on the social media app Clubhouse,
Elon Said: “But fate loves irony. The most entertaining outcome and the most
ironic outcome would be that dogecoin becomes the currency of Earth in the future.” Other celebrities like Snoop Dog, Jake Paul,
Gene Simmons of Kiss fame, Mark Cuban, and even the mayor of flavor town himself, Mr.
Guy Fieri have public-backed Dogecoin. Some of these celebrities truly believe in
the potential of Dogecoin with some like Jake Paul mentioning how it is essentially going
to be the next Bitcoin. Dogecoin is not without its own concerns,
unfortunately. The first concern you may hear on a number
of news sites and videos is that currently, crypto, according to some, may be in a bubble.

Whether you agree with that sentiment or not,
a number of investors, unfortunately, do believe that. Assuming that does turn out to be the case, with
this meteoric rise in Dogecoin, this could add more fuel to that fire. Be mindful of the extremely high volatility
and risks associated with trading Dogecoin right now. Another concern that has arisen for Dogecoin
is its availability. Although apps like Robinhood, crypto.com,
and Coindesk offer it, the biggest crypto app at the moment, Coinbase doesn’t currently
offer it.

It may take a while for Dogecoin to have a
larger mainstream presence and to be viewed as a serious asset. Another potential concern that has been mentioned
has to do with the inner workings of Dogecoin. As I mentioned prior, the founder and leading
developers stopped working on this project years ago, and on several occasions, mentioned
it was overpriced, even when it was under 1 cent. Without a proper technological team and developmental
roadmap, it is hard to determine where Dogecoin will go towards being considered a reliable
investment in the future. So, where does Dogecoin go from here? Will it ever reach $1? See, no one really knows for certain, but, if you
ask me, sure, I think so! I actually think that might happen this year.

See, there are a lot of investors who missed
out on Bitcoin, and may see this as a chance to get in on something “before it blows
up”. That in itself might be a great catalyst for
its growth. At the same time, some investors might see
this as a great starting point for their crypto investment journey since right now,
the barrier of entry is extremely low for literally just about anyone to give it a try. Yes, Dogecoin could easily crash and burn relatively
quickly, but the lessons that a new investor could learn with this could help them in the
long run. Although Dogecoin may be seen as a joke right
now, who’s to say that one day, the joke may be on those who missed out? Only time will tell but as they say, hindsight
is 2020! So, what are your thoughts on Dogecoin? Do you see it as a pump and dump or as a long term investment? Let me know your thoughts in the comments below! And on that note, that is what I have for you guys today!
Don’t forget to like, subscribe, and share
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With that being said, keep your heads bright, your
wallets tight, and grab your dreams like it’s your right my friends! Peace!.

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