What is 'joke cryptocurrency' Dogecoin and how are users getting rich by investing in it?
The internet is a strange and surprising realm. One never really knows what starts a trend or ends it. Dogecoin re-appeared on the social media radar after a long gap when TikTok user James Galante posted a video urging his followers and those interested to invest in the cryptocurrency. This resulted in an unprecedented rise in price -- 20 % in five days to be precise.
In the now-deleted video, Galante asked potential investors to put in $25 in Dogecoin and wait for its value to rise from $0.0023 to a dollar, and if this happens, each of these individuals will end up making $10,640. The current price is $0.0028 and it is growing fast, Decrypt reported. However, the official Twitter handle of Dogecoin has warned users to not follow financial advice that comes from unverified sources and insisted that they don't get carried away after #dogecoin trended heavily on social media and users seemed keen on investing in it.
What is Dogecoin?
It is a "joke cryptocurrency" that was founded in 2013 by Jackson Palmer and Billy Markus to satirize the sudden increase in altcoins. However, it generated a large and loyal community online and rapidly reached a market capitalization of $60 million. Meanwhile, here's what the fans have to say about the cryptocurrency.
"I’m investing my time and money into this and hopefully will become richer the ceo of Amazon. #GettingRichOfDoge," a user tweeted, while another shared: "I got 5800 $doge@metalpaysme I'm donating to a no kill shelter when we hit close to or $1 .. for the good boys."
"Hey guys, quick thought. Could this be a sign? If we all do make it to $1. We could all literally rebuild the world. Advance the US, rebuild Africa, make California its own country...LETS GO!!!!," another user expressed. "Thanks dogecoin. We all gamble our money. And I’m betting on you to be the next crypto to break into the market. I’ll admit I’m no finance guru. Or a fraud. So everyone please invest at your own risk. If the stock falls and I lose money that’s life. Ima hold and possibly buy more," one user pointed out.