Dogecoin Documentary: The REAL Truth About Dogecoin

Dogecoin is the meme cryptocurrency everyone is talking about. But what's the truth about Dogecoin? Can it reach $1 per coin, and should you invest in Dogecoin yourself?

Dogecoin - a cryptocurrency built around a meme. Created back in 2013, Dogecoin stared off as a bit of a joke to to satirize the hundreds of altcoins that were being created off the back of Bitcoin’s popularity. And for a long while, the dogecoin price generally remained well below 1 cent per coin… until 2021, where a sharp price increase of over 1000%, saw Dogecoin reach a new all-time high, and talk began to build of Dogecoin hitting $1 per coin.

Whilst that may not sound like a lot, but it would mean if you got in at around 1 cent per coin, you’d 100x your investment. It’s enough to make anyone tempted to throw some money in… but, should you? Today, we’re looking at what’s actually going on with Dogecoin, can Doegecoin hit $1 per coin, and whether you should invest in Dogecoin yourself. (Essentially, a dogecoin for beginners guide).

If you’re looking for an explanation of what started Dogecoin’s insanely rapid price growth, it would be fair to say the catalyst for it all was Elon Musk. The world’s current richest man has tweeted a significant amount about dogecoin, so much so the tweets are being investigated by his old friends the SEC.

But Elon has called dogecoin the people’s cryptocurrency, and a single tweet of the word Doge from him, or even a doge related meme, can send the price skyrocketing. He’s even said it’s his favourite cryptocurrency. However, Elon’s also suggested potential issues, such as Dogecoin's concentration.

Also, unlike Bitcoin’s price spike which correlated with positive news for the currency about it being accepted by such a major company, dogecoin’s price increase was purely down to hype. Nothing functionally changed, there was no promising news about it being more widely accepted - it’s just more people were talking about it, and so Doge got more and more momentum.

Now, can you still make money investing because of hype? Of course. If you invest right now whilst today it’s at 20 cents per coin, and some big celebrities start talking about dogecoin, it could easily shoot up to 40 cents and you’ve doubled your money. In the rest of this Dogecoin video, we'll explore the risks of Dogecoin, and then also look at the positives & potential of the cryptocurrency.

The problem is there is a lot of FOMO around all of this, which can cause people to throw money in they can't afford to lose. That's why this video aims to take a more slightly cautious look at this new era of meme investing. I wish you the best of luck with your investing & money making.

DISCLAIMER: I'm not a financial advisor, and this is not financial advice. I may receive a commission on affiliate links used.