At a time where everyone was crazy about bitcoin, software engineers, Billy Markus and Jackson Palmer created a payment system as a joke about monetary value. They then featured the Shiba Inu dog as its logo.
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This was well received by the internet community which helped dogecoin reach a market capitalization as of May 2021. The doge was launched on December 6, 2013.
One question anyone new to the crypto world may be asking is whether Dogecoin is worth buying. Dogecoin has proven not to be very reliable. This is because of the highs and lows it has had.
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After Elon Musk’s tweet promoting the coin, it plunged to an all-high of 74 cents. This proved an advantage for dogecoin holders, but it has plunged and the doge is currently at a value of $0.22 due to a market crash.
The disadvantage of buying dogecoin is that it is based on popularity, and popularity is not very sustainable. Once the publicity dies down, its value is meant to be lower.
Dogecoin is not really different from other currencies on the crypto market aside from bitcoin and Ethereum. Investing in dogecoin can be compared to gambling. Its price may increase or not.