Let’s start first by explaining what DOGECOIN is to those who are not experts on the subject and who, for one reason or another, are only now approaching this world. Dogecoin is a cryptocurrency, i.e. a virtual currency such as Bitcoin or Ethereum.
The term cryptocurrency refers to a digital representation of a value that relies on cryptography. This currency, in particular, was born for pure fun in December 2013 and in a very short time, it managed to reach really exorbitant figures and attract the attention of many experts in the sector. Born just for fun, he was given a meme image, that of a Shiba dog, factor, along with many others that probably contributed to his success.
* Warning: this is not intended to be a financial guide nor does it want to encourage you to invest. Finance is not to be taken lightly. We therefore encourage you to use this article for informational purposes only. *
Why is it going up?
The strengths of this currency compared to others are undoubtedly:
1: The vast comunity which is defined as cheerful and inclusive.
2: She is constantly supported by prominent figures such as Elon Musk, but also Snoop Dogg and Mark Cuban, who have repeatedly shown their interest through Twitter. Similar interventions by people so well known and in a certain sense “powerful”, have led more and more people, especially large investors, to become curious and buy Dogecoin, bringing the price of the token to its all-time high in May 2021.
3: Unlike other cryptocurrencies, Dogecoin is based on a centralized blokchain, which means that it makes it almost impossible to carry out scams; as your data is saved on all servers that make up the network.
The combination of these factors leads an interested potential to believe in the success of the investment; thus increasing the community and increasing what are already the strengths; such as the large number of people who have decided to trust this virtual currency.