Is Dogecoin Worth Buying in 2021?
In this video, I break down what the deal is with Dogecoin and discuss the question – Is Dogecoin Worth Buying in 2021?
Dogecoin is an open-source cryptocurrency that was originally started as a joke in 2013 by Jackson Palmer and Billy Markus. The joke was based on a popular meme featuring a Shiba Inu (a Japanese breed of dog). It is based on the same technology behind Litecoin’s proof-of-work. Dogecoin has a loyal community of fans who trade it and use it as a tipping currency for social media content.
While it has started as a joke, it surprisingly garnered a following. By late 2017, it was participating in the cryptocurrency bubble that sent the values of many crypto coins up significantly.
It then crashed in 2018 before making a strong comeback in 2021.
Is Dogecoin Worth Buying in 2021?
Dogecoin has been on a wild ride in 2021 as massive speculators have piled in. Dogecoin, which traded at less than 1 cent to start the year, briefly jumped as high as 74 cents in early May 2021.
At its peak, that gave the cryptocurrency a year-to-date gain of more than 15,000%, according to closing figures from CoinDesk, more than quadruple the gains on the S&P 500, including dividends, since 1988.
Indeed, since its creation in December 2013 Dogecoin has hugely outperformed Bitcoin.
While Bitcoin has ascended a remarkable 7,700 percent during that period, Dogecoin has rocketed to the moon by an almost unbelievable 200,000 percent.
In other words, if you had chosen to buy & hold on to Bitcoin rather than Dogecoin over the past seven-and-a-half years, the joke’s been on you.
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Disclaimer: We are not a financial advisor. We do not provide tax, legal, or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
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