Dogecoin began as a joke back in 2013. Two budding software engineers created it in 2013, inspired by a popular meme then of a Japanese hunting dog known as Shiba Inu.
In a more technical sense, Dogecoin is a peer-to-peer digital currency that users can send to one another over a decentralized network without going through a financial institution like a bank.
Dogecoin seems to have taken everyone by surprise, considering its performance this year. Ideally, it has been one of the best performing cryptocurrencies rising with a magnitude of 13000 percent in just one year.
That was simply a sheer change in price that would have seen investors make a killing on the meme coin. If you had invested just $1000 a year ago, your investment would now be a cool $130,000! That is tremendous growth.
In just one month from April this year, this coin has grown in value from about $0.06 per token to a high of $0.70, recording a gain of about 1000 percent. The big question now is whether or not it is still viable to invest in this coin considering recent performances. This question is best answered by looking at the recent charts to determine the direction this coin is likely to take.
The current price of Dogecoin at the writing of this article was $0.577, with a market capitalization of $74.71 billion and a trading volume of $23.16 billion. The coin recorded a 47.95 percent increase in the last 24 hours. That means that if you had invested $1000 a day before, you would have added about $450 to your investment. This trend shows that the coin is on a bullish trajectory, making it a good investment.
Keep in mind that this coin is not in any way unique from Bitcoin and is not even scarce. Currently, the coin has about 129.45 billion tokens in circulation and has no defined cap. Its growth in value pegs solely on the euphoria that its fans have created and maintained on the internet.
At its current value, you can consider buying a few tokens and go with the flow. Consider buying and keeping them as you monitor their growth. You can set a target at which you will sell and take your profits.
As it stands, Dogecoin is still a good investment that could possibly have you making some good cash. However, given how much it has gained in a very short time, there is the risk of a correction in the short term.
Disclaimer: This article is not trading advice. TheDechained holds no liability for investments made on the basis of this information. We recommend independent research before making a decision to invest.