We ALL could learn from Dogecoin!

Bitcoin is going through another spectacular price move so far in 2021, rising from about $28,000 on January 1st to about $47,000 on May 15th. And other cryptocurrencies have come along for the ride, with Dogecoin (pronounced “dozhe-coin”), being one of the oddest of the bunch.

Why is it odd? Well, Dogecoin was originally a joke cryptocurrency, taking its name from the “doge” internet meme that showed a picture of a Shiba Inu dog talking in Comic Sans font.

Dogecoin Was Created in 3 Hours

Dogecoin was created for fun and the idea was to have a goofy cryptocurrency that was cheap enough — each coin was worth a fraction of a penny — so that fans could “tip” each other for amusing comments. Think of it as a Facebook “like” that has some monetary value, but the value is so ridiculously low that no one took it seriously. In fact, if you look at the “value” of a dogecoin, it hovered right around 1/5 of a penny — in other words, five dogecoins equaled one penny for most of its existence.

But then on January 28th, a Twitter user called WSBChairman (who claimed no affiliation with /r/wallstreetbets, the same Reddit sub-group of users that pushed GameStop to ridiculous heights), tweeted that dogecoin was the next potential asset to get behind. The price skyrocketed the very next day so that a single dogecoin was now trading at 7 cents. Then Elon Musk tweeted about and it hit 8 cents. And as of February 11th, dogecoin was trading close to that 8 cents level.