TL;DR Breakdown
- DOGE is rising up as a legitimate cryptocurrency.
- Vitalik Buterin joins the Dogecoin Foundation.
- DOGE likely to hit big in the third and fourth quarters.
It is not every day when an underdog cryptocurrency makes its way into headlines, and that too, a cryptocurrency that started out as a joke. Dogecoin started off as a meme cryptocurrency that was not going to go anywhere but eight years down the line, and the cryptocurrency has over 81 billion United States dollars invested in it.
Well, if that’s not surprising enough, what would be, but as a matter of fact, the Robinhood cryptocurrency trading application recently reported that as many as 62 percent of their traders are on board this bandwagon. Yup, 62 percent of traders using Robinhood have traded Dogecoin in the second quarter of 2021. Let’s dig a little deeper into this cryptocurrency and the possibilities of a new rise in the cryptocurrency arena.
On May 4, 2021, Dogecoin marked as high as a 20,000 percent increase in price after it finally broke past the $0.50 psychological barrier. The currency didn’t do much in the earlier years and until 2018 had only 2 billion US dollars invested in the cryptocurrency.
Now, years later, and with much support from celebrities including Elon Musk, Snoop Dogg, Gene Simmons, and Mark Cuban, the echo system has over $81 billion invested in the same. Musk is on a personal mission to carry Dogecoin as a cryptocurrency and a payment method despite the fact that Dogecoin dropped as much as 46 percent after Elon Musk’s Saturday Night Live appearance.
Musk then announced that the cryptocurrency would propel a space mission marking the first cryptocurrency-powered space mission using Dogecoin.
Dogecoin is currently being used by the Dallas Mavericks, who recorded over 20,000 transactions in 2021 alone and many more to come. Besides the franchise, DOGE is already being traded with Bitcoin (DOGE/BTC) and Litecoin (DOGE/LTC) on quite a few cryptocurrency exchanges.
This is on top of the tipping system using Dogetipbot on Twitch (discontinued later), selling real estate, pornography, and online poker. While the number of merchants using DOGE as a payment method has also increased by as much as 34 percent in the year 2021 alone.
Dogecoin in 2021 and beyond
So far, so good, but the really big break is coming with the news that Vitalik Buterin, the founder of famed cryptocurrency Ethereum, is now joining the Dogecoin development board, and it appears that Buterin has a few tricks up his own sleeve as well.
The news is big, and since the news broke DOGE/USD pair is going bullish without any other triggers, even when some other cryptocurrencies showed a bearish response in the market.
The underdog that was once a meme coin is now getting out of the shadows and into the limelight. With the Dogecoin foundation’s plans to develop the proof of stake cryptocurrency further and both Buterin and Musk on board the foundation, the future looks promising.
We’d say that if you haven’t bought Dogecoin already, you better start buying now and hold away your savings in Dogecoin for the step-by-step future rises that are already in motion as you read these lines.
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