To date, at the time of writing, Dogecoin has reached its peak value of over 0.38 dollars. Why is this so? Well for one thing, as with any bubble, Dogecoins burst of popularity can be tied back to one simple, yet important factor; entrepreneurs like to make money with Doge.
By now, most people who follow the Dogecoin scene should have noticed that Doge is a highly volatile, niche-based virtual currency that fluctuates wildly in value, frequently on the basis of a few news-worthy events, like the Winter Olympics in Russia, or the United Kingdoms vote to leave the European Union.
Therefore, with a Doge-driven burst in popularity, its only natural that investors would want to capture a piece of this potentially profitable market. As it turns out, one such investor was Musk, who saw the inherent potential of Doge as an Internet joke. In fact, he bought a small amount of Doge, in order to test the waters, and in so doing, Musk became the first person to ever cross the fifty million dollar barrier, when Dogecoin prices started their surge.
As it turns out, the Doge project has other interesting factors working in its favor. Unlike many virtual currencies on the web, Dogecoin avoids the issues of maturity and instead operates solely in a "barter" type environment, where anyone can trade for Doge. Because of this, the Doge market easily handles bursts in popularity, with the average Dogecoin price growing in a matter of minutes. Indeed, at the moment, it seems that the Winter Olympics are set to break the record for single day Dogecoin sales, which may well see Dogecoin prices skyrocket past one billion coins.
With the possibility of one billion Dogecoin being sold on the virtual marketplace, it is clear that a market based around a ridiculous theme has the potential to be quite profitable for those investors who are prepared to take advantage of it.
Fuente: este post proviene de Lockdown in Spanish, donde puedes consultar el contenido original.
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