July 2, 2022
  • July 2, 2022

Soaring dogecoin price sparks interest from cryptocurrency newcomers

By on May 5, 2021 0

You may have noticed on your social media feeds recently that people are excited about the rise of dogecoin, a cryptocurrency linked to a meme of a Shiba Inu dog.

Dogecoin was created in 2013 as a joke and was the first cryptocurrency to be based on an internet meme.

Nowadays, no one laughs at the coin’s growing value. As I write this story, the value of a Dogecoin was just over 61 cents. It’s almost 100% over the past week.

That may not sound like a lot, but if you bought them when they were worth 5 cents in February 2021 or when they were valued at 0.00026 USD in 2013, you would be very happy with their recent growth.

Bitcoin is by far the most popular and successful cryptocurrency of all time.

Invented in 2008, bitcoin is a decentralized digital currency that can be sent from user to user through the peer-to-peer bitcoin network without the need for a central bank.

A year ago, the price of a bitcoin was $ 8,978. Today it is $ 57,402.

Although most people buy cryptocurrency for investment reasons, some companies accept it as a form of payment for goods and services.

In 2019, Smart crypto cafe opened on Clematis Street in West Palm Beach.

The cafe has closed permanently since then, but it has offered cryptocurrency enthusiasts the opportunity to network with other like-minded people and purchase coffee and snacks using the cryptocurrency. They also accepted more traditional payment methods (cash and credit cards).

In March 2021, Dallas Mavericks owner Mark Cuban announced that his team would allow fans to purchase tickets and merchandise using Dogecoin. A few days later, Cuban announced that its franchise had “made over 20,000” dogecoins in transactions.

While it is rare to visit companies that accept payments through cryptocurrency, this may change in the future.

Eric M. Cornell is Managing Director and Private Wealth Advisor for The Cornell Group at Palm Beach Gardens.

“Until there is some type of stability with any type of currency, that would be considered a speculative investment. I think in the long run, cryptos could potentially find their way into buying. dailies, ”he said.

There are thousands of cryptocurrencies out there and their value can be quite volatile. For this reason, they are generally not recommended for investments by financial advisers.

While we don’t have a recommendation on which coins potential investors should consider, some of the more popular ones include Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Binance Coin (BNB), and Cardano ( ADA), just to name a few.

You can buy and sell cryptocurrency through exchange platforms such as Coinbase and Gemini.

For those who want to get into the next bitcoin or dogecoin early, how do you know which cryptocurrency will be the next hot thing? Unfortunately, there is no way to tell.

“Trends in social media / recognition have a big impact on any investment these days (we call it global risk), but anticipating what the next trend will be is very difficult in speculative investing,” said Cornell .

A Reddit group called SatoshiStreetBets seeks to increase the value of dogecoin, in the same way as the Reddit group WallStreetBets was behind the recent GameStop rally.