What's the deal with Dogecoin?

There has been a lot of hype around this on Reddit and other social media. Is there a reason for this hype?

Not sure, can someone else please explain. bumping this post for more explanations!

Its been a thing before with Dogecoins, its basically Bitcoin, but "Dogecoins" instead, ive seen people that seen dogecoins as a out of profitable currency, but as now with the attention people showing it, the value increased, people had around 300$ in dogecoins that turned to thousands.

extremely unstable joke that takes the piss out of currency in general. people invest in it as a laugh just to show you how unstable financial things can be.

DOGEcoin is the Gamestop stock of cryptocurrency. Extremely volatile.

01-02-2021, 02:08 AM

hammersmith Wrote: There has been a lot of hype around this on Reddit and other social media. Is there a reason for this hype?

I wan't to know too... I don't know anything about dogecoin

I think it's gonna crash. It's just being hyped for no reason other than to meme.

It's a meme. Elon Musk tweets about it every so often, which makes the price jump up, but then it comes right back down. It is a classic pump and dump, and I read today that it got Musk in trouble with the SEC.

It was created as a joke years ago. Part of the appeal was that the transaction cost would be lower than things like Bitcoin.

Honestly wouldnt have had this sort of longevity if not for the Reddit community (/r/dogecoin). They managed to band together a few times to do things like sponsor a nascar racer which sort of got people interested in it for a while. They also tried to be a more friendly and ?approachable community that is big on giving tips for good comments. Sub is basically just memes most of the time nowadays.

I always saw it as an attempt at a gateway drug of sorts to crypto currencies. Was honestly the first one I ever used. If I can ever figure out where I put the damn hard drive I have a lot of doge somewhere

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I should note, the hype is over blown. Though the doge community used to be big on making sure you could actually buy stuff with doge. I say used to as I havent done much with it in a while. Though I did buy some cool doge related merch with dogecoin back in the day.

Id mostly say doge is a ?fun way for people to learn about crypto. The community has also traditionally been super helpful and friendly to newbies.

Full disclosure: Im not much of a crypto fan. I mostly only have some as I figure using it is the best way to learn about certain things.

Who knows anymore. I for one don't