Here are my thoughts on Dogecoin, its performance as an investment, and whether or not this can one day be a viable currency – Enjoy! Add me on Instagram: GPStephan
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HISTORY OF DOGECOIN
The whole thing started off as somewhat of a joke in 2013, when Jackson Palmer, a product manager at Adobe, began making light of the cryptocurrency craze by posting about HIS OWN non-existent cryptocurrency venture: Dogecoin. At the time, it was nothing more than a satirical joke based around the popular Doge Meme, featuring a Shiba Inu with comic sans thoughts popping up…but, to Jackson’s surprise…those Dogecon tweets began gaining some popularity online, and after some positive feedback, he bought Dogecoin.com.
Not too much later, it was picked up on Reddit, where it caught the attention of Bill Markus, a software developer at IBM, who reached out for for permission to actually build out the software and make DogeCoin a fully functional, working currency. The infrastructure was fairly simple, and – in less than a month later, the coin was launched in December, 2013….2 weeks later, the value jumped 300%.
Today…it has a market cap of nearly $10 BILLION DOLLARS, and is trading at a price of around 5-8 cents…all from something started less than 8 years ago, as a joke.
With Dogecoin, right now, there’s over 128 BILLION coins in supply…and rising, by the day. Each year, the number of Dogecoins can increase by as much as 5 BILLION, which was meant to encourage people to USE AND SPEND them – otherwise, over time, their value might decrease as more and more are pushed into circulation. As of now, this represents an equivalent of a 4% inflation rate per year.
As far as Dogecoin as an investment… that really depends on who you ask. The FOUNDERS who created Dogecoin in the first place, are totally perplexed by its popularity.
The co-founder, Jackson Palmer, left the Dogecoin team in 2015, and later said in an interview:
“With no immediate plans for development, it looks like the coin will slowly become stagnant in the future. The circulating supply of Dogecoin is astronomical, which will deter the price of the cryptocurrency from rising any further.”
Jackson Palmer said that he believes the doge theme has helped to make the cryptocurrency market appear less menacing, more accessible, and a place in which he hopes philanthropy will outnumber the profiteers.
Functionally, and instrincially…it’s NOT an investment, and it’s nothing more than a light hearted spin on a NORMALLY serious topic…but, lately, there’s been a BIG push away from mainstream corporations and big Wall Street institutions…and, when you look for a cryrtocurrency that people feel COMFORTABLE with…Dogecoin is probably one of the first that comes to mind, because…who doesn’t like dogs, and two regular people just messing around for fun on the internet with memes?
I think there IS something to be said about the popularity of Dogecoin, and – as it gains more acceptance, and more people embrace it – it’s going to stabilize in price. Could it one day reach $1? Maybe. Could it go back down to 1 penny? Absolutely, if people stop talking about it, or move on to something else.
The problem that I see is that people are viewing this as a way to “GET RICH,” and – yes, if you time it correctly, absolutely you can make money. BUT, that’s not a sustainable way to invest…because, mark my words…investments like this are entirely dependent around attention, and as we’ve seen time and time again…attention will shift week by week, month by month, year by year. Maybe it continues to grow, or maybe it doesn’t…so if you have money to RISK, by all means…but, as a serious investment, it would be irresponsible for me to say it is.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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