Is DOGE a Crypto Scam or Secret Genius?

Is Dogecoin (DOGE) a crypto scam or secret genius? Elon Musk now heads the new D.O.G.E – what does this mean for the future of Doge?

‘One word: Doge.’ That three-worded tweet from Elon Musk sent Dogecoin’s price upwards of 800% in 2021.

In other words, if you had invested $1,000 in Dogecoin (DOGE), it would have been worth nearly $10,000 in a matter of days. Much wow, as the kids say.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

Dogecoin isn’t like most cryptocurrencies. It started as a joke, then its founders abandoned it, and it’s the only altcoin with support from billionaire Tesla CEO Elon Musk.

Depending on who you ask, DOGE is the best or worst thing to happen to cryptocurrency. Let’s discuss the world’s most popular meme coin.

What is DOGE? A Brief History 

Dear Elon, I wrote to you, but you still haven’t called. I sent two DMs back in autumn; you must not have received them.

There probably was a problem at the DOGE office or somethin’.

It’s funny and somewhat ironic to think that four years ago, a DOGE tweet would be 10x the price, and now an entire government program exists with its name, and it hasn’t pumped. Strange times.

How do you decide between memes and money? Dogecoin said, easy, you have both.

DOGE began in 2013 as a joke between software engineers Billy Markus and Jackson Palmer as a means of making fun of wild speculation in cryptocurrencies.

Dogecoin instantly exploded on Reddit, generating a market value of $8 million at the time. It later became known as a “tip” coin for internet dwellers to send each other. 

“It’s not taking itself as seriously, it’s not being used by people worrying about whether they’ll become rich,” Palmer told Insider in 2013. “It’s something to share for thanks or kudos.”

Why is Dogecoin Special?

Things went South for Dogecoin very quickly.

Palmer quit the Dogecoin project after saying the crypto community was ‘toxic’, and in 2019, its value fell to $0.2. The death of Dogecoin was inevitable. 

Then, 2021 happened. Elon Musk happened. And just like that, Dogecoin began to receive massive attention from social media and influencers, including Mark Cuban, Guy Fieri, and Snoop Doggy Dog. The sudden claim to fame propelled its price to a whopping $0.73 by mid-2021. Bitcoin and Ethereum couldn’t even keep up with Dogecoin.

Dogecoin is a fork of Lucky coin, a fork of Lite Coin… which itself is a fork of Bitcoin. It’s fork-ception.

On the surface level, Dogecoin does have a few key benefits:

• Block times of 1 minute, as opposed to Bitcoin and Ethereum’s 10-minute transaction speeds
• The affordable price point appeals to retail investors.
• Fewer fees, and is cheaper to use

Another interesting aspect to consider when looking at Doge is its inflation rate. 10,000 new Dogecoins are created per minute on the network, making it extremely inflationary. This drastically increases the difficulty of raising the price of Doge. 

Sometimes memes cannot beat out bad tokenomics.

Doge’s Future: What’s Next Now Elon Musk Runs The D.O.G.E

“Doge to $1,” and “Doge to the Moon” are popular slogans amongst the Doge army.

Dogecoin may very well head to $1, but its lack of intrinsic value and terrible tokenomics make it a risky long-term investment. 

However, meme investing isn’t going away. With its low price point compared to Ether and BTC and institutional support from Elon Musk, Doge will likely be around for a long time. 

Dogecoin is the “People’s Crypto,” as dubbed by Elon. Don’t sleep on the Dogecoin. It just may surprise you.

“But fate loves irony. The most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.” ― Elon Musk

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