Dogecoin is one of the most well-known cryptocurrencies out there in the market.
It was in certain instances one of the most hyped-up and speculated coins in the crypto market history.
The coin has been endorsed and supported by many famous personalities like Elon Musk, Mark Cuban, Snoop Dogg, and so on.
The coin which became the butt of many jokes and memes is now somewhat eternalized in the modern culture for the reputation it has grown over the years.
Now let us come to the topic of conversation. Is Dogecoin a weird choice for investors as an investment?
We will look more into this question in the coming sections but before that let us look at the beginnings of Dogecoin in the following segment.
History Of Dogecoin
The Dogecoin token was built by two software engineers namely Billy Markus and Jackson Plamer, who intended to make fun of the speculative game that was widespread and popular in the cryptocurrency market through the unusual setting up of the coin.
The coin was officially launched on December 6, 2013, at a price of 0.1584.
Within the first month after the release of the coin their website “Dogecoin.com” experienced network traffic that sized up to over a million visitors.
The coin, which is widely considered to be the first “meme coin” and the first “dog coin” was created with no system to support its price or stability and most of the changes in the Dogecoin price were largely due to the hype that it received from the public.
Despite that, the coin had at one point hit an all-time high of 0.7316 which represented a 361.869% increase from its starting value.
One of the most notable ones among the proponents of the coin is Elon Musk, the Billionaire cofounder of companies like SpaceX, Tesla, and The Boring Company.
On April 2, 2019, he made a tweet on X(formerly Twitter) saying that Dogecoin might just be his favorite cryptocurrency.
He also further described the coin in his tweet by saying “It’s pretty cool” referring to the coin.
This was the beginning of one of the most hilarious stories in cryptocurrency history.
Elon Musk on many later occasions promoted the coin most notably in his appearance on SNL in which he talked about Doge and its future and potential for growth.
He also popularized the phrase “Doge to the moon” and led to the creation of many memes carrying the same phrase.
This however did not go well for all the investors who had invested in the coin and were anxiously waiting for the coin’s price to rise with Elon’s appearance.
The twist in the story happened when Elon was almost tricked by one of the hosts of the show Michael Che into admitting that it was a kind of a hustle.
This resulted in a major drop in the price of Dogecoin right after the show’s airing.
This feels like the perfect time to find a segway into a discussion about the weirdness of the popular Dogecoin.
In the next section, we will look at why Dogecoin is considered a weird investment by many people in the cryptocurrency world and what all things add up to its weirdness.
Also, Read: Dogecoin (DOGE) Price Prediction
What Makes Dogecoin Weird?
One of the primary reasons why Dogecoin is considered weird is due to the fact that it was built in complete violation of some of the unwritten rules in the world of cryptocurrency.
Starting with the intention of creating the coin the founders of the coin themselves have admitted that although we see cryptocurrency as a great alternative to the modern financial system it is often only a means to make its promoters rich.
The Dogecoin was self-admittedly created without anything to give itself any form of inherent value. Despite not having anything to back it up with the price of Dogecoin has at times gone up to levels that surpassed many of the other crypto entities that at least had backing from either a protocol, a new technology, or even a website.
Even though this seems like the weirdest thing about the coin it isn’t.
What makes the whole Dogecoin tokenomics weird seems to be the complete abundance of the coin in the current market supply without any form of regulations or limits to the number.
As of now, there are over 144.78 billion Dogecoins in the current supply chain. Every minute miners produce and add another 10000 Dogecoins to the supply on top of that.
This might have to be the most confusing thing about the coin, as it does not work on any of the principles of basic economics or even by the basic commonsensical judgments that we use to determine the value of a product.
Final Thoughts
The token despite all the ups and downs it has had over its run is still one of the most popular altcoins to ever exist and was instrumental in giving a lot of returns to those who caught the Doge hype on time.
Even though it might not be a recommendable choice for an investment gain we can even say that the silliness surrounding the coin makes it one of the favourites among the crypto community.
It would thus not be an absurd theory to make that maybe the whole value that the coin had was directly linked to the excitement and joy that the coin gave to its followers which should be valued as priceless.
