With more than 47 million Twitter followers, Elon Musk holds a great deal of influence in the world of tech and cryptocurrency, proven by Dogecoin’s meteoric growth in recent weeks. A single tweet from Musk sparked overnight interest in the currency, first released in 2013, and now has investors taking it seriously. The payment system, developed by Billy Markus and Jackson Palmer, reached a market capitalization of $5,382,875,000 in January, and with its value growing rapidly, it’s a genuine Bitcoin alternative. Now could be the time to invest…
THE CHANGING CONSUMER LANDSCAPE
In early February, SpaceX founder Elon Musk sent out one tweet to his millions of followers, asking “Who let the Doge Out?” - it amassed almost 800,000 likes and changed the fortunes of the cryptocurrency overnight, not only demonstrating Musk’s power but the incredible appetite for alternative currencies in today’s uncertain political and economic times. Alongside Redditors coming together to fuel a takeover of Wall Street, investing in stocks like GameStop, 2021 has already proven to be one of the biggest years yet for the reconsolidation of finances, with consumers ready to part with their cash and invest in the “Next Big Thing”. Sure, you could say that currencies such as Bitcoin are something of a fad, and their growth bubble could one day burst, but with Tesla and other firms now pledging to accept the currency as a viable alternative to United States Dollars, it’s time to start taking crypto seriously. One that’s worth watching is Dogecoin (DOGE), a Bitcoin rival with the backing of stars like Snoop Dogg, ideal for early investors.
The currency was the brainchild of Billy Markus and Jackson Palmer, and though it started as a joke between engineers back in 2013, the currency has since moved from the fringes into a mainstream product, worth more than the likes of JetBlue, Harley Davidson, or Under Armour in aggregate. And thanks to its cult following on social media sites like Twitter and Reddit, with meme-worthy content encouraging people to invest, the currency could prove to be a new financial tool - with incredible rewards for those considering an investment. First, a disclaimer: the rapid growth of the currency does indeed mean that its price will continue to climb in the coming weeks, but you shouldn’t bet your entire life savings on the coin just yet. It’s important to exercise caution when investing and speak with a professional advisor.
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