What is Dogecoin (DOGE)? Why is it too volatile?
Dogecoin (DOGE), symbol: Ð is a cryptocurrency introduced in December 2013. Dogecoin makers are programmers Billy Markus and Jackson Palmer, they decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake. Dogecoin market capitalization dropped to $43,687,003,026 (> $43Bn) on May 27, 2021.
Dogecoin.com promotes the currency as the "fun and friendly internet currency," referencing its origins as a joke.
After Elon Musk began posting tweets about cryptocurrencies, DOGE's valuation soared. Elon Musk followers show a lot of interest in what he says. Elon tweeted that Tesla would not accept Bitcoin in exchange for Tesla cars, and the cryptocurrency market and BITCOIN's valuation plummeted.
Interestingly, this week, he started to tweet about Dogecoin again.
He has even asked the community and followers to contribute to the idea of DOGE on GITHUB and Reddit.
This time he is asking for suggestions and it could potentially help build strong fundamentals and improve the meme coin DOGE.