Dogecoin. The new Bitcoin?

Dogecoin is trending higher than ever right now and it seems to be because of a few Redditors however what exactly is it. Dogecoin is a cryptocurrency that was created by Billy Markus and Jackson Palmer as a payment system which is instant, fun and free from traditional banking fees. It was created in 2013 after Billy and Jackson were inspired by Bitcoin and they decided to use the face of the Shibu Inu dog from the popular Doge meme as the logo. For a long time, the price of the coin had mostly stayed dormant however in the last few days it has skyrocketed and there are currently 113 billion coins that have already been mined. As of today, the price has already increased by 525% from last week and is set to increase even further. If current trends continue Dogecoin is on a trajectory to surpass even Bitcoin in just a few short months. Now with all that aside why exactly is this happening? Why are millions of people getting richer and richer? Well, it all comes down to Reddit.

As I'm sure you are aware since practically every news site is talking about it but a few days ago the r/wallstreetbets subreddit all suddenly decided to buy shares in Gamestop, AMC Nokia and others which caused the price of their stock to increase drastically. This in part was helped by Elon Musk who tweeted about it. Stock prices went from around $5 to over $400 and those lucky enough to buy it when that subreddit advised made a lot of money from it. Well, now the r/dogecoin subreddit is doing the same thing and advising people to buy the crypto now while it is still cheap and hold on to it until it is worth a lot. Thanks to all of their memes and posts about it the coin has gained a lot of attention which has caused more people to buy it. From what I saw on the subreddit it seems their plan is to keep buying it and hold onto it until the value of the coin reaches at least $10.

It seems certain trading platforms have caught wind of this and are trying to stop people from buying it. Why exactly? Well, we don't know exactly but I think it's fair to assume that although they claim that they want to help people make money when people actually start to do it it becomes a problem for them. There are even a few news sites making false claims that dogecoin price is going down and that you shouldn't buy it even though one simple search can show that it is still increasing and doesn't look like it's going to stop any time soon. However you may see it dip every now and then but in general, it has an upwards trajectory. Thanks to its current low price many users are able to buy thousands of these coins and if it matches Bitcoin's current price it will make users millionaires.

If you would like to buy some for yourself I suggest doing a little bit of research into the matter or ask a trusted friend or family member to do it for you. Although some platforms won't let you buy the coin there are a few that will such as coinbase if you live in the US, Litebit for EU residents and Uphold for those in the UK however I suggest you do it quickly as it's only getting more and more expensive. If you require any more help or information the r/dogecoin subreddit on Reddit can help you out as well as provide you with plenty of funny memes. As with any form of investment, I would advise not putting in any more than you are comfortable with losing because at the end of the day it is a risk. However it seems to be a much lower risk compared to any stock or share.