Elon Musk, Tesla’s founder and CEO, again threw his weight behind the meme-inspired cryptocurrency dogecoin. In a tweet on Jan. 14, Musk announced that Tesla is accepting dogecoin —”people’s crypto“—as payment for some merchandise on its website.
Read moreIs Dogecoin safe?
While Dogecoin infamously started out as a joke, investors take it a lot more seriously now. However, it’s still a very risky investment . That’s why experts recommend investing no more than 3% to 10% of your portfolio in cryptocurrencies.
Read moreWhat is Dogecoin used for?
Dogecoin initially started as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog). It is based on Litecoin and uses the same proof-of-work technology. Dogecoin has a loyal community of supporters who trade it and use it as a tipping currency for social media content .
Read moreDoes Elon Musk like Dogecoin?
When asked why he supports Dogecoin, Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto. “
Read moreHow do you calculate Dogecoin if it hits $1?
Determining how much money you will get if dogecoin hits $1.00 is as simple as multiplying the initial investment amount by the ratio of $1.00 over the initial buying price .
Read moreHow long did it take for DOGE to reach 1 cent?
So it took about 8 years for DogeCoin to reach 1 cent or penny. Before 2021, very few people knew about DogeCoin. Anyway, people on DogeCoin belonged to Meme Coin to DogeCoin.
Read moreCan Dogecoin go to $1?
DOGE is a lot closer to $1 today than it was at the start of 2021 . At the time of writing, it is trading at roughly $0.13 and would need to rise more than 669% to reach the dollar milestone. The DOGE price hitting $1 would give the cryptocurrency a total market cap of $131bn; the current dogecoin market cap is $17bn.
Read more