When Dogecoin (DOGE) first came onto the scene, most people saw it as a joke, including its founder. Then suddenly, even Elon Musk was backing the coin, and its value soared. Now though, the price has dropped, and some are wondering if Dogecoin is just a joke after all.
Like any cryptocurrency, buying Dogecoin doesn’t guarantee huge profits for investors and no individual trade will be the one you can retire on. The path to trading profitably is a long road and it took me a long time to realize what I needed to do to get there.
In other words, we can’t rule out a DOGE comeback. To determine whether it could make a good investment, let’s do some research first – I’ll run through its history and how it works before moving on to a few factors that could make it valuable.
How Is Dogecoin Used?Since it’s based on bitcoin, in theory, DOGE would be classed as an alternative currency. Plus, Elon Musk recently started accepting Dogecoin as a payment method for Tesla merch, which seems like the use case he foresees.