Did you know that Elon Musk the CEO of Tesla and SpaceX is also the CEO of dogecoin he often goes on to Twitter and makes posts such as this one word doge or he might reply to a comment and say dogecoin might be my favorite cryptocurrency it's pretty cool so is dogecoin a good investment let's talk welcome aboard the bitcoin express my name is chase let's get to it Elon musk is not actually the CEO of dogecoin I was only joking and he was joking as well?



                                  ~Img Source: dogecoin.com

This makes sense because dogecoin is a joke coin literally but this doesn't mean it's a bad thing necessarily let me explain dogecoin is often referred to as the meme coin when people on social media post and make memes about dogecoin often see the price goes up this is what happens after Elon musk usually posts about dogecoin we also saw it over the last year many people on TikTok were making videos about dogecoin and how it could make you rich and the price was skyrocketing this article from Forbes says the headline let's all get a rich teen to tick-tock traders want to send joke bitcoin rival dogecoin to the moon now I want to clarify I am not the one stating that dogecoin is a meme coin or a Dogecoin.

This is coming from the founders of the coin themselves billy Marcus and Jackson palmer let me show you how dogecoin actually started in 2013 Jackson palmer an Australian marketer made a joke combining two of the internet's most talked-about topics cryptocurrency and doge it was a joke taking aim at the bizarre world of crypto and bitcoin's multiple derivatives so the actual logo this dog was a meme it was a meme before the currency was even created the doge meme that was popular and as Jackson palmer said he took one of the most popular memes and what was going on at the time in crypto and he combined them together because everyone was making cryptocurrencies there wasn't anything to it you create a currency give it any name give it any rules it was completely a joke and then from there he needed some help building it up so he teamed up with Billy Marcus and how did they actually create it well according to Marcus.

 They just went over the code of bitcoin and they replaced a few things they replaced the name bitcoin with dogecoin instead of creating 21 million bitcoin in this case they created 100 billion doge coins and instead of using the word mine which is using bitcoin they use the word dig well how long did it take them to create it well according to Marcus it took about three hours it's almost trivial to create a new cryptocurrency everyone was doing it but Marcus and palmer the creators they didn't pre-mine any dogecoin like a normal founder would because they weren't serious about launching a cryptocurrency quote we thought it was a big joke that would die off but of course it didn't and it has evolved into its own i don't even know what you call it but it's its own koi now and it really has evolved into something that no one really expected and normally when someone looks at a cryptocurrency and they want to ask is it a good investment they ask many questions but the most basic question they ask the most basic.

Once is well what's the use case well what does jackson palmer say about the use case well what problems did dodge coin solve and palmer said i don't think it solves anything if anything it exists as an educational tool it's a reminder that we can't take this stuff seriously so as you can see dogecoin is actually a joke it's actually a meme but there is money to be made is it a good investment well in my opinion it's not a good investment but it may be a speculative gamble that a person can make money with i myself if you watched my videos no you know that i don't like speculation i don't like gambling i find cryptocurrencies that i believe in i study them day and night and i dollar cost average over the long run i myself have never purchased any dogecoin and i don't think i will in the future but there are people out there that are making money people that are paying attention to really what's going on in social media as we mentioned this isn't your typical technical analysis of reading charts.

If you follow what's going on on instagram and tic tac in twitter you might catch these pumps what we see with dogecoin is that it does have these pumps every once in a while it pumps up very quick and it retraces pumps up retraces very quickly and especially now we're seeing it a lot these quick spikes retracement quick spikes retracement and i don't think it's over for dogecoin but i can't tie markets we i don't think anyone can tie markets so it's always a gambling and for some gambling is not an issue you know when someone goes to the casino and they say you know what i'm gonna play around with a thousand dollars and i'm gonna lose it as long as they're okay with that then fine but i myself i am not touching dogecoin at the moment i think there is a better way to use my money within crypt though but there will be people that will make money in uh in dogecoin and often you'll see let's say bitcoin maximalists or fundamentalists getting very angry when people make money in dogecoin or another cryptocurrency they don't believe in but in the space of crypto it's better to make money than always being right so for all of you out there that have made money in dogecoin in the past or will in the future i wish you much luck and i hope you have some serious gains but always most important thing about crypto is before you can make money always make sure that you're protecting yourself