If there’s one cryptocurrency in the spotlight today, that would be the Dogecoin supported by Elon Musk.
And perhaps, that’s the reason why you came here. 😊
You’re genuinely interested in it and want to know the answer to whether the Dogecoin is a scam or a worthwhile legitimate investment in the crypto world.
Please find out more about it in my complete review below. 👇🐶
Due to the pandemic, the world has been changing at a rapid pace. Aside from altering the way we live, it’s also surprisingly affected our perceptions of certain things.
Despite the volatility, we see a surge in the number of interested investors in the stock market, the business startup industry, and even in the world of cryptocurrencies.
Due to this sudden wave, the financial industry is becoming robust, and more and more online “gurus” have been providing newcomers with free lessons about investing.
I’ve even witnessed a significant increase in traffic on some of my previous reviews on financial newsletters such as Genesis Technology, Project Prophecy, and Real Wealth Strategist throughout the months.
Do you know all of these have in common? 🤔
Most of the financial newsletters being searched and looked at today are dealing only with stocks and cryptocurrencies.
I’m not sure about yourself, but if you were following the news about this digital asset three years ago, you probably know that many people have become millionaires by now just by investing.
Having said that, the field of cryptos has been on a surprising rise, especially during 2021’s first quarter.
It all started when Bitcoin prices reached an all-time high and even managed to smash through a resounding $50k value! Based on historical data, that’s around 81% higher than its previous prices.
Seeing the possibilities today, people have become more open to the idea of trying out this form of investment.
But you see, what sets cryptocurrencies apart from other forms of investments is that there are virtually different types you can try on.
According to Investopedia, there are more than 4,000 types in existence, and somehow, this number just keeps on growing. Now, I know what the following question in your mind is – how exactly can you find the best ones to invest in?
Well, to be honest with you, no one can really say which one is the best. I mean, take the case of Dogecoin, for example. It started as a pure joke, but it unexpectedly grew in the virtual currency we see today. 📈
It bears the face of our favorite Shiba Inu meme, and just by looking at it, you will probably say, “such wow! much value!.”
It was introduced in late 2013, but it has quickly developed into a strong one reaching a market capitalization of around $5 billion this year!
To help you get started on whether you should follow up on the Dogecoin hype or not, allow me to share with you my comprehensive review of this trending cryptocurrency.
However, before I do that, let me clarify that I’m not being paid to write this post or give a favorable opinion on the subject. What you will find here is just my honest view and nothing more.
Simply put – I will not gain anything if you decide to invest in this. 💰❌
By the end of this article, I will also share my most recommended way of earning online with you and a few pointers on why I believe it’s a more suitable opportunity than the one Dogecoin offers.
If you’re up for that, then bring out your notepad as I uncover all the juicy little details I found about this everchanging e-coin.
Watch this brief video explaining what Dogecoin is. ⬅️
Dogecoin Crypto Review
The Dogecoin is not as funny as it once was. 🙂
Back in 2017, when I was just starting my journey in the cryptocurrency world, I do remember laughing at the idea of investing hard-earned dollars in gimmicky and silly-named cryptocurrencies.
Some famous examples back then were KodakCoin, TrumpCoin, PutinCoin, and even my all-time favorite, Whoppercoin!
Yep, nearly all of those still exist, and it somehow doesn’t make sense why you need to have different coins for everything.
Believe it or not, some industries have recently even created their own crypto values, like the DentaCoin for dentists!
There’s also the UET or the Useless Ethereun Token, which offer no real value, and last but not least, our woofalicious Dogecoin.
What started as a total joke has become one of the world’s highest-valued digital assets just within a short period from its inception.
And what made it even more famous is that Elon Musk labeled it as his favorite one! Just by simply tweeting about it, the price went up drastically in just 24 hours! Here’s what he had to say.
The Dogecoin got its name from the Doge meme back in 2013, and at that time, you could see many posts on social media sharing this famous, lovely, cute-looking Japanese dog. 💖
It was created as a joke by young software engineers Billy Markus and Jackson Palmer. They were both interested in creating a digital denomination that’s fun, instant, and not as complicated as Bitcoin.
Unlike traditional cryptocurrency websites that look like they came out of a Matrix movie and have some futuristic vibe, the Dogecoin website features the coin’s logo and no actual web design.
If this the first time you visit their site, you might even get the impression that they’re running a shady operation since it hasn’t been updated, not even once.
I’m assuming that it’s intentional as the design plays a crucial role in the coin’s marketing strategy. Direct and straightforward wins the race!
From the way I see it, the Dogecoin is unquestionably on its way to becoming one of the world’s strongest cryptocurrencies.
I’m not entirely sure if naming it after Doge is only for fun or if it’s part of a grand marketing scheme since you’re instantly greeted by either the meme or the coin whenever you search the word “doge” on Google.
The top page shows more about the coin than the meme. 😀
In one tweet, even Musk himself stated that only Dogecoin enjoys a special meme shield, unlike other cryptos.
And if you ask me, as long as influencers hype it, the possibility of its price reaching up to $1 is very much possible.
But, before you head on and open a Dogecoin wallet, let’s first discuss whether it’s a scam or a genuine, worthwhile investment.
ou head on an open your own Dogecoin wallet, let’s first answer whether it is worth it to invest on one or not in the next section below.
Is Dogecoin a Good Investment?
The world is a wicked place. 🗺️
Come to think of it, Dogecoin is just supposed to be an internet joke, but it is pretty funny how specific influencer moves can rattle the netizens and have them pouring their hard-fought cash in this coin alone.
What baffles me is that some of the biggest and most trusted companies, such as BlockFi and Coinbase, don’t support this coin.
This leads me to question Dogecoin’s legitimacy. Even its founder commented that he also doesn’t know what is propelling this “joke” to such prices today.
For me, if the coins’ value is so inconsistent, it makes perfect sense to stay away from it. I mean, what happens once the online rally ends?
If you act now, you might make some cash, but if you’re one second too late, then you might lose way more than you could ever imagine.
My advice? Play with it, but don’t expect much. ✅
The Dogecoin has been around for quite a while now, but why is it only making a racket today? Well, you see, without all the noise online, I honestly think that Dogecoin is just there and exists.
I have never tried it out, but if I will, I think it will be mainly because I want to say that I have one. Honestly, I do not have high hopes for it. After all, the whole point of Dogecoin is for entertainment purposes.
I am not saying it isn’t worth it, okay? 😬
I am saying that we have seen how online rallies can boost up its price in an instant. Would you want to invest your money in something volatile as that?
On the other hand, if you’re interested in making money in a short time regardless of the risks involved, this crypto coin is definitely something you should watch out for.
Dogecoin Price Prediction For 2021!
Now that we know that it’s likely not worth the investment, especially for people who are looking for long-term appreciation, let us now check the predictions on whether the Dogecoin will remain profitable or not soon.
Dogecoin Current Price
The price of Dogecoin has been consistent from the past years. From 2014 to 2016, the price was closing at a high price with a range of .0005 – 0040, which is not that much whether you invested significantly or not.
From 2016 to 2019, it had a sudden bump, closing at around .0188, then drifted back to its original prices in 2018. By the time 2019 finished, this is when things started to improve massively!
In 2020 alone, the highest ever close was around .0849, meaning that you would have gained thousands if you held on to your coins from 2016.
But here is what worries me the most – how come the price change was so sudden and does that mean it can go back to its original prices suddenly too?
Well, that is the thing about the market. You cannot predict it, but if you ride on online rallies, you can make money.
Nevertheless, as a word of advice, note that these rallies are not supposed to last a long time. After a few months or so, you would need a new catalyst to jack up the prices again.
Dogecoin Price Outlook
While the coin itself is a joke, we cannot deny that the price it holds now is not a laughing matter.
Just having Musk speaking about it, the Dogecoin fanbase kept on growing to the point that it jumped to being one of the 5-star crypto coins joining the ranks of Bitcoin and Cardano!
Even Investorplace, Motley Fool, Newsweek, and Bloomberg have been consistently reporting about it too!
To cut the story short, let me clarify that some wicked things are going on here, and as long as influencers are making so much noise about this coin, you have a big chance of taking a slice of the profit.
However, please note that, unlike Bitcoin, predicting Dogecoin’s price is impossible because there is no substance to it. (I know I sound harsh).
For Bitcoin’s case, the price action involves many factors like big companies setting up their online payment to accept this digital asset.
It’s much more stable, and the pump and dump scheme does not really work that well. For Dogecoin’s case, though, the simple tweets are the only reason why the price is up by over 1,000% in 2021.
Add to that is the fact that only very few merchants have set up payment using Dogecoin compared to Bitcoin.
It’s the kind of coin you can try out but not worth the investment at all. It must not take a considerable percentage in your portfolio, and I mean it.
Is Dogecoin A Scam?
The Dogecoin is not a scam as it works just like any other digital asset. However, please note that there really is nothing special about it.
If you think hard enough, only influencers and big-time investors are making money out of this coin.
For instance, if Musk buys this at the lowest price and suddenly tweets about it for the second, the price will likely grow so he can finally sell it at its highest value, while others will be open to buying it since so many others are discussing it.
I guess that at the end of the day, it’s volatile enough that you can wipe out your entire life savings, and the same is true even if you invest in other similar coins.
In other words, I do not recommend this coin at all. ❌
If you are hell-bent on the idea of joining the crypto world, I still believe that it is better to invest in high-quality ones that have somewhat defined reasons behind the price actions.
How I Make A Living Online
I have always been a firm believer that you should never invest everything in just one asset – may it be in real estate or the stock market.
To achieve financial freedom, you must be open to the idea of creating a portfolio that is safe, sustainable, and above all, profitable.
Aside from investing, one of the things that you should look into are the types of passive income ideas you should try out. And speaking of ideas – now would be the best time to share my most viable one with you.
It comes in the form of an online business, and it represents the exact same blueprint I’ve been using to make nearly $5K profit last month. 💸
The best part about it is that it’s reliable, and the outcome purely depends on your work ethic, meaning that if something does go wrong, you’ll be the one to blame.
So, what is it, and how does it work? 🧠
Before I start blabbering on why I believe it’s a more suitable alternative to crypto investing, I suggest that you look at my money guide to see how the entire scheme works in great detail to understand it better.
Still, just in case you don’t feel like doing it at the minute, I will summarize the whole step-by-step process in this last section of my review.
So, what I do is called affiliate marketing. 👈
In a nutshell, it is a very straightforward business model in which you get paid to promote and sell other peoples’ products and services in exchange for a predetermined commission that usually surpasses the %40 marks, and most often than not, is a recurring one.
I believe it’s a more convenient alternative to make money online because, unlike cryptocurrencies, affiliate marketing has been around for a long time. Believe it or not, it dates back to 1989.
Due to the forever-increasing number of internet users, it’s set to explode in the upcoming few years, making NOW the best to jump in on the bandwagon and start your very first successful online business.
I’ve been closely following the whole crypto world recently, and I could easily classify it in the somewhat similar class as the stock market, where it’s always a bright idea to approach both with caution.
Investing in cryptocurrencies means that you’ll have to deal with a lot of uncertainty and fluctuations since e-coins (at least most of them) are pretty liable to change rapidly and unpredictably, especially for the worse.
You could say that AM is a much safer bet since there’s already a proven blueprint that you need to follow, and the outcome is solely dependent on your ethic and not some outside factors, as we see with cryptos.
Please don’t get the wrong idea.
AM has its own set of risks and benefits, but I still find it to be a more favorable way to make a living online despite all of that.
People from all over the world have been making money through this business model, and to assure you of its legitimacy, I’ll even share my favorite success stories list with you.
While it’s indeed true that cryptocurrencies offer greater potential rewards than affiliate marketing, you still need to consider that they’re not the most worthwhile investment, long-term-wise.
As I have already mentioned, they’re pretty volatile, which doesn’t mean that they can’t be the ideal choice for those that know how to exploit these dramatic changes in currency values to their benefit.
I still prefer affiliate marketing because although it takes longer to see results (usually several months), it’s a significantly more reputable and reliable way to make a living online.
You may not get a good return on investment straight away, but that only sets you up for the better days that come shortly afterward.
The potential to make a lot of money quickly may be tremendous with crypto values, but that doesn’t mean that it’s the way to go. Remember, stability and long-term success is what truly matter. ⭐
I would say that the only downfall of AM is that it takes some time to get things going because you’ll be building a system as oppose to crypto investing that allows you to start without any delays.
You would, of course, need more significant capital to get started with cryptos in contrast with affiliate marketing that doesn’t require as much.
I would also label cryptocurrency trading as a much riskier opportunity to make money online since so many coins are popping nowadays. Still, most of them lack the market friction to become fully developed and fail.
Another thing that freaks me out a little bit is that all the virtual currencies you see these days are unregulated by any authorities, making them highly unsafe and prone to cyber hacking.
In the end, it’s up to you to decide whether you want to take the risk or choose the safer route to put yourself in a better financial place than in what you are now.
Just remember that no matter what path you choose, you still need to put your utmost effort to make sure you see the best possible results. As far as encouragement and support go, I’d be happy to help you in any way I can.
I think it’s about time for me to end this review, so hopefully, you liked my answer of whether Dogecoin is a scam. If there’s anything else that concerns you, please ask your questions down below, and as always, I promise to give my best to answer them promptly. 👋
Hey there. Thanks a lot for this in-depth review of Dogecoin. I didn’t know that Elon Musk was tweeting about it, but it all makes sense now.
For instance, big players (like he, for example) will hype about it by mentioning it ‘’common’’ people will invest in it, and the ones that make money are again the big players.
I’d stay away from it. Thanks for your great piece of advice.
Cheers!
Hey, Julius. It’s good to see you here.
Unfortunately, that’s how it is these days. Hopefully, you’re not the only one that comes across this review, as I’m pretty sure others appreciate my advice as well. In the end, follow through with the decisions that make you feel comfortable.
Once again, thanks for leaving a comment.
This comment is unrelated to this post. I came to your site reading your Woofunnels review post and wanted to ask you whether you recommend it or not?
I have a few more questions.
Do you create the cartoon? It’s so cute. If not, where do you purchase it, and may I know what pop-up you use for the exit intent?
Appreciate your reply.
Hey, Anis. I hope you’re doing great, my friend.
Woofunnels is not a bad plugin, but I’m sure you can find a more useful one for a slightly higher price. It’s up to you.
I create my graphics, but you can outsource yours for cheap through Fiver or other similar platforms. Just ask the designer to develop a set of custom cartoonish characters and tell him all the specifications. It shouldn’t cost you more than $100.
I use ConvertPro as my popup software.
I hope that helps.
Hi Gorjan, how interesting.
This topic of cryptocurrency has my full attention. I bought some different ones, and they have been going up and down consistently. I only pay attention to Ethereum and Bitcoin, but the others seem to follow.
When Bitcoin started, I wanted to invest 250 euro, but got lost in the wallet and didn’t know how to buy, etc. Years later, I want to slap myself.
The Bitcoin was, at that time, when I wanted to buy it around ten euros of worth. Can you imagine? I would have purchased 25 coins; today’s value is unbelievable, but instead, I self-sabotaged myself.
Now I have spread the buy on several cryptos, and I hope, like others, that there will be a rise again.
However, I am also into affiliate marketing, and I’ve heard nothing but good about Wealthy Affiliate. I’m not a member myself, but after reading your review, I might as well consider becoming one. 🙂
The part where you say that others follow made me laugh for some reason. I guess it has to do with the fact it’s true.
Please don’t feel bad about not investing years ago because it will lead you nowhere. I understand, and I might even add that I was you once.
Instead, focus on learning more about the market and understanding how experts are trying to predict the fluctuations. The accent falls on “trying to.”
It’s a good thing you’re familiar with affiliate marketing. My advice would be to focus on that since it’s more reliable long-term-wise and look at this crypto-stuff more as a side-hustle than a primary source of income.
It’s up to you, Sylvia. Either way, I’m here if you need anything.
Hey Gorjan, such an exciting post!
I have been thinking of investing in this type of cryptocurrency for a while, like Bitcoin or the likes of that, but haven’t dared to jump in.
Your post is an easy read, and you show a good breakdown of how this works, especially outlining info on the Dogecoin.
This is the first I have heard of Dogecoin, and you are right. Unless you know what you’re doing and understand how to invest, you can get into many depts!
I was thinking of Bitcoin. That’s the only one I know, but again how much does one invest?
How about you? Did you get the fevered rush and get anything out of this type of investment?
The question is, are we talking about coins?
Dogecoin sounds excellent and relatively easy to follow, investing small or big for almost anything, but again where do you draw the line and STOP!
It’s great how you recommend Wealthy Affiliate as your way to make money online and how it’s not a quick fix.
As I understood, it does require a lot of hard work and plenty of commitment to daily challenges, but as you said, it’s because, ultimately, you will reap great fortunes in the end.
Thanks for this information. It has opened my eyes to what goes on behind the scenes and to trade cautiously, as it can also be quite addictive!
I am glad you are doing well with affiliate links. You must be putting out brilliant reviews! I may drop you a line one day on ‘How to’ lol.
Good luck with your future ventures. 🙂
If you’re genuinely interested in investing in Dogecoin or other similar cryptos, I would advise you to put in as much money as you’re willing to lose.
Personally, I never felt a fevered rush myself since I was almost aware that it’s not healthy long-term-wise. I did feel a bit bummed out, you might say, when I missed the Bitcoin wave, but in the end, it all happens for a reason, and I’m perfectly okay with that.
The market is indeed tempting, but it comes at a cost, and sometimes, that cost doesn’t have to do anything with money.
I prefer performance-based business models since my earning aren’t dependent on external factors, but only my commitment and the amount of time and effort I’m willing to invest in getting to where I want to be.
The choice is yours, Julia. Just know that you can ask me for help whichever path you choose, and I sincerely hope to see that “how-to” link from you one day.
Good luck to you as well
I’ve heard about Bitcoin and other cryptocurrencies but not dogecoin.
For some reason, I have difficulty trusting this type of online currency.
It perhaps has to do with the fact I come from the old generation where you held your money in the bank. Even when Paypal was founded, it took me years to believe it. lol
But, let’s say I have bitcoin or other currency. What happens with the taxes? Are you obligated to declare this currency to the government?
I understand. I had this conversation with my mom the other day, and she feels the same way. I guess it’s just a generational thing.
As for the taxes – it depends where you’re living.
I’m currently living in Dublin, Ireland, and here, crypto investments are treated just like stocks, and you have to pay a 33% Capital Gains Tax.
In the States, cryptos are classified as assets similar to property, and therefore, you’re also obliged to report any transactions for tax purposes.
The only way you’re not paying crypto-tax is by moving to a country where it’s not regulated as much or at all.
Out of all the crypto’s out there, Doge is a trendy one. I’ve only been in the crypto world for a concise amount of time myself, but I’ve been watching the market and taking risks here and there.
My word of advice to myself, never invest more than I’m willing to lose. With this mindset, I’ve only invested small amounts here and there in each coin that has shown to be favorable over an extended period.
I don’t often look at the last day, week, or month. I like the 1 yr, the 5 yr and the overall. With the coins that have held a horizontal line through the years, I often leave them alone.
The ones that started small and have consistently grown are the ones I’m into. Show me steady growth over a long-term period, and once you’re down, I buy.
Today was one of those days. I have to admit, I went a little crazy with the market this morning, but I’m glad I did.
Now I can sit on my money and just watch and see what it does over the next few months.
Thanks for sharing this!
Katrina
I like the way you’re thinking, and I’m pretty much the same.
To all of you that might be reading this, please listen to Katrina’s advice and focus your energy on sustainable, long-term investing. Rarely who has made a million dollars overnight, so please don’t let that thought dwell on you. It leads nowhere. I promise you that.
Great article!
I know very little about cryptocurrencies, and so, you have at least saved me from the need to investigate Dogecoin. It may not be a scam, as such, but it is, at best, a massive gamble!
I will be investing my hard-earned cash elsewhere because I seriously need to be able to sleep well at night. I lack a good night’s sleep as it is.
Thanks for sharing. 👍 😎
You said it best, buddy. It’s, at best, a massive gamble, and that’s what concerns me about it.
There are so many opportunities nowadays that it blows my mind why people still choose the crypto route. I guess it has to do with its popularity and all the news about making a quick buck out of trading.
As for the good night’s sleep, tell me about it. 😄
I am relatively new to cryptocurrencies and was surprised to read that there are over 4,000 on the market; it’s impressive. I used to follow the mining stocks, but now I’m learning about Bitcoin and Dogecoin by reading articles such as yours.
I’ve been into affiliate marketing lately, and the Wealthy Affiliate name keeps on popping up. I guess it’s at least worth a check.
All the best; I look forward to some more crypto articles.
How do you like the industry so far? I’d be happy to give some pointers and even share a few things to look out for as a newcomer.
As for WA, it’s definitely worth a check. In the end, you have nothing to lose since it’s completely free to start with.
And more crypto articles are coming, that’s for sure.🙂
As an owner of a dogecoin, I found this article very interesting. I did not know that the name came from a meme. Haha, that is funny.
I did, however, purchase my doge months ago, and it is just one of those things you invest in knowing it could go south, but if it goes north, well, you know.
I enjoyed reading this. Thank you for the review.
And I hope it does go South.
I wish you the best of luck in your future endeavors. 👍