Each week, Benzinga conducts a survey to gather sentiment on what merchants are most enthusiastic about, interested by or occupied with as they handle and construct their private portfolios.
This week we requested 1,000 Benzinga readers on why they purchased the favored meme cryptocurrency Dogecoin (Crypto: DOGE).
What Is Dogecoin?
Dogecoin was launched as a joke in 2013 to assist elevate public consciousness of the capabilities of blockchain expertise.
The cryptocurrency’s mascot, the Shiba Inu, is predicated on the “doge” web meme.
Although Dogecoin was initially supposed as a joke, it’s gaining momentum in 2021 due to its vibrant and passionate on-line group.
A short historical past of the cryptocurrency reveals Dogecoin has been concerned in various extremely public information tales, together with its profitable $50,000 fundraiser to ship the Jamaican Bobsled Workforce to the 2014 Winter Olympics after they certified however didn’t have the monetary backing to attend.
Why Are Merchants Shopping for Dogecoin?
So, why are merchants and traders flocking to Dogecoin? Many respondents to our research cited the movie star affect for his or her choice to leap in and purchase the cryptocurrency.
Earlier this month, our group coated all the celebrities who’ve publicly backed Dogecoin, together with OnlyFans star Mia Khalifa, who spoke to ZingerNation earlier this month, discussing Dogecoin and different meme shares she purchased throughout the GameStop saga in January.
A big group of respondents stated that accumulating a lot of Dogecoins will be executed for a pittance in comparison with the likes of Bitcoin (Crypto: BTC) and Ethereum (Crypto: ETH), this was their probability to speculate and get their ft moist in a cryptocurrency after they in any other case have not earlier than.
Dogecoin was buying and selling at $0.054 on the time of publication, off its all-time excessive of $0.087.
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