Each week, Benzinga conducts a survey to gather sentiment on what merchants are most enthusiastic about, fascinated with or interested by 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 increase public consciousness of the capabilities of blockchain know-how.
The cryptocurrency’s mascot, the Shiba Inu, relies on the “doge” web meme.
Although Dogecoin was initially meant as a joke, it’s gaining momentum in 2021 due to its vibrant and passionate on-line group.
A quick historical past of the cryptocurrency reveals Dogecoin has been concerned in quite a few 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 examine cited the movie star affect for his or her choice to leap in and purchase the cryptocurrency.
Earlier this month, our staff lined 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 mentioned that accumulating a lot of Dogecoins might be completed for a pittance in comparison with the likes of Bitcoin (Crypto: BTC) and Ethereum (Crypto: ETH), this was their likelihood to speculate and get their toes moist in a cryptocurrency once 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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