Ben Hedges - The Business Shifu's video: What is DOGECOIN and Why is the Price SURGING

➡️ Check out Webull (2 free stocks): https://bit.ly/325EzCt​. 📈📈📈📈 💰💰💰 Dogecoin is a cryptocurrency that was created as a joke. A joke. Yet now it’s going to the moon, in the past two weeks the price of this meme coin featuring a Japanese Shiba Inu dog has risen from about 1 cent to 7 cents. The market cap on Dogecoin is now about 9 billion dollars, which is comparable to companies like western union and under armour. Which is crazy for something that is supposedly just a joke. So in this video we are going to look at exactly what Dogecoin is and why the price is surging. If you like the sound of that, keep watching, and subscribe to the channel for more videos like this. So Dogecoin started back in 2013, to quote the Wall Street Journal “to serve no real purpose other than generating a few laughs.” The name comes from a meme that was created that year featuring a Japanese Shiba Inu dog, with comic sans font, the words are often written in misspelled English, apparently representing a kind of internal dialogue. And that is also why the word Dog is misspelled with an E to make Doge... The coin was invented by Jackson Palmer and Billy Markus who each owned a certain number of coins. Markus sold all of his Dogecoin in 2015 and was able to buy a used Honda Civic with the money. It was also around that time that many in the Dogecoin community got cheated out of their Dogecoin by scammers and interest in the coin started to wane. There was a brief renewal in interest in the coin in 2018 and it broke through the 1 cent level. At that time co-creator Jackson Palmer wrote in Vice: “When I jokingly tweeted about “investing in Dogecoin” in late 2013, I never imagined that the tongue-in-cheek cryptocurrency I had just brought into the world would still be around in the year 2018, let alone hit a $2 billion market cap like it just did over the weekend.” But the meteoric rise didn’t really start until January 2021 where the coin’s price started to explode. On January 28th, reddit traders started buying into Dogecoin, gamestop style, the price rose 88% in one hour and continued to rise, hitting the 4 cent level the next day. Then Elon Musk chimed in with this “Dogue” magazine cover on Twitter and he kept on tweeting, relentlessly, calling Doge the people’s crypto. Then other celebrities such as Snoop Dogg chimed in with this picture and Gene Symmonds from Kiss, who said he bought 6 figures with of Dogecoin. Basically these celebrities seem to have been propping up the coin. Now one interesting thing is that there is one crypto wallet that owns around 28% of all Dogecoin in existence. This mystery investor has spent an estimated $75 million dollars buying Dogecoin over the past few years, but the wallet is now worth just under 3 billion dollars! The craziest thing is that the individual on February 9th placed 20 transactions which added up to 28.061971 Dogecoins. This just happens to be Elon Musk’s birthday the 28th day of the 6th month 1971. 28th of June 1971. So is this Elon? He did boast on Twitter on February 10th that he had bought some Dogecoin for his son. I like to think that if it is Elon, he will not sell and crash the price of the coin, like he said, it is the people’s crypto and him holding 28% of it would have a stabilizing effect on the price. And when he has only invested $75 million in it, as a billionaire, it is the same concept as me throwing $100 bucks in for a laugh! Basically its all for the memes! And that is an important thing to remember with Dogecoin, one of the two founders,Billy Markus, said: “The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, It doesn’t make sense. It’s super absurd. The coin design was absurd.” That is because the coin does not have the fundamentals to back up the price. There are not a finite number of coins, like with Bitcoin that has only 21 million and as they get harder to mine and demand increases the price is guaranteed to increase. So the Dogecoin price is really determined on how many people want to invest in it. Elon Musk himself warns investors about heavy speculation in Dogecoin. Because really what Dogecoin is about is the memes and the fun. The coin has been associated with charitable giving. They raised $50,000 to send the Jamaican bobsled team to the Winter Olympics in 2014. They finished in last place, but that isn’t the point, it is all about the memes. The fact that Jamaica has a bobsleigh team is itself a meme. Anyway, so I would say by all means throw $100 bucks into Dogecoin and hey if it goes to $1, which is probably wont, but if it does, you’ll have $1400 bucks. Billionaire Mark Cuban, says that while it has no intrinsic value it is fun and it quote: gives you a better chance of winning than a lottery ticket, all while teaching the economics of supply and demand and introducing people to crypto assets.