Why Elon Musk Loves Dogecoin and Reasons You Should Avoid It

Have you ever thought of the question why Elon Musk loves dogecoin? Dogecoin is a cryptocurrency that was created back in 2013 but unlike other crypto coins, it was literally created as a joke and is most popular for its meme status. Despite this, it has since become one of the most popular cryptocurrencies in the world. So, why is Dogecoin so popular, and why does Elon Musk love it?

In this blog post, we will take a closer look at Dogecoin and break down why the hell this meme coin is so popular, and why Elon Musk keeps tweeting about it?

What is Dogecoin?

Wow – this is a bit of a loaded question but I’ll keep this simple. Dogecoin is a cryptocurrency, created in 2013 by Jackson Palmer and Billy Markus, with the intention of being nothing more than a joke version of Bitcoin (the largest market cap coin in the crypto market).

If you’re on social media, you would have definitely seen the Dogecoin logo (the Shiba Inu dog giving some serious side eye). The dog meme and its name are what brought this crypto asset into mainstream popularity.

How Has a Meme Coin Become So Bloody Popular?

Dogecoin is growing in popularity for many reasons. Firstly, incredibly easy to use and can be sent anywhere in the world for next to nothing. It also has a very active community that is constantly creating new content and memes. And finally, let’s not forget that it’s based on one of the most popular internet memes of all time.

Let’s get real for a moment though. For something that was created purely for shits-and-giggles, it has since become one of the most popular cryptocurrencies in the world (ranked #13 at time of writing this blog).

Let’s look at how, and most importantly, why?

Be Careful Out There

It’s important to remember that investing in any cryptocurrency is risky business. Although the market is bringing new-found wealth to the masses, when it comes to Dogecoin, making money is down to luck!

Some are very lucky, invest in Doge and make a fortune! The majority just lose everything. Before making any investment it’s incredibly important to do your research first, and only invest what you can afford to lose. As for investing in Dogecoin, it’s not for the faint hearted and remember that the volatility of this coin is extreme.

Get Rich Slow

Don’t be one of those people that get suckered by Dogecoin (or other meme coins for that matter), there’s no need (unless you love to bet and lose money). Unfortunately, no-one can trick the market, and if you’re wanting to invest and earn from crypto properly, I’m afraid that you gotta put in the work and learn.

In the words of our incredible Investing Mentor (and crypto wizard) Tom, there is no way to get rich quick. “Get rich slow!”

 Why Elon Musk loves Dogecoin?

As we know, Dogecoin has become one of the most popular cryptocurrencies in world with a highly active and loyal community. Additionally, sending payments using “Doge” as payment method can be done anywhere around globe at no cost whatsoever! This makes investing/trading this crypto extremely risky because price action is so volatile and impossible to predict where it will go next – but it’s also why Elon Musk loves it! Still asking why Elon Musk loves dogecoin?

Elon Musk first started tweeting about crypto in 2021 which had a surprising impact on the market. His relationship with crypto hasn’t always been smooth sailing but in the case of Dogecoin, where he’s openly tweeted his support for it on numerous occasions, sending the price action to the moon and back.

It doesn’t stop there! The billionaire has brought Dogecoin into the forefront of his companies, with Tesla and SpaceX now accepting Dogecoin as payment. Musk also intends on literally sending crypto to the moon in this year, via a satellite aptly named, Doge-1.

Learn For Yourself

Generating wealth has never been easier and the internet offers a world of opportunities for budding investors. Crypto is pretty damn exciting but it’s not just about the money. It’s a movement towards financial independence and removing the middle man from transactions, as well as making data storage safer and the world a fairer place. This is why meme coins such as Doge are so volatile as they serve little purpose.

Learning about crypto is quite an adventure but it’s important to understand the market, how to navigate it, how to appropriately manage risk and also, find projects with longevity to invest into.

Understanding the general principles of investing is critical. Having the ability to remain humble when price action is rallying, then stay strong when the market falls on its ass is what makes or breaks a crypto investor. It’s all down to knowledge and retaining conviction in your projects of interest.

Crypto in the Lab

At The Lifestyle Lab, we have an awesome library of crypto content, with our tutorials starting at beginner level and mentorship for more experienced learners. As well as a highly passionate community where the chat runs 24/7.

To find out more about cryptocurrency and how you can kick start your crypto journey, download our free playbook here. 

Please note that the content of this blog does not constitute as financial advice and is purely for information purposes only. Always do your own research before making any investments

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