CLINTON TOWNSHIP, MI – I have never been much of a gambling man. That’s why it is rare that you would ever see me in a casino or purchasing lottery tickets – unless the jackpot is extreme. Over the years I have owned stock but those were shares that I acquired when I went to work for a company that had stock to trade and it was part of my being employed by them. In my 58 years of being on this earth have I held a stock that made money. But two weeks ago a news story caught my attention.
Most of us have heard about cryptocurrency. Namely Bitcoin which is the largest of them all. But this news story was not about Bitcoin. It was about another called Dogecoin. After the news story was done airing I had to know more about this so I dropped everything I was doing and started doing some research on it and asking questions of those who I knew would have answers to what I wanted to know. Since the first news story that I paid attention to about this subject, Dogecoin has been profiled on Good Morning America and other highly watched programming.
Based on quick information from Wikipedia: DOGE, symbol: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of US $85,314,347,523 on May 5, 2021.
At the time that I was researching and asking questions about it, the price per share was at 24 cents. I bought my first block of shares with $50 on April 24th, 2021. I was able to purchase 179 Dogecoin at $0.2786. Within hours its was slowly gaining and I was making money. As of May 5th, 2021 I had made two more separate purchases. I now have 1733 Dogecoin to my name. As of this writing the price is now at $0.69061 and continuing its historic climb. Your wondering what is driving this? Elon Musk is going to host SNL tomorrow night and is expected to make mention of this stock.
The likes of Elon Musk touting Dogecoin had people like myself scrambling to find out with this was. Mark Cuban, who is also a billionaire in his own right and is the owner of the Dallas Mavericks announced his NBA team would allow purchasing tickets and products with Dogecoin; within two days, Cuban had declared his franchise had become the top Dogecoin merchant, having carried out 20,000 transactions. There are others such as Snoop Dogg and Gene Simmons who have have jumped in the Dogecoin pool too.
On or about April 16th, Dogecoin became the fifth-highest-valued cryptocurrency. Incredible for something that started out as a joke.
If you have the nerves to get in on something that is fun to watch and for very little money, now would be a good time to do so. Just know that you can possibly make money but you could also lose everything that you invest. This is also not a pump and dump type of market buy. Most of those who have bought in are holding it for the long haul. That is what many wished they had done when they had bought Bitcoin in its early days but as it shot up in price, many people cashed out. Now they look back and realize they made a really bad decision.
I am putting this at the end of this article. I have never wrote about a stock like this before so if some of the terms are off, you now understand why. I have very little knowledge about how the stock markets work. It all seems so confusing to me. But in this case I wanted to bring to your attention something that myself and many others are keeping a very close eye on.
If you want to see what this is all about, you can join by clicking on this link. It will take you to the Robin Hood app: Join Robinhood with my link: https://join.robinhood.com/briant-de75585 .