Dogecoin is a crypto currency that you may not have heard of. The two main coins are Bitcoin, and Ethereum which are more mainstream. But in fact, there are over 200 different coins on the market and more coming soon. Facebook even planed on having a coin named Libra but this one was canceled.
The prices of crypto currency have a big range. As of today, Kin is worth about $0.00003708. or 1$ would buy around 2645 Kin. Bitcoin was $40,000 last week but fell to $35,000 each. However, this is about Dogecoin, this is not Dog. E. coin it is more like Dough + g the g is soft as in giraffe, or Doughj. This coin was made to be instant, and free from traditional banking fees. Today it is used for online tips and other small transitions. Officiality Dogecoin is a decentralized, peer-to-peer digital currency that is easy to send money online, like an internet currency.
I use Robinhood to do some quick trades on the stock market and was looking at what was available. Robinhood is an app that makes stocks and cryptocurrency easy to trade (more on this later). Dogecoin popped out at me and had to take a closer look. The silly sounding coin with a dog as its meme, and the price was low, from what I could see. The price was $.008 or around 125 for only one dollar. Bryna and I both decided to put in $100 and see what happens. I ended up starting with $94 and had over 11,000 coins.
Most of the time when stock goes up or down a penny $.01 there is not much to be said. However, when you start a $.008 and it goes up a penny you more than doubled your investment. Dogecoin not only went up to $.01 it went as high at $.08 and settled back down at just under $.06. Even at $.06 doesn’t sound like a lot but with an initial investment of $100 it is now worth around $660. This happened in just a few short hours. We both decided to invest more and together we ended up with around 30,000 coins. This is still not a lot of money or coins but being very volatile we didn’t want to risk too much.
If you follow the stock markets at all, you will see GameStop we up from less than $100 to $500 in a couple of day. GameStop went up for several reasons, none of them were based in the financials of the stock, but mainly driven by the Reddit community. The same community started talking about my favorite coin Dogecoin, which pumped the price up. Another reason for the jump in price is Elon Musk (founder of Tesla and others) tweeted about Dogecoin again. Last time Musk tweeted Dogecoin doubled in price in a couple of day, the same thing may happen again.
Last week I was going to a review of the three trading programs, including Robinhood. At the time I would have giving Robinhood a good review, being easy to use but not as much information as TD Ameritrade. But when they stopped individua’s from trading in GameStop, Blackberry, some cryptocurrency, and other companies I now have to question the company.
I don’t believe GameStop is a good stock buy, but people should be able to make up their own minds and buy whatever stock they want. If they lose money, well that happens, and it will be a lesson learned. But taking away the ability to trade made me upset, even though I did not plan on buying any of the stocks that were banned
With a price under $.04 it still cheap, but this is a highly fluctuating market, and there is no way of knowing if it will go up or crash back under a penny. I am glad we took the risk, and so far, it is paying off. If the rally continues, I will be happy, but if it crashes, I will buy more and wait for the next bump in price.
If you live in the US then Robinhood is the easy way, they have a website, android and IOS app. You have to link a bank, and it will take a couple of days for the money to transfer. You can also buy and sell stocks for free. Right now, many people are mad at Robinhood because they stopped trading of certain stocks, and you have to wait days for the money to become available to purchase crypto. Last week Robinhood gave you free credit so when you transferred money you could use it right away, but as of Friday, you can’t use it to buy crypto like bitcoin or Doge until the money is sent from your bank.
The one thing Robinhood will do, when you open an account and make an initial deposit you will receive a free stock, and if you use my referral link, I will also get a free stock. Chances are the stock will worth around $3 but can be up to $225. My referral link is join.robinhood.com/christb-314572
If you live outside of the US check out Binance.com, they only sell crypto, but I am unable to open an account in the US so I don’t know much more about it but will look into it. I heard the setup can be difficult but as soon as they see where I live, I can’t go any further.
