Dogecoin (DOGE) has soared this week, with investors sharing their gains across social media, backed by SpaceX founder Elon Musk. The iconic dogecoin image comes from a meme of a Shiba Inu, with the currency beginning two years ago as a joke. However, the cryptocurrency has spiked in popularity over the last few days.
Crypto watchers have been amazed at the staggering run this week, however, some have said the highs are not to last.
Adam Levine, Head of Podcasts at CoinDesk told Express.co.uk: “Dogecoin was a project that was abandoned years ago by its founders and developers if not its fans, a project that was in such a weak state that it could not power its own blockchain infrastructure and hitched its proverbial wagon to another early cryptocurrency called Litecoin which seemed more likely to survive where Doge might not.”
“There seems to be a “consensus” unofficially among the Elon Musks, Slim Jims, Mark Cubans and a big part of meme culture that Doge is the joke currency to beat, so anyone who wants a joke currency gets it and it gets tons of media attention because of it in a self-reinforcing cycle.
“Now, this could all end very badly, lots of people buying doge at these prices don’t know the true story and as they say, easy come easy go, but at least for now it sure looks like Dogecoin is the Gold Standard of Joke Currencies, and just maybe that’s enough.”
This is because the broker has seen a skyrocketing demand and so a few days ago disabled instant deposits for cryptocurrency purchases.
For those using the highly popular crypto exchange site Coinbase, unfortunately, it does not offer trading in DOGE.
You can also opt for NDAX, Changelly and Uphold.
However, anyone seeking to invest should do their research first to learn which site would be best for them.
Whichever exchange you decide will most likely require you to create an account with them.
To do this you will need to provide personal details such as an email address, your home address, phone number and date of birth.
You will also need to have your card details to hand in order to deposit funds and begin trading.
Any would-be traders should keep in mind prices can go down as well as up, meaning you could potentially lose money.
There are hundreds of beginners guides, how-to videos and more online if you get stuck.