Crypto enthusiasts trade value globally and securely using Dogecoin like other digital coins. Famously featuring The Shiba Inu, Dogecoin’s primary intention was to enhance peer to peer transactions like the top coins, i.e. Bitcoin and Ethereum.
While many people invest successfully in Dogecoin, beginners might find it hard to store Dogecoin. As such, here is a quick peek of the ideal approaches:
How to Store Dogecoin
Many functional alternative wallets are available for storing Dogecoin, thanks to diversified technology. Apple users, for instance, can trade their coins directly from free digital wallets available for iOS and Android devices. Many apps are available for the exact cause to enhance easy and manageable storage.
Good for you if you are aiming for a significant Dogecoin investment. In this case, it would be best to consider a hardware wallet. It also works for individuals who plan to hold their crypto coins for a long time. One great advantage of hardware wallets is holding your coins in cold storage. That way, unauthorized access by hackers and online threats is almost impossible because all activities are offline.
In other news, Dogecoin’s success did not start today. A digital coin that entered the crypto market as a joke has established its way to one of the most recognized cryptocurrency projects. It kicked off as a fun concept to journey an incredible path of donating to charities. Dogecoin has given out about $100,000 and had a big hand in the WSB Reddit drive.
The developments aside, Dogecoin’s success story has had its rough patches. The network was hacked initially, thereby losing millions of coins to an untraceable static account. Only time can tell when the next breakout would occur. However, recent events depict a major historical event that is about to be triggered by a tweet from Elon Musk- What happened?
A Campaign Rally to Wreak Havoc
Dogecoin raised eyebrows following this year’s events. Its token spiked beyond 800% in one day from a campaign geared towards wrecking predatory hedge funds.
A group of Reddit users were behind the significant rally, with a WSB Chairman as their head. The rally took motion when Elon Musk approved the campaign strategy and this increased the demand for people to buy dogecoin using PayPal balance.
The Run Began with GameStop Stocks
The Reddit users discovered some hedge funds were short squeezing GameStop stocks. When you short or bet against a stock, you secure a loan equivalent to that stock, sell it and buy the same stocks at a lower market price. You then repay the loan and retain the difference. Shorting stocks generates significant profits, but the downturns are also massive. If the stocks’ market price increases, you’ll have to buy it at the new market value. The Reddit community used the discovery to siphon GameStop stocks.
Loss of Billions of Hedge Funds- Gain for Dogecoin?
The events caused massive loss of hedge funds in billions. The intensity of the losses had them reach out to famous trading platforms to stop people from purchasing more shares. As a result, GameStop stocks prices dropped considerably, triggering public and political backlashes. Many investors turned to Dogecoin when they realized that cryptocurrencies were harder to halt compared to stocks. Dogecoin gained its centre position back in the market to record a new all-time high that continues to spike today, all factors constant.
Angela is a senior editor at Dreniq News. She has written for many famous news agencies.