Reasons Why Dogecoin Is So Popular Among Millennials
The majority of individuals still find most aspects of digital assets, particularly cryptocurrencies, to be highly alluring yet remain reluctant to make investments in them.
Depending on how we approach the issue, factors like high volatility or even an unstable market, which the cryptocurrency market undoubtedly is, don’t help. However, once you become familiar with the system and are aware of all the advantages of cryptocurrencies, this trend will change for you as it is already changing for most people around the world.
Of course, the fact that one might become extremely wealthy very quickly with a few wise purchases and trades also helps explain why people are becoming more and more interested in these coins. Fortunately, more people are now willing to consider investing in the cryptocurrency market.
Even if there are thousands of coins available, the ones that first came into existence, like BTC or ETH, are still the most popular because they have already shown that they are a reliable and secure investment over the long term, even though the newer coins may appear to be the most promising. Enter Dogecoin.
The Dogecoin Mania
Although Gen Z and millennials know the potential risks and hazards that come with cryptocurrency investing, they are very aware of and appreciate the advantages of investing in cryptocurrencies. Given this, it is not surprising that millennials place such a high value on cryptocurrencies; yet, Dogecoin stands out as the most well-liked coin, and it is safe to say that millennials are completely enamored with it.
There are many possible explanations for why this occurred, and depending on how you view the situation and approach the subject, you might reach different conclusions. But one thing is certain; the DOGE currency is and, it appears, will always be the millennials’ preferred cryptocurrency.
Let’s look at the specifics and how the excitement surrounding Dogecoin first began to try to better understand why people are so fixated on this particular coin.
What Began It All: A Meme
Memes had a major role at the beginning of everything, or to be more exact, one particular meme. It seems that millennials enjoy memes, which is also why they are so fond of DOGE, and the famous dog meme, in particular, plays a significant role in this.
In addition to memes, there are two more important factors of why people fell in love with cryptocurrencies and especially DOGE. On one hand, many people believe that investing in cryptocurrencies is the ideal method to increase profits and make a lot of money. Others, on the other hand, believe that investing in cryptocurrencies is the best method to safeguard their wealth, especially given the current state of affairs in the world.
When we combine all three of these elements, Dogecoin started to gain popularity on a global scale, with one group controlling since they possess the majority of the coin.
A Way To Communicate
When Dogecoin was first introduced in 2013, many people had doubts about its value and applications. In addition, because of its enormous popularity, particularly among online groups on Reddit and Twitter, its value has also surged, surprising many.
It’s just so humorous, and it also gives millennials a way to voice their disagreements and opinions about the system as a whole. This is one of the main reasons why millennials love it so much. Of course, in today’s world, it has far more significance and influence on the worldwide crypto market than just being a joke or something to make people laugh.
Since Dogecoin now offers a significant investment potential, others are now following the trend that was initially established by millennials and their investment in DOGE.
The Elon Musk Impact
We are all aware of the several factors that can cause the cryptocurrency market to shift quickly, but among them, what potential major investors may say or tweet can also have a significant impact. That is exactly what occurred, not only with Dogecoin but also with BTC.
In particular, one tweet from Elon Musk was sufficient to start a domino effect that led to a sharp increase in the value of BTC. Imagine what that did to a coin that is far more volatile, like Dogecoin, when Musk’s business Tesla started spending millions on this cryptocurrency.
All of those investments have significantly influenced Dogecoin’s rise to prominence as one of the most profitable cryptocurrencies overall. Additionally, as many people are drawn to invest in something when a well-known individual or business does it or even suggests it, we reach a point where these investments by Tesla and other corporations were a big success and were awesomely embraced by millennials.
It’s obvious that Dogecoin is much more than just a concept, even though the original concept was more about it being humorous and utilized more as a tool to challenge the system. Although its potential is unknowable, it is obvious that millennials have a remarkable amount of market power.