What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital cryptocurrency. It was originally introduced as a “joke currency” on December 8th 2013 and then dogecoin quickly developed its own online community and following.
Dogecoin is a fork from the Litecoin system and called Dogecoin because it uses an image of the Shiba Inu dog as its logo, which became popular on Reddit during 2013.
Dogecoin’s price goes up every time Elon Musk mentions it in a Tweet. Some people made millions of dollars off Dogecoin, but the price fluctuations are so extreme that we can’t in good faith recommend it as a crypto investment.
Can You Buy Dogecoin on Wealthsimple?
Yes, you can buy Dogecoin (also know as Shiba Inu Coin) on Wealthsimple and hold it as if it were a stock!
You should know though that you can only cash out your Dogecoin for Canadian Dollars, but you can’t send Dogecoin to an external Dogecoin wallet address that you have. If the value of Dogecoin goes up you can still cash out a reap the rewards, but if you want to sent money to a Dogecoin wallet Wealthsimple isn’t the best option.
In conclusion, dogecoin has some very interesting aspects but it remains difficult to justify as a crypto investment due to its extreme price fluctuations. The dogecoin community is vibrant and growing every day though so doge-lovers rejoice!