How risky is Dogecoin? The dangers of buying cryptocurrency on apps like Robinhood
Updated: 8 Feb 2021, 18:57
DOGECOIN surged in value by more than 900% in 24 hours earlier this week, encouraging amateur investors to get in on the action.
Many are looking to apps like Robinhood and UStocktrade to help them to invest in the cryptocurrency - but these come with their own risks.
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Dogecoin was initially created as a joke, a parody of BitcoinCredit: Alamy
Buying cryptocurrency is a seriously risky businesses too and you must be prepared to lose all of your cash if things go wrong.
They re highly volatile meaning your cash can go down as well as up in no time at all.
What is Dogecoin and why is it going down? thesun.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesun.co.uk Daily Mail and Mail on Sunday newspapers.
The buzz around bitcoin might not be dying any time soon as more cryptocurrency continue to soar high in value. Dogecoin is going from a meme-based crypto to become the latest cryptocurrency on the trend table rising as fast as 800% in 24hours.
Here is what to know about Dogecoin
Started as a Joke
Launched in 2013, Dogecoin was originally invented as a joke by software engineers Jackson Palmer and Billy Markus. The meme-crypto has the image of a Shuba Inu dog as its logo.
It was marketed as the “fun” version of bitcoin but to the inventors surprise it jumped 300% after China banned banks from investing in cryptocurrencies.