The meme-inspired cryptocurrency Dogecoin (CRYPTO: DOGE), whose mascot is the Shiba Inu dog breed, took the crypto investing world by storm earlier this year, running up from half a penny all the way to around $0.70 in May. Currently, Dogecoin, which has the 10th largest market cap of any cryptocurrency, is priced around $0.20. There has been much debate over whether Dogecoin is a legitimate investment. Let's look at the bull and bear cases.
Adria Cimino: Dogecoin started as a joke. Co-founder Jackson Palmer tweeted about investing in the then-nonexistent Dogecoin to poke fun at the number of cryptos popping up here and there. When the idea of Dogecoin gathered momentum, though, Palmer decided to make the crypto a reality.
That was back in 2013. And since then, Dogecoin's gains are no joke. Just this year, the coin has climbed more than 3,500%.
Source Fool.com