5 Best Cryptocurrencies to Invest in According to Reddit

2. Dogecoin

Dogecoin is placed second on our list of 10 best cryptocurrencies to invest in according to Reddit. It is a crypto payments system created by Billy Markus and Jackson Palmer in 2013. The ironic thing about the popularity of Dogecoin, which has crossed $54 billion in market capitalization over the past few months, is that the currency was created as a joke. However, due to the decentralized nature of the blockchain ecosystem, the hype around the coin has led to a dramatic increase in value. Dogecoin is one of the most popular coins on Reddit. 

The rise of memecoins like Dogecoin has been facilitated in large part by celebrities like Elon Musk, the eccentric billionaire and chief of Tesla, Inc. (NASDAQ: TSLA), the California-based EV maker. Tesla, Inc. (NASDAQ: TSLA) has been bullish on the crypto industry and was one of the first mega cap firms to accept crypto as payment for product sales.

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA)  with 24.4 million shares worth more than $16.3 billion.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”