What Is Dogecoin (DOGE)?
Dogecoin is an open-source, peer-to-peer cryptocurrency based on the Litecoin and Bitcoin mechanisms. It was originally created as a lighthearted joke for crypto enthusiasts, but it quickly gained popularity and has become one of the leading cryptocurrencies in use today. Dogecoin is a fork of Luckycoin, which in turn was a fork of Litecoin.
Some in the cryptocurrency world doubt its worth and consider it nothing more than a joke — and its kind of is–but Dogecoin has proven to be a valuable and important asset for many investors. In fact, some people have been able to multiply their investments in Dogecoin many times.
Who Are the Founders and Investors of Dogecoin?
Dogecoin was created on December 8, 2013, by Billy Markus and Jackson Palmer. Both programmers were interested in digital currencies but had not yet met. Palmer obtained the dogecoin.com website and was approached by Marcus, who had already created his own coin. Dogecoin was patterned after Litecoin. They aimed to offer DOGE to everyone because of the high price of BTC.
Billy Markus, a programmer who used to work at IBM, made Dogecoin in only three hours by concentrating mostly on the interface rather than the algorithms. Jackson Palmer, a marketer from Adobe Systems, came up with the concept for Dogecoin after he saw a meme that featured the Shiba Inu dog breed. Jackson Palmer, who worked as a marketer at Adobe Systems, came up with the concept of Dogecoin after sighting a meme featuring the Shiba Inu dog breed.
No mining or sales activities occurred before the debut of Dogecoin, and it was made as a jest rather than for personal gain.
What Is Dogecoin Price Today?
The current price of Dogecoin is $0.08532 with a 24-hour trading volume of $733,849,857. Despite starting as a joke, Dogecoin has become a popular cryptocurrency that has shone brightly multiple times in the past and has undergone several surges. Its rallies have been caused by remarks from celebrities such as Elon Musk and Mark Cuban, as well as by news of possible deals.
- April 2021: Dogecoin skyrocketed by over 8,100% in 2021, attracting attention on Wall Street. The rise in interest from regular investors exploring the cryptocurrency world propelled the rally.
- May 2021: Dogecoin reached an all-time high of 0.73$, an increase of over 12,000% that year.
- February 2021: The Reddit frenzy around GameStop drove Dogecoin up by over 600%. In August 2021, Mark Cuban's comment resulted in a 10% increase in Dogecoin's value within a day, and
- April 2022: Dogecoin surged once more following Elon Musk's appointment to Twitter's board of directors, resulting in an 11% increase in digital currency. In recent months, Musk has boosted Dogecoin, allowing buyers to pay Tesla's charging points and online shops.
- October 2022: Dogecoin surged by 27% in the past week, increasing from $0.05897 on October 20 to $0.07799. This rise was caused by reports of potential agreement between Elon Musk and Twitter.
Dogecoin 1W chart. Source & Copyright © TradingView
While it experienced a significant increase in value earlier in the year, it has since fallen and is currently trading at a lower price.
History of the Meme
Doge memes became popular in 2013. It shows a picture of a Shiba Inu dog with bright Comic Sans words at the top. Kabosu, a Shiba Inu, is usually in the meme, but other Shiba Inus are also liked. The words express the dog's thoughts and use simple language. The meme used a photo of Kabosu from 2010, which became famous in late 2013. Know Your Meme named this the top meme of the year. Shiba Inu dogs became significant in pop culture during the latter part of 2013. This was when Dogecoin, a digital currency that uses Doge as its symbol, was introduced in December of the same year.
Source & Copyright © Roberto Vasarri
Numerous online polls and media outlets have recognized Doge as one of the top Internet memes in the 2010s. The word "doge," referring to a dog, was misspelt and first came into existence on June 24, 2005, when it was mentioned in an episode of Homestar Runner's puppet show titled "Biz Cas Fri 1." During this episode, Homestar attempts to divert Strong Bad's attention from his work and refers to him as his "d-o-g-e," thereby marking the first use of this slang term even before it became associated with the Shiba breed. The Doge meme had an impressive impact on Dogecoin by helping to increase its popularity and gathering a large number of fans. The meme contributed to making virtual currency famous and drawing numerous supporters.
What Is the All-time High for Dogecoin (DOGE)?
The highest value achieved by Dogecoin was 74 cents, recorded on May 8, 2021.
What Is the All-time Low for Dogecoin (DOGE)?
The historical all-time low for Dogecoin was $0.0000869, which was reached on May 6, 2015.
What is the Market Cap of Dogecoin (DOGE)?
Doge market cap has fluctuated over the years following its price and currently worth around $8.4 million, making it as valuable as some of the world's biggest companies and stable top 10 crypto by market cap. Currentry DOGE market cap is $12,217,048,995 with total supply $143,158,126,383.
Doge's market capitalization peaked in 2018, when DOGE reached an all-time high of $0.45 in 2021, an increase of more than 500%, and its market capitalisation was around 72 million, surpassing companies like ING or Barclays and Credit.
How and Where to Buy Dogecoin?
DOGE can be purchased through various cryptocurrency exchanges, including Binance, Huobi, Kraken, and Gemini. However, Binance is the exchange with the highest number of trades. To initiate any operations, crypto exchanges may require registration, passing the KYC process, and creating a market order to purchase the DOGE.
How to Sell Dogecoin?
Once DOGE is acquired, it can be traded on a cryptocurrency exchange, as previously mentioned. The steps may vary slightly depending on the exchange, but the general process remains the same: register, make a market order, and sell assets.
Is Dogecoin Legit?
Despite its lack of seriousness, Dogecoin has gained popularity among crypto-enthusiasts and holds some value in the cryptocurrency marke. Although some people claim that Dogecoin lacks value and is not a serious cryptocurrency, it is still utilized as a medium of exchange and store of value, with some individuals continuing to invest in it. Dogecoin — is risky investment, even for cryptocurrency market and historically its been high risk-high reward asset.
Legal status of Dogecoin could quite differ in some countries and they may prohibit any cryptocurrency transactions at all. Be sure to research the laws of your country before any cryptocurrency activity and comply with them.
What Makes Dogecoin Unique?
Dogecoin is the initial memecoin, a digital currency that embraces and promotes the latest Internet trends and memes, or has other amusing features to ridicule or promote the cryptocurrency industry.
Its distinction is its entertaining and humorous marketing, which differs from other cryptocurrencies, which can be more serious. This helped to maintain the currency's relevance and value. Despite starting as a memecoin, Dogecoin now has mainstream acceptance and is recognized as payment by many merchants and businesses, thanks to its committed and helpful community.
Examples of memecoins include PEPE, Shiba Inu, Wojak, and other currencies, which may provide more amusement than practicality. Although memecoins may be enjoyable, they are risky investments and may possess minimal intrinsic worth.
How to Mine Dogecoin?
The mining process for Dogecoin is similar to that of Bitcoin and Litecoin, which uses a variation of the Proof-of-Work algorithm, where miners compete to authenticate transactions in a block. Successful miners earn a reward of 10,000 DOGE to verify the correct hash for the blockchain transactions. In this scenario, a block was mined every minute.
Due to high competition, many miners choose to work in a group rather than individually. Regular steady payments can be expected from joining a mining pool. A pool combines the computing powers of its members to increase the likelihood of successful mining. Members are rewarded based on their invested power.
As we mentioned, Dogecoin is based on Luckycoin, which was originally developed by Litecoin. As a result, both Dogecoin and Luckycoin used the same Scrypt algorithm. Many of these mining pools carry out pooled mining, sometimes mining Litecoin simultaneously.
How to Keep Your Dogecoin Safe
There are two main ways to safely store DOGE cryptocurrency: cold and online wallets:
- Hardware wallet: A physical device that stores private keys offline, making them resistant to malicious attacks and threats. Ledgers and Trezors are the two most popular options.
- Software wallet: A digital wallet that can be accessed from a computer or mobile device. For example, Trust Wallet and Metamask are legitimate online wallets.
Pros and Cons of Dogecoin
|Low price and unlimited supply
|No proper accountability if the cryptocurrency is hacked
|Growing and diverse community
|Created as a joke, which may affect its credibility
|Early crypto offering
|Its price is determined solely by what other people are willing to pay for it
|Fast transaction speeds and low transaction fees
|Not backed by any assets or cash flow
Dogecoin has proven to be a valuable asset for the crypto community despite being considered a joke by some. Many investors appreciate its low transaction fees, user-friendly interface, and strong community support. Its cultural status and brand recognition have rendered it a household name. However, memecoins, which are derived from pop culture, are generally unstable because of their availability and popularity. Investing in memecoins is a risky activity; however, following good security practices can help reduce risks. Remember that investing in Dogecoin or any cryptocurrency is a risky venture and should be approached with caution.