Dogecoin

Dogecoin: From Jokes to Record-Breaking Trading Volume

Business Magazine Money

“Dogecoin has taken the internet since Elon Musk tweeted about it, its price shot up after everyone started buying it and even hundreds of people made millions of dollars from it”

 

Clearing doubts on Dogecoin

Dogecoin is one of the most famous and strangest cryptocurrencies on the planet, it started as a meme in 2013 creating a storm on the internet at that time. It stayed unnoticed until 2020 when Elon Musk tweeted about it. It stands as the fifth most valuable cryptocurrency on the market, its value has increased more than 6000 percent so far in 2021, its price doubled when Elon Musk tweeted about it and it created a shortage of Dogecoin in the market. Even many trading systems crashed due to the high number of transactions.

 

Dogecoin, the beginning of great currency

Dogecoin is one of the easiest and fastest methods or cryptocurrencies that can be bought or sold like an investment, it also gives the perks to spend it like money or transfer it like funds to anyone in seconds. Like all other cryptocurrencies, it allows making safe and quick transactions sometimes even faster than Bitcoin. 

 

Dogecoins vs Bitcoins

Dogecoin has many incredible qualities over Bitcoin which makes it unique. There are about 129 billion coins in circulation if compared to bitcoin that has about 21 million coins in circulation; it roughly estimates why the price of bitcoin is higher than dogecoin. From this, we understand that the fewer the availability is in the market the higher is their price and once the number of things increases the price starts to decrease as the supply rises.

bitcoin vs dogecoin
Image Credits: Fintra

Increasing supply numbers of dogecoin

Its numbers are continuously increasing every day as more and more miners are mining them. We have seen that using cryptocurrencies items or services can be bought over the internet even Tesla cars using bitcoin but currently one cannot buy goods using dogecoins due to their less acceptance as money in the market. But as it is gaining more popularity it is expected that more online stores will accept dogecoin. 

 

The story behind Dogecoin

Dogecoin was created and launched in late 2013 by two engineers Billy Markus and Jackson Palmer, Palmer featured the company logo and selected Shiba Inu dog picture which was a popular meme back then. Even the name DOGE was deliberately misspelled to describe the Shiba Inu dog. Undoubtedly dogecoin was created to make memes and joke about bitcoin but no one knew it would come this far and the whole market would revolve around it. 

 

Changing market structures and internet architecture.

It’s no more just a meme, its price has increased like nothing else breaking all records of the price surge. The internet served to be the number one source of Dogecoin’s publicity as it was a meme and memes never die. Elon Musk is considered to be the top influencer who sent Dogecoin’s price to the sky or even the moon by his tweets.

 

Manifesting the potential of blockchain

  • Like all other cryptocurrencies Dogecoin runs on blockchain technology, one can make transactions very easily, quickly, and safely due to this technology. The blockchain is a type of technology that allows transactions to be safe and secure, only the person owning the coin or simply the data can make changes and no one else. Also, it’s impossible to hack as the data is stored in millions of places all around the world. More and more Dogecoins are added to the market by miners every day and in return for the mining, they earn dogecoins.

 

What is mining?

Mining is a complex process that uses algorithms to find more and more coins.

 

Things to know before buying dogecoins.

  •  The simplest way to purchase Dogecoin is to create a wallet and then wield one of the valid exchangers. One needs to have Bitcoins or other cryptocurrencies that will be exchanged to Doge.
  • Dogecoin has various security grades and is almost impossible for hacking.
  • Dogecoin was developed as an archetype of Luckycoin, which is built on Litecoin technology.
  • Doge gambling enables one of the highest levels of withdrawal rates and it is one of the protected ways to capitalize on online casino activities. Safeguarded payments within the Dogecoin chain are winning against fiat currencies’ level of security in many ways. 
  • Dogecoins mining process is very fast. Within the first year of existence, 100 billion coins were mined. Transaction payments within the Dogecoin system are approximately 1 DOGE per transaction.
  • The Dogecoin community is unique from other cryptocurrency owners’. They strongly believe in Doge’s bright future and are sure that one-day Doge will go get the moon literally and metaphorically.
  • They are awarded almost the same as “likes” in social nets, however, these tips alert the users with Dogecoins. 
  • Jackson Palmer, the creator of Dogecoin is proud that without any software updates within several years the market cap for Doge is still over $50 billion. 
  • Dogecoin is operating evidence of a work network of transactions verifying. The same system as Bitcoin.
  • Dogecoin is widely depicted in social media such as Twitter and TikTok. In 2020 the Dogecoin TikTok challenge started.

 

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