Everything About Dogecoin
What is Dogecoin?
Just like other cryptocurrencies, Dogecoin is also a form of digital or virtual currency developed by two software engineers. Jackson palmer and Billy Markus back in 2013. What started off as a joke gained a lot of attention lately making it one of the most rapidly increasing currencies in the market.
Dogecoin seen as a fun new way of mining digital currency online, while it is immensely secure and decentralized.
History of Dogecoin
Originally when the founders started Dogecoin, they intended it to be a joke with a dog’s face on the coin. The logo represents Shiba Inu Dog, a Japanese breed dog that got a lot of publicity and is all based on a Doge meme that got viral in 2013. The founders wanted it to be a peer-to-peer platform for digital currency which could gather a much wider demographic as compared to Bitcoin.
However, Dogecoin introduced to the world on December 6, 2013. On December 9th, that very year, just three days later, the value of Dogecoin jumped nearly to 300 percent, being 0.00095 Dollars, which used to be just 0.00026 dollars
In addition to this, the increase in the growth occurred when many cryptocurrencies along with Bitcoin diverged after China’s decision of not allowing Chinese banks. To invest in the market, being a major setback for Dogecoin having dropped over 80 percent of its value.
Not just that, millions of coins were stolen by hackers from the online crypto wallet platform. Dogewallet after the company suffered a major theft on 25th December. After this unfortunate event, a series of tweets rolled out on Twitter and a lot of people started talking about the incidence making Dogecoin. The most talked about coin at that very time.Since a lot of people lost their coins and investments due to this. The Dogecoin community started a drive called “Save Dogemas” in order to raise coins for people who suffered from the incident. Within a month, sufficient money donated to help people to recover from the losses that occurred.
Jackson Palmer, the co-founder of Dogecoin, walked out of the crypto community in 2015.
Rise of Dogecoin
As mentioned previously, Dogecoin’s value rose to 300% just within 3 days of its launch. But do you know why it happened? The reason that support it received from people with celebrity status around the planet. The most important aspect in the history of Dogecoin leading to a peak in its value was when Elon Musk. The CEO of Tesla & founder of SpaceX posted about Doge on his Twitter handle. His tweet read “one word: Doge”.
Furthermore, Musk even purchased Dogecoins for his son. Many international artists including Snoop Dogg and singer Gene Simmons wrote in favour of Dogecoin. Along with Mark Cuban. Who mentioned Dogecoin to be the strongest crypto, giving it a further boost.
Elon Musk also showed his interest in Doge again this April, saying “Doge barking at the Stars”, after musk’s tweet. A lot of people bought large quantities of Dogecoins (DOGE), making the prices go up from a twenty-four-hour low of 0.062 to 0.078 dollars, making it a 20 percent increase.
However, the reasoning for the increase in the value of Doge is due to the increase in the prices of other cryptocurrencies including Ethereum and Bitcoin, hence propelling the value of Dogecoin.
Along with all of this, Elon Musk posted a picture of a dust storm with Shiba Inu’s dog’s face on his Twitter handle on the morning of April 18th describing it as “inevitable” blowing over the global financial system. Making the DOGE run seems to be unstoppable!
Having said that, an unusual blend of factors including enormous support for the Robinhood dealers and Musk’s apparent backing of the coin has really lead Dogecoin into the mainstream. Today nearly 15 million Dogecoins are being created each day, making it of infinite supply with over more than 130.54 billion Dogecoins already in circulation.
What makes it special?
Dogecoin which started off as a joke internationally has reached great heights and one of the major reasons for that happening was because of what makes it distinguished from other cryptocurrencies available. Unlike others including bitcoin. Being the most popular digital currency to date offering a lifetime limit of twenty-one million coins, Dogecoin has no upper limit when it comes to mining. Which makes it highly inflationary never the less.Not just that, Dogecoin is mined with the help of Scrypt technology which makes it faster for users to mine as compared to any other form of cryptocurrency mining, making it a time-saving process.
Secondly, even though Ethereum, another form of crypto-currency is far superior technologically as a medium of exchange. The meme nature along with the community that admires Doge is what makes Dogecoin special.
Application and exchange of Dogecoin
Dogecoins can be traded on various online trading platforms with Kraken, Bkex, Binance & VCC exchange being amongst some of the safest platforms for trading Dogecoin.
Along with this, Dogecoins can used for multiple reasons including trading tangible and physical items and shopping. All in exchange for Doge but sadly it not accepted everywhere and hence cannot use for everything.
However, in several parts of the world, it widely accepted and usually used for tipping services, encouraging online users to tip each other to recompense deserving online contributions worthy of being recognize. So, Dogecoin can used to buy cosmetics, groceries, investments, utility services, food take-outs and can also made use of in online gaming, online casinos, and crowdfunding along with Some online social media platforms like Twitter and Reddit being used for that purpose.
Future
As mentioned previously, the prices of DOGE have been on a rollercoaster ride. As compared to USD’s value, this year since the beginning it has observed a 774% growth in its value.
Marking a 21,000 percent rally, the journey of Dogecoin from its initial value when it all started being 0.000232 dollars to its present-day value of 0.053 dollars has been remarkable. As per DOGE predictions, by the end of this year, it will continue towards reaching the value of $0.087.
Crypto investors however have predicted Dogecoin to advance at a gradual pace unless obviously if there are no tweets from elite business tycoons taking them uphill.
What started off as a joke for fun helped millions of people connect to it. Believing it to be a tribute to online meme culture.
Having said that, it has survived in the market for almost 7 years now and has been progressing gradually. Although its creators left the crypto community, Dogecoins are looking forward to staying for long.
In conclusion, if you are planning on buying Dogecoin. Do it with due diligence and after doing your own research and not just by going with the hype. Also, make sure you are ready for a bumpy ride and willing to bear the losses if at all necessary.
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