October 27, 2021

What is Dogecoin?

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.

Dogecoin describes Dogecoin as “the internet currency”.

The Shibu Inu is a Japanese breed of dog that was popularized as an online meme. “Doge” is a Shibu Inu and Dogecoin’s friendly mascot.

Dogecoin’s Community members are referred to as Shibes.

As a true cryptocurrency, Dogecoin provides users with a completely anonymous, decentralized, and secure environment.

Dogecoin holders can use Dogecoin to buy goods and services or trade them for other currencies.

Holders are also known to use Dogecoin to “tip” fellow internet-goers who create or share great content.

Who invented Dogecoin?

Jackson Palmer and Billy Markus created Dogecoin.

Dogecoin was born as a concept in 2013 and launched in December 2013 by engineers Jackson Palmer and Billy Markus.

Before the creation of Dogecoin, the two engineers had reportedly never actually met in person.

There are multiple ways to obtain Dogecoin, including getting tipped on the Dogecoin community and mining them.

You can also buy and trade Dogecoin, however, on crypto exchanges that support Dogecoin.

There are numerous crypto exchanges that support the buying and selling of Dogecoin.

Based on 24-hour volumes, KUCOIN, Binance, have the largest 24-hour Dogecoin/USDT trade volumes at the time of writing.

Other popular exchanges supporting the buying and selling of Dogecoin include:

CLICK HERE

What is going on with it now?

Its rise to fame has led to a far wider acceptance of Dogecoin.

Across the U.S, CoinFlip announced in early 2021 that people could purchase Dogecoin at 1,800 ATMs across 46 states.

Through the early part of 2021, Dogecoin had hit the crypto news headlines as more famous members of the crypto community began to plug Dogecoin.

Unlike other cryptos, such as Bitcoin and Litecoin, there is an infinite number of Dogecoins. As a result, Dogecoin will not face the same supply and demand outlook as the likes of Bitcoin and Litecoin.

While the endless supply means that the upside for Dogecoin may not be as meteoric as Bitcoin’s, there are also benefits.

The endless supply does mean that Dogecoin is ideal for smaller transactions.

At the time of writing, DOGE stood at $0.0575. While well below the January 2021 all-time high of $0.1004, DOGE has managed to retain much of its 2021 gains.

The crypto newswires contributed to late January’s spike and the upside for the current year.

Year-to-date, Dogecoin was up by over 1,000%, with the Dogecoin Shibes looking for a return to $1 levels.

As the community grows and Dogecoin becomes more widely accepted, more plugs by the crypto elite would support a return to $1 levels.

What are the risks of investing in Dogecoin?

As is the case with any crypto, the volatility alone means that investors must trade Dogecoin with care.

As previously mentioned, the other issue that Dogecoin holders face is the endless supply.

This means that any intrinsic value could be diluted as the crypto market gets flooded with more Dogecoin.

As Bitcoin and Litecoin gain market interest, their finite supply remains an allure that Dogecoin is unable to compete with. This leaves holders facing downward pressure as the broader market makes ground.

On the tech side, there have been no material changes to the Dogecoin blockchain in recent years. This means that Dogecoin could also become dated and fall behind its peers.

There have been reports of Dogecoin Shibes leaving the Dogecoin community in favor of more current platforms.

As things stand, the Dogecoin community has been key to delivering price support. The community has, in the past, raised funds to return monies to those who have been hacked.

Once the community begins to weaken, Dogecoin may lose ground without any blockchain enhancements.

Why is Dogecoin so popular?

In the early years, Dogecoin’s almost instant popularity was attributed to the founders’ lightheartedness.

While a number of crypto communities were battling it out, Dogecoin was meant to be a joke.

More significantly, however, was undoubtedly the generosity of the Dogecoin Community.

Not only did the community raise funds for multiple charities and good causes but also raise funds to cover losses faced by hacked Dogecoin holders.

To this day, the Dogecoin Community remains integral to the ongoing success of Dogecoin and its continued popularity.

Celebs and Dogecoin

A number of crypto celebs have surfaced and 4, in particular, have plugged Dogecoin, contributing to its early-2021 surge to $1.

Elon Musk, Gene Simmons, Mark Cuban, and Snoop Dogg are perhaps the most famous of them all.

Tesla Motors CEO Elon Musk single-handedly drove Bitcoin to its current all-time high $61,699 and Dogecoin to its all-time high.

After Tesla Motors’s purchase of Bitcoin and its acceptance of Bitcoin as payment, the Dogecoin plug had hit in the midst of the crypto market frenzy

As more prominent crypto advocates plug the likes of Dogecoin, the markets will be looking for fresh highs.