All You Need to Know About Dogecoin

Know About Dogecoin

When Dogecoin was created, it started as a joke, and later it gained momentum; by the end of 2017, it was participating in the cryptocurrency bubble, which increased the value of several coins notably. Following the cryptocurrency bubble burst in 2018, this coin lost its value, but it still has supporters who trade it regularly and it is used as a tip on Twitter.

Dogecoin: Key Highlights

  • Cryptocurrencies are based on blockchain technology and ledger-like digital databases that store information about the transactions. Every single transaction made with Dogecoin is stored on the Dogecoin blockchain.
  • Dogecoin was marketed as the “fun” version of Bitcoin with the logo of Shibu Inus. This representation suited the crypto community; besides, Dogecoin’s unlimited supply, its scrypt technology,  and adaptability are considered as a consumer-friendly version of Bitcoin.
  • When compared with Bitcoin or Litecoin, Dogecoin has faster transaction speeds. This is considered as one of the major reasons why it became a popular choice for donations or quick online tipping.
  • Few exchanges with the highest Dogecoin trading volumes are Bit-Z and Bittrex, and the best places to purchase Dogecoin are Binance, Huobi Global, HBTC, OKEx, and ZG.com.
  • If you need free Dogecoin, visit the Dogecoin Faucet website. Here you can take up tasks in exchange for free Dogecoin. Some of the tasks are filling surveys, playing a lottery game, or watching ads.

Dogecoin: Important Facts  

  • Dogecoin was created to be a more approachable and friendly form of cryptocurrency, where it could be adopted by users put off by Bitcoin complexities. The name Dogecoin was derived from a popular internet meme.
  • Dogecoin has one of the most active and largest communities in the cryptocurrency world. This community has assembled to fund for several good causes like charities and other projects; they also tried to sponsor a NASCAR driver (The National Association for Stock Car Auto Racing).
  • Dogecoin was commonly used as a tipping service, which means the users can tip other users for their valuable contributions or posts that deserve recognition. 
  • To fund the Jamaican bobsled team’s trip to the Sochi Winter Olympic games, the Dogecoin community in January 2014 donated 27 million Dogecoins, which are approximately worth $US30,000.
  • In March 2014, the community donated $11,000 worth of Dogecoins to construct a well in Kenya.
  • Since 2015, there have been no developments or technical updates on Dogecoin, when Jackson Palmer left the Dogecoin project and declared that he was going on an “extended leave of absence”.
  • Dogecoin can be brought or sold in any exchange that offers digital currency. You can store it in a Dogecoin wallet or an exchange. Also, you can tip Dogecoin in any community that accepts Dogecoin.

Where is Dogecoin Used?

Primarily, Dogecoin was used as a tip on Reddit or Twitter, as a reward for sharing or creating quality content. Users get tipped if they participate in a community that uses digital currencies, or they can get Dogecoin for free from a website called Dogecoin Faucet. You can use the Dogecoin Faucet to start interacting with Dogecoin communities.

Dogecoin’s Market Conditions 

  • As per Dogecoin News Today, Dogecoin’s price today is 0.003256 USD, with a 24-hour trading volume of 30,390,592 USD. 
  • The current CoinMarketCap ranking is #48, with a market cap of $415,279,461 USD. Dogecoin is up 2.04% in the last 24 hours.
  • It has a circulating supply of 127,540,301,617 Dogecoins, and the maximum supply is not available.
  • Some of the top exchanges for trading Dogecoin are Binance, Huobi Global, ZG.com, HBTC, and OKEx.

Dogecoin Chart

  • Even though Dogecoin’s community is flowing with optimism, experts say that Dogecoin’s prospects are bearish; Jackson Palmer, the co-creator of Dogecoin, has expressed his concerns on Twitter.
  • There are also other comments from a few people who argue that Dogecoin is one of the few cryptocurrencies that can be used as a practical currency instead of a speculative asset.
  • Dogecoin is more like an inflationary currency that mimics real-world currency. This has a negative impact on the users from holding this asset and encourages them to use other coins to trade actively. 

Has Dogecoin Been Affected by COVID-19?

Dogecoin’s value is susceptible to price fluctuation in the market, and the pandemic has brought several changes in Dogecoin’s price too. Since the cryptocurrency market is prone to volatility, the market capitalization of Dogecoin has gone too low. However, this situation prevails with almost all the cryptocurrencies that are affected by covid.

Verdict

To conclude, Dogecoin is an open-source cryptocurrency, and just like other cryptocurrencies, it is highly volatile and affected by market fluctuations. In particular, Dogecoin had experienced price changes that are fluctuating at the moment. However, there is a little upward movement in the future, where the price of other cryptocurrencies is still rocky. Entrepreneur Elon Musk’s cryptic tweet to his million followers, “One word: Doge.” got the coin’s value to spike to $0.0047. Check out DOGE Price Prediction by experts before you make an investment.

Thomas Byrd

Thomas Byrd has worked as a freelance writer for some digital local publications. Recently he has joined FinanceStead as a chief news editor. He regularly contributes in weekly analysis of articles about market. In his free time, he likes to travel a lot and try different foods.

Read Previous

Indian Economy Recovering Faster than Expected – IMF

Read Next

Learning the Safety and Security of Bitcoin Casinos

Leave a Reply

Your email address will not be published. Required fields are marked *