What Is Dogecoin (DOGE)?

Popular meme. Wow.

Who Created Dogecoin?

Dogecoin is now one of the popular currencies in the crypto market. “What is Dogecoin?” you may ask. Dogecoin, a popular meme, was originally created by software engineers Billy Markus and Jackson Palmer as a joke version of Bitcoin on December 6th, 2013, featuring a Shiba Inu dog as a mascot. Out of their surprise, it(DOGE) is now popular among people and has become one of the cryptocurrencies. It can be bought, sold and traded, and mined, just like Bitcoin.

It largely burst out after investors in online communities like Reddit and Twitter (like Elon Musk, the CEO of Tesla) started promoting it. Dogecoin has now become the fourth-largest cryptocurrency by market cap with a value of $88 billion at the time of writing. Currently, it is trading at $0.70778. 

dogecoin

How Does Dogecoin Work?

The Dogecoin code was based on a Luckycoin, which is an earlier now-defunct cryptocurrency that is a fork of Litecoin. it uses Scrypt proof-of-work algorithms for consensus of the blockchain protocol. 

To obtain Dogecoin, people called miners need to use computers to solve complex mathematical equations to process transactions and record them on the Dogecoin blockchain and this is the so-called “proof of work” system. In this way, they can have the chance to obtain newly minted cryptocurrency, just like Bitcoin mining. Then the Dogecoin miners can hold or sell them on the open market. 

Unlike Bitcoin and other cryptocurrencies, there isn’t a specific finite supply number of Dogecoin. Currently, over 129 billion DOGE tokens are in circulation.  

dogecoin

Where Can I Buy Dogecoin?

Cryptocurrency exchange platforms provide you with the most convenient ways to buy it. You can buy it on platforms like Kraken and Binance. However, you are unable to buy it on Coinbase since it does not support it at the time of writing. To buy DOGE on these platforms, you will need a DOGE wallet, which can be done on the platforms. In addition, there are many Dogecoin wallet applications in the market, so buying itshould not be a hard thing now.

If you just want to buy a small amount of it, you may want to know where to buy Dogecoin or how to buy Dogecoin? Then a website named Dogecoin Faucet could be a good option. According to its introduction, it is a website that collects dogecoins from contributors, then redistributes those bit-by-bit to users who ask for a share. The main purpose is to help people who have no, or few, getting some free dogecoins to begin. One can request coins every 3 hours.

Is Dogecoin A Good Investment?

As time passed by, the meme coin has already surpassed many giant cryptocurrencies. It is worth noting that Doge is an inflationary coin. It has an unlimited supply that keeps growing more and more rapidly as time goes. 

Since it has an unlimited supply, it may be less attractive as an investment. However, it is a quite applied cryptocurrency especially for its fans in the community, known as Shibes, who use Dogecoin to tip online content that they prefer. 

In the long run, the unlimited supply will make it(doge) unstable for long-term investors, unlike deflationary Bitcoin which has a huge demand with a limited supply. However, crypto markets can be unpredictable. Investors should do their own research before getting into the crypto, as the markets can be highly volatile.

Will DOGE Reach $1?

If it was a month ago, it would be hard to say whether DOGE will see $1. But at the beginning of May this year, DOGE registered a new record at $0.7, which made the $1 within reach.

Nobody expected DOGE to even reach $0.10 in the first place and now it’s close to reaching a $1 in value. The price rise of Dogecoin is attributed to, to some extent, some celebrities like Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban who continue to talk about it and explore it to the world.

Conclusion

Though Dogecoin was invented as a joke, it is climbing up and becoming the fourth-largest cryptocurrency by market cap. This means newcomers are emerging. It remains a very real cryptocurrency in that it has a value that can be stored or exchanged.

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