DOGE is a well-known altcoin that has been around since late 2013. It has become recognizable thanks to the Shiba Inu dog image on it, which is quite a popular meme on social media. This digital coin runs on its native blockchains. It is also a good option for trading since it’s low-priced. In this short review, we will try to find out more about DOGE together with our readers.
What everyone should know about this digital coin
At first, no one supposed Dogecoin to become one of the most popular developments in the crypto world. However, in 2017, the coin started gaining value, which resulted in a $1 bln market cap.
The following year wasn’t the same success because DOGE investors lost a lot of money. Nonetheless, even a rapid decline in value didn’t make the DOGE community leave their favorite project.
A brief introduction to the coin’s startover
The history of this startup dates back to 2013. Initially, Jackson Palmer, the one who founded the project, wanted to have fun. It was the time when everyone was talking about digital currencies, and Jackson wanted simply to satirize this hype. His idea appeared to be quite successful as the project was warmly welcomed by social network users.
Billy Markus was the one who helped Jackson Palmer to make his idea come true. He is a specialist responsible for the development of the software behind DOGE is totally his merit.
DOGE works on the Proof-of-Work consensus mechanism. The team chose the Luckycoin code for DOGE. The first idea of the developer was to distribute rewards randomly among miners. However, in 2014, static rewards were designed.
The run of the project was extremely successful from the very beginning. Just two weeks after the launch, the price of cryptocurrency surged 300%! Such an impressive start couldn’t be left aside by the community of crypto users.
Dogecoin founders wanted to have fun and laugh at crypto coins. Since Bitcoin is the most famous one, DOGE was supposed to become a meme version of Bitcoin. However, from the technical point of view, DOGE represented some considerable innovations, which could appeal to BTC users. In particular, we mean its adaptability. Plus, if you are curious about how many Dogecoins are in circulation, you should know that the blockchain doesn’t limit the supply of its coins.
DOGE isn’t like Bitcoin not only from the perspective of technical characteristics. DOGE is known for having one of the most committed communities in the world. This group often organizes different events and charity-related activities. What’s curious, they donate to these activities in DOGE, which increase the hype around the startup.
Is hype really so important for DOGE? Let’s find this out!
Why is it so popular?
As we all know, cryptocurrencies work differently from fiat money. That is the reason why we always should consider hype when discussing certain cryptocurrencies. The hype was one of the reasons why Dogecoin gained $1 bln in market cap during its run in 2017-2018. As of today, its market cap is almost at the point of $8 billion!
The popularity of the project also increased in 2019. The community started discussing it again because the Binance exchange started officially listing it. The project also manages to maintain its popularity among miners. Many of them consider DOGE the best digital coin that is based on Scrypt PoW.
Dogecoin wouldn’t become so eagerly discussed with wider audiences if Elon Musk didn’t support it in 2021. On his page on Twitter, the richest man in the world posted a lot of publications with Dogecoin memes. He also officially informed his followers about the support of DOGE as a payment method.
Dogecoin is accepted not only by Elon Musk’s entities. More and more well-established businesses announce that DOGE is now officially accepted as a payment method. This is a great contribution to the coin’s popularity. Alongside the coin’s meme concept, acceptance of DOGE by many businesses around the globe makes this cryptocurrency one of the mainstream digital assets!
Where can I trade DOGE?
Such popularity of DOGE and its reliability were the reasons why major crypto exchanges started listing it. We’ve already mentioned that it can be traded on Binance. Except for this platform, you can buy and sell your Dogecoins on Coinbase, Kraken, and Robinhood. Many brokers allow trading DOGE as well.
Do I need to buy Dogecoins?
Dogecoin is a cryptocurrency, so you can use it the way you would use any other crypto coin. For example, this is a reliable and fast payment method to pay for services or products online. Or, if you like, you can hold Dogecoins and wait until their price will grow to sell your holdings at a higher value. In general, the use of DOGE is quite common.