Dogecoin was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia. It has been described as "the internet currency" because it's based on the Internet community and also uses similar design strategies for community-based users. According to Elon Musk, Dogecoin is the people's crypto.
Briefly about Dogecoin
Dogecoin (DOGE) is a type of peer-to-peer open-source digital coin. It is used as an altcoin, but some also refer to it as a sarcastic meme coin. Dogecoin was launched in 2013 and has the image of Shiba Inu as the logo. Although the coin was created as a joke, to date, it still has some merit, which is why it’s worth talking about in this piece. Dogecoin’s primary technology is derived from Litecoin. The main reasons this coin remains relevant to date are its unlimited supply and extremely low price. Most traders and loyal supporters use Dogecoin as a tipping currency, more so for social media content. If you would like to learn more about cryptocurrency and its relevancy in today’s market, you have come to the right place.
Dogecoin is the people's crypto.CryptoLists.com
DogeCoin is a decentralized, peer-to-peer digital currency. It allows users to send money online without going through a bank or clearinghouse. Transactions are much faster and do not have the same processing fees as those involved in using credit cards or PayPal, for example. DogeCoin is based on the same technologies as Bitcoin. This particular digital currency uses two areas called blockchains. The blockchain is used to record all transactions that take place across the network. The second area that DogeCoin uses is a public ledger to ensure that all units of this cryptocurrency are accounted for and prevent counterfeiting. DogeCoin is a peer-to-peer currency that works on the honor system. This means that users are responsible for providing the correct receiving wallet address to transfer coins too. Transactions cannot be reversed or refunded; therefore, it is important to take extra care when sending DogeCoins over the internet.
Utility of Dogecoin?
Despite being started as a joke, DOGE is currently one of the most popular tokens in the world of crypto. It also makes it possible for potential investors to understand volatility and to make their first move into crypto.
You should care about Dogecoin because it’s very popular thanks to its meme. Currently, the coin has 2.2 million subreddit subscribers on its page, and the number keeps growing by the day. It has been endorsed by popular names like Elon Musk and hip-hop superstar Snoop Dogg.
Due to crypto’s speculative nature, DOGE has many users because they believe it’ll have a higher value in the future, which is very true.
The other reason you should care about DOGE is that it’s easy to use and doesn’t attract hefty transaction fees. You can use it to tip customers whenever you want without facing major financial hiccups. Dogecoin is also the best point to start as a crypto novice. Its simplicity in nature and ease of use makes it a great option as you look to get your feet wet in the world of cryptocurrency.
Dogecoin Price detailsBSC Contract address: 0xba2ae424d960c26247dd6c32edc70b295c744c43
›› DOGE tokenomics and social media
Advantages at Dogecoin+ A huge community of Dogecoin fans and Elon Musk is one of them.
+ Musk says Dogecoin is better for purchases than Bitcoin.
+ Most people love dogs.
Disadvantages- Doge lacks any real competitive advantage; it's mainly a meme coin.
- Higher volatility than many other cryptocurrencies.
- There is no limit on Dogecoin's market cap.
- Doge have limited technical support.
Costs▪ Rated at 9/10
DogeCoin is one of the few digital currencies that have no limit to their production. At present, there are over 100 billion Dogecoins available to users.
One implication of having no limit on the total number of Dogecoin is that inflation could become a problem in future years if this digital currency becomes widely used. Currently, the transaction fees cost around $0.65.
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 9/10
DogeCoin is famous across the world for its use of casual humor. Since 2013, Doge has been referenced in many areas of internet culture. This is an interesting marketing strategy that will help introduce new people to DogeCoin and add some fun to the process.
As DogeCoin has grown in value, it has also become more widely used. For example, Dogecoin sponsored NASCAR racer Josh Wise, who drove his Doge decorated race car at Talladega Superspeedway in May 2014.
What blockchain does Dogecoin use?
Just like BTC and other cryptocurrencies, Dogecoin leverages blockchain. It should, however, be noted that Dogecoin uses ETH Blockchain as it doesn’t have a native blockchain. This blockchain was crafted by Jackson Palmer and Billy Markus; they’re both software engineers. They jokingly decided to come up with a payment system, not knowing that it would later become one of the greatest things in the world of cryptocurrencies.
After the successful creation of Dogecoin, it did not gain a massive following until 2017. It took part in the cryptocurrency bubble, so it sent up the values of several coins. However, the currency lost a significant amount of its value in 2018, following the bubble burst. Nevertheless, it still has a massive following, and most of its users utilize the coin on Reddit and Twitter.
What is the highest value Dogecoin ever had?
Despite being relatively new in the market, DOGE has made history in the financial world. For instance, it hit its highest value on 5/7/2021, when it was worth 0.68 USD, before going down again.
Where Can I Spend Dogecoin?
Feel free to spend your coin with any online or offline dealer who decides to accept it, and there’re many of them out there. For instance, Ellon Musk’s SpaceX accepts the coin, as well as the Dallas Mavericks. You can do your homework and find many more.
Is Dogecoin Safe?
Just like many other cryptocurrencies, DOGE uses blockchain technology. This kind of technology is difficult, though not entirely impossible to hack. Thus, it’s accurate to state that Dogecoin is a safe digital coin that you should feel free to use.