In one of my previous posts I took apart Shiba Inu coin, creators of Shiba call it “Dogecoin 2.0” and new development of meme-cryptocurrencies, but in this post I want to take apart “daddy” of all cryptocurrency meme-coins – Dogecoin (DOGE).
The information in the post is not a financial recommendation. Remember that cryptocurrency is a high-risk and volatile asset.
What is Dogecoin (DOGE)?
Dogecoin is a peer-to-peer, open-source cryptocurrency. The symbol of the coin is the well-known Internet meme Doge with the image of the dog breed Shiba Inu. If you translate the name to Russian literally – “dogecoin”.
The official website of the project is dogecoin.com
This cryptocurrency was created on the basis of the other project Luckycoin, which was made from Litecoin, which was a fork of Bitcoin. The main differences from Litecoin and Bitcoin were faster transactions and a huge amount of coins.
Who created Dogecoin?
Dogecoin was created by two programmers, Billy Marcus and Jackson Palmer. The blockchain was launched on December 6, 2013, and the creators themselves called it a joke.
Later, in 2015, Billy Marcus sold all of his DOGE, he wrote about it in an open letter to the community on Reddit.com. It should be noted that this platform had a serious impact on the development of the project, even today the thread dedicated to the project is very popular.
In the spring of 2015, the project’s co-founder, Jackson Palmer, announced plans to take an “extended vacation.”
Elon Musk and Dogecoin
The richest man on the planet Elon Musk, though not directly related to the creation of the coin, became one of the iconic figures for it. After his first tweets about the coin, the price of Dogicoin more than doubled.
The first post Elon made on February 6, 2021, the post contained the question – “Future cryptocurrencies of Earth” and there were two options for the answer:
- Dokikoin to the moon.
- All other crypto.
This post blew up the markets and the value of Dogicoin instantly rose, but Ilon did not stop there and published several more posts.
Later, the billionaire wrote that he purchased the coins for his son and he is now a “holder” (long-term holder) as well.
Forecast and prospects
There was always a lot of skepticism around the project, the creators themselves called it a joke, but thanks to the rapid development of the cryptocurrency sphere and the active community, the official Dogecoin Twitter account has more than 2.7 million followers, the project is not only in the TOP20 by capitalization, but it is also one of the most mentioned in the media and social networks.
Such fame does not go unnoticed, and in March 2021, Dallas Mavericks basketball club owner Mark Cuban announced that his team will allow to buy tickets to games, souvenirs and food using Dogecoin. In May 2021, SpaceX announced a joint mission with Dogecoin to the moon that will be paid for with DOGE cryptocurrency.
Current price and chart
At the time of writing, the project is capitalized at $23.8 billion and one DOGE is worth 18 cents.
The chart shows a sharp rise in the price of DOGE in the spring of 2021, after which the asset has fallen in price by almost 80%.
According to value prediction website WalletInvestor.com’s machine-generated algorithms, Dogecoin could rise to $0.32 by the summer of 2022. A smaller estimate of $0.26 as of July is given by analytics site digitalcoinprice.com.
How to buy Dogecoin?
The easiest and safest way to buy is through the exchange as you can use your bank card (Mastercard or Visa) to buy, prove your ownership if necessary and there is no risk of buying “dirty” coins. The list of all options looks like this:
- On the Binance exchange (the best option);
- Through an exchanger;
- on DeFi platform (for another cryptocurrency);
- from other owners directly.
The full list of exchanges where Dogecoin is sold can be found at CoinMarketCap (CMC) website.
Where to store coins
Today, most wallets and exchanges already support this coin, which means you can store Dogy:
- on the wallet of the exchange;
- on the official wallet of the project – Multidoge (available on the website);
- a software wallet (e.g. Trustwallet);
- hardware wallet (eg Ledger).
Hardware wallets are the safest. But always remember that your cryptocurrency is always your responsibility.