Dogecoin, The Cryptocurrency That Started As A Joke, Is Spiking

For additional information regarding the risks associated with cryptocurrency trading please see the Robinhood Crypto Risk Disclosures and Crypto Web Disclosures. Dogecoin is a peer-to-peer electronic payment system inspired by the popular 2013 meme of the Shiba Inu dog. It was a fork of Luckycoin, which itself was a fork of Litecoin. While Bitcoin has a limited number of coins, there is no limit to the number of Dogecoins which can be created.

  • Eutechnyx, developer of the NASCAR ’14 video game, added the Dogecoin car as a drivable car in a DLC pack.
  • When the price of DOGE falls again, you can convert your stablecoin back to DOGE, accumulating more coins in the process.
  • In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft.
  • Dogecoin’s value skyrocketed with the rest of the cryptoverse during the bubble that peaked at the end of 2017, and it fell with the rest of the cryptoverse over 2018.

Since November, the value of cryptocurrencies across the board have been on an upward trend, with Bitcoin reaching heights of $41,940 per coin. Dogecoin is based on the Luckycoin protocol, itself built on Litecoin, and can be “mined” in the same way as many other digital currencies.

Celebs Love Affair With Dogecoin

“Pump and dump” rings have been around since these digital coins could first be traded for money. The jocular nature of Dogecoin fueled the concept of crypto faucets, or waterbowls as the community named them.

Markus reached out to Palmer to get permission to build the software behind an actual Dogecoin. They can opt to store their Dogecoin on an exchange or in a Dogecoin wallet. Dogecoin has a loyal community of supporters who trade it and use it as a tipping currency for social media content.

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In December 2020, there were over 127 million Dogecoins in circulation. Dogecoin is currently the 49th largest cryptocurrency when measured by market capitalization with a total market cap of about $402 million. Like any other cryptocurrency, the price of Dogecoin will change on a day-to-day basis. Dogecoin in particular can be exceptionally volatile, as the price of the cryptocurrency remains consistently low.

The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online.

What will Dogecoin be worth in 2030?

By 2030, Dogecoin might reach $0.2.

They did this just by creating their own magical internet money, selling it for bitcoins, then selling the bitcoins for dollars—which was surprisingly feasible at the height of a bubble. “We thank all of you and can only say that if we sell another 6,556,000,000 dogecoin worth of Mavs merch, dogecoin will definitely hit $1,” he added. Dogecoin adoption has been boosted by Musk’s various tweets and support by celebrities, such as Shark Tank star Mark Cuban.

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The price of the Shiba Inu token rose 300% in the hours following Musk’s tweet. By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy. Musk also tweeted about the currency in January using a mock Vogue cover, dubbed “Dogue.”

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Market (usd)

Owing to its meme-inspired mascot, Dogecoin is usually considered a joke currency. But its current market cap of $6.4 billion is twice that of AMC Entertainment, another company that got caught up in the recent meme-stock mania. Dogecoin developed its own culture of sorts in 2013, largely due to the currency having a lower barrier of entry than Bitcoin for people who might be interested in cryptocurrencies. Premining is the mining or creation of a number of cryptocurrency coins before the cryptocurrency is launched to the public. The freewheeling fun of Dogecoin lost some of its mirth in 2015 as the crypto community, in general, started to grow more serious.

Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you. Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Cuban wasn’t the only person online talking up Dogecoin, whose price movements are often influenced by social media chatter.

On May 16, 2014, Wise won a spot at the Sprint All-Star Race through an online fan vote beating household name Danica Patrick, largely due to the efforts of the Dogecoin Reddit community. The following race in the Coca-Cola 600, Wise debuted a Dogecoin/Reddit.com helmet. Wise later announced he would run the car again at the Toyota/Save Mart 350 as a thank-you gift to the community and the GEICO 500.

Even within the realm of cryptocurrency as a whole, Dogecoin differentiated itself through its “meme-y” ethos. The digital currency instantly exploded on Reddit, generating a market value of $8 million at the time. It became popular for the internet practice of “tipping,” which was a way of repaying people on the web for performing “good deeds,” like sharing an idea or making a platform more accessible.

With cryptocurrencies suffering from regulatory news all the time, you should expect impediments in the growth projection,” admits Dean Chester fromCoolTechZone VPN reviews service. Dogecoin is arguably among the most traded cryptocurrencies around. The mascot, Doge, is now a meme legend, fueling its popularity. It ensures traders have enough profit opportunities whenever they trade Dogecoins. They raised nearly $30,000 of dogecoins in January 2014 to send the Jamaican bobsled team to the 2014 Winter Olympics.

The operator of the 2014 dogecoin tipping bot confessed in 2017 that he had stolen all the deposited dogecoins two years earlier. Money changes everything—and “play money” that you can get real money for will lure in the people who just want the money. On Jan. 19, rapper Soulja Boy—most recently known for his involvement in the Fyre Festival debacle—was paid by an unknown party to record a Cameo video advertisement for Dogecoin. The remaining Dogecoin community recovered—though the founders had long since been driven away—and continued playing with their coin, unnoticed by the world.

By late 2017, it was participating in the cryptocurrency bubble that sent the values of many coins up significantly. Just two days after saying he planned to take a break from Twitter “for a while,” Musk returned, posting dogecoin memes and calling the token “the people’s crypto.” The current CoinMarketCap ranking is #17, with a live market cap of $7,556,680,923 USD. It has a circulating supply of 128,825,072,788 DOGE coins and the max. So if you’re investing in Dogecoin, you should be optimistic about its development in the coming months and years. “But, such predictions are only plausible in an ideal trading environment.

Dogecoin, The Cryptocurrency That Started As A Joke, Is Spiking

Co-owner Armand Tuzel said only a few people have used it so far, but like the army of Redditors rooting for Dogecoin to hit $1, he’s holding onto the ones he has accumulated. Though Budish is skeptical of Dogecoin’s utility, a small but growing number of merchants accept the currency. One is LiftMode, a Chicago-based online seller of nutritional supplements. “I saw the space being overrun by opportunists looking to make a buck, rather than people investing in evolving the technology,” he wrote in an essay for Vice.

This means there is a hard cap on the number of coins that will ever be in existence. Bitcoin, for example, with its hard cap of 21 million coins will not have any more new bitcoins come into existence after 2040. Dogecoin is different from other cryptocurrencies because it is essentially a brand. As I’ve written before on brand storytelling, successful brands place their message into a customer’s worldview and make them feel good about themselves. Dogecoin’s creators made the altcoin as a meme crypto for people who didn’t care about traditional cryptocurrency but still wanted in on the fun.

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He also donated generously to charitable causes the community were involved in, like $2,500 to a cancer charity, or $3,000 to help get the Dogecoin Nascar vehicle on the track. In Markus’ words, they were allergic to the word “invest.” Both Palmer and Markus donated all their Dogecoin to these massive charity initiatives. They helped build water wells in Kenya and raised money to help train assistance dogs for autistic children.

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Potcoin digital currency allows for anonymous cannabis transactions and started in response to the gap in regulators and financial institutions’ slow adaption to the economic change of legalization. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

Palmer had purchased the domain Dogecoin.com and added a splash screen, which featured the coin’s logo and scattered Comic Sans text. Markus reached out to Palmer after seeing the site, and started efforts to develop the currency. Markus had designed Dogecoin’s protocol based on existing cryptocurrencies, Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm.

Dogecoin, The Cryptocurrency That Started As A Joke, Is Spiking

This area coincides with the lower trendline of the ascending triangle pattern. A breakdown below this point would drive Dogecoin price towards $0.0386 in the long-term. Philips wants to both encourage people into the market, which he describes as “endless,” and is keen to warn them of the risks. “I’m not a financial advisor, I wouldn’t advise buying dogecoin. But buy dogecoin,” Phillips says, speaking over the phone. “It doesn’t . But so what. It gives you a better chance of winning than a lottery ticket all while teaching the economics of supply and demand and introducing people to crypto assets.” “If I had to choose between buying a lottery ticket and dogecoin, I would buy dogecoin,” Cuban said via Twitter last week. “But please don’t ask me to choose between it and anything else.”

If this is your 1st time buying cryptocurrency, you might want to choose a crypto broker that caters to new investors with a simple buying process. Investors should also be aware that there are smart people on both sides of the cryptocurrency debate. As of January, there were over 4,000 different cryptocurrencies in existence. And whether you believe any of them are smart investments or not, it’s hard to deny the fact that 4,000 different currencies creates a lot of complexity.

Mary Davis
My name is Mary Davis. I am successful broker. I want to share my experience with you through tutorials and webinars. For any questions of interest, please contact us by e-mail: [email protected] +1 973-709-5130

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