DOGE was first conceived as a humorous substitute for more established cryptocurrencies, however, its value has since skyrocketed.
What is Dogecoin?
Dogecoin (DOGE) was originally introduced in 2013 as a hilarious alternative for Bitcoin and other serious cryptocurrencies. The concept for both Shiba Inu and its name emblem originated in an online meme. Dogecoin, in contrast to Bitcoin, was intended to be plentiful, with a block reward of 1 doge and a total supply that can never be exhausted.
Throughout its history, Dogecoin was mostly seen as a humorous “meme coin” appreciated by its own community, but also with virtually little value. By April of 2021, however, Dogecoin had risen to the ranks of the 10 leading cryptocurrencies in terms of market cap (its overall value had surpassed $50 billion, despite the fact that each coin is only worth cents).
That can’t be true, right? For the simple reason that there is a flood of Dogecoins. Dogecoin was developed to be plentiful while Bitcoin was created to be limited and inflation-proof. As of right now, there are almost 130 billion DOGE in circulation, as well as miners are adding another 10,000 per minute. While there are approximately 19 million BTC, only 12.5 Bitcoins are mined each ten to fifteen minutes.
Soon after its inception in December 2013, DOGE attracted a dedicated online community that has used the cryptocurrency to do everything from rewarding random Reddit users for helpful comments to funding the 2014 Sochi Winter Olympics.
What is the origin of Dogecoin?
In December 2013, two software developers named Jackson Palmer and Billy Marcus, online buddies from Reddit who hadn’t met in person, launched Dogecoin as a prank. The rising cryptocurrency Bitcoin was fused with a Shiba Inu as well as a typo of something like the word “dog” in a meme that was widely shared at the time.
Dogecoin’s rapid adoption stunned its designers; in its first month alone, and over a million people visited dogecoin.com. Dogecoin’s hilarity stemmed in part from the fact that it existed and still is a fully functional cryptocurrency, complete with its very own blockchain as well as a mining operation analogous to that of Litecoin. Due to its abundance and relatively low price (throughout its life, users could purchase DOGE for decimals of a penny), DOGE has recently attracted the attention of speculators banking on a rise in its value.
Why is Dogecoin worth investing in?
According to Jackson Palmer, the cryptocurrency’s founder, Doge “put a smile on the crypto world.” Dogecoin offered a fresh and cleaner impression of crypto at a time when Bitcoin was struggling to overcome the reputation that had seen it initially associated with criminal activity such as drug purchases, money laundering, and other dubious pursuits. Several charitable projects joined the Reddit domain early in 2014, making it the coin of “generosity” from the get-go.
DOGE is valued similarly to any other commodity: by the market’s demand and supply. Recent price increases can’t be explained by supply and demand alone; there is a lot of supply, and it’s only becoming bigger.
The initial periods of 2021 saw a surge at about 7,000 percent, fueled by buyers on Reddit (along with the wallstreetbets Reddit post that ignited the “meme stock” frenzy), the broadening crypto explosion, as well as months of apparently tongue-in-cheek tweets from the famous name Elon Musk, climaxing in his presence in May 2021 on NBC’s Saturday Night Live.
The rapidly increasing value of DOGE in 2021 garnered a lot of media (and social media) attention, which for a while started a spiral that attracted new investors and then further escalated prices. Fear of missing out (FOMO) causes a flood of new investors to enter the market whenever a security experiences such meteoric growth. DOGE is still a very volatile cryptocurrency, and like with any investment, its future value cannot be predicted with any certainty.
How much is Dogecoin worth?
Dogecoin is currently trading at $0,092440, with a 24-hour volume of $525,586,587. The USD value of 1 DOGE is updated instantly. An instantaneous market cap of $12,264,102,504 USD places it at position #9 on CoinMarketCap right now. Only 132,670,764,300 DOGE coins have been produced and distributed thus far, and information on the maximum supply is currently unavailable. If you’re looking to invest some of your money into meme coins, read this article from CoinWire for more information.