What is the price of dogecoins today? The price of dogecoin was $ 0.0756. As of 1:40 pm, the recent price trend of 5.29% of the dogecoin was changed within 24 hours. So far this year, the change of dogecoins is 7.30%. In this article, we will discuss what is so valuable for dogecoins.
What is a dogecoin?
Dogecoin (Doge) is based on the popular "Doge" Internet. It has a Shiba Inu on its logo. This open -source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was split out of Litecoin in December 2013. Dogecoin's founders imagine it as an interesting and relaxed cryptocurrency, which will exceed the core Bitcoin audience because it is based on dog model. Tesla CEO Elon Musk posted several tweets on social media, saying that dogecoins were his favorite tokens.
Doge is Dogecoin's native cryptocurrency, and Dogecoin is an imitation cryptocurrency based on Shiba Inu virus network. At first, the creation of this encrypted project was purely to laugh at other cryptocurrency projects that were being launched at the time.
Cryptocurrency is essentially a direct copy of the Litecoin code, which can be used to transfer value through the Internet like all other digital assets. Except as a simple blockchain -based payment system, Doge has never been designed to have any practicality of any real world; however, it quickly gathered a hardcore fan community. Example. This includes third -party online tip services, which makes dogs a leading tip tokens on the social media platform Reddit, and uses dogecoins to crowdfundes for charity.
Risk of Dogecoin
Despite the endorsement of celebrities, social media hype, and Internet tribal support, there are still risks that many investors may not be aware of.
Unlimited supply: Different from Bitcoin and many other cryptocurrencies, dogecoins have no fixed supply. This means that the price is not supported by scarcity, but relying on buyers to continuously purchase new dogecoins that enter the circulation to maintain their value.
High issuance rate: Dog and dogecoin has a fixed block reward. Successful miners get 10,000 dogecoins per minute, while Bitcoin miners get 6.25 bitcoins every 10 minutes. Half. In the end, this means that more dogecoins enter the circulation within two days (28 million) the total supply of Bitcoin will reach a peak of 21 million in about 2140.
Uncomfortable technology development: The technology development of dogecoins was maintained by a group of voluntary developers. Until recently, the code updates and releases they submitted were relatively small. Before the latest Dogecoin Core 1.14.3 was released in February 2021, the last update was released in November 2019.
Concentration of ownership: According to the data of Intotheblock, 9 wallets co -operate holding more than 40% of dogecoins, and one of the wallets hold 28%. This means that any of these big investors can cash out at any time and cause price plunge, or can use its huge positions to manipulate the market. In contrast, only one active bitcoin wallet accounts for only more than 1% of the total supply.
What makes Dogecoin valuable?
In the words of its founder Jackson Palmer, Doge brings a friendly face to the cryptocurrency field. Although Bitcoin has to deal with the stigma related to criminal activities such as money laundering, drug purchase and other improper behaviors, the dogecoin provides a new, cleaner cryptocurrency image. From the beginning, because several charity activities quickly entered the Reddit space in 2014, it was a "generous" currency.
"Good" case of charitable and cryptocurrencies
The dogecoin Foundation was a non -profit company registered in Colorado. It was established in 2014. At that time, the legal fundraising request began to appear on the R/Dogecoin Reddit channel.
One of the first measures was fundraising activities, raising a $ 30,000 dogecoin to sponsor the tooth buying a sled team so that they can participate in the Sochi Winter Olympics.
In March of the same year, the community donated $ 50,000 dogecoins to Charity: Water to support a project that brings clean water to Kenya. The donation allowed the organization to build two wells in the area.
At that time, for the followers of Reddit, the first letters dode means "do good things every day." Another successful charity story is the story of Josh Wise. He is a NASCAR driver who does not have enough funds to participate in Talladega SuperSpeedway. A total of more than 67 million dogecoins were raised -about $ 55,000 at that time -allowing him to participate in the competition. The Shiba Inu is shown on a car called "#98 Moonrocket", and cryptocurrencies appeared in major sports events for the first time.
Reward tools, reddit and twitter
In 2014, technology entrepreneur Josh Mohland created Dogetipbot, which is a micro -reward service associated with Reddit, allowing users to send dogecoins to each other to publish praise. Therefore, it is appreciated to each other in order to obtain good content in the social media environment such as Patreon and even YouTube.
Dogetipbot made a significant contribution for the early exposure of Doge and other cryptocurrencies. Doge soon became a leading cryptocurrency for paying tip, with more than 70,000 registered people.
Unfortunately, in 2017, the founder of the Dogetipbot announced that he went bankrupt on Reddit. He had to close the service and took away all the dogecoins held on the platform to pay the operating cost and his personal debt Essence The third -party rewarding tools have no money at once, and they are powerless.
Tiktok Doge community
In 2020, when a new boom appears on Tiktok, the success of the dogecoin is doomed.
Before the GAMESTOP driven by the Reddit community, the DOGE follower on TIKTOK has experienced the community that the community can initiate the challenge of TIKTOKER by inviting all TIKTOK users to invest only 25 US dollars to increase the price.
The news of Tiktok users quickly spread, and the price of cryptocurrencies did rise by 20%within a few hours. Other TIKTOKERS imitates the same example, and use similar challenges in different occasions to raise the price.
The rise of aluminum coins
Following the incredible success of the dogecoin, the cryptocurrency market has become a fertile soil for the proliferation of coins. Not only in the encryption field, but also in the stock market, the cause seems to be considered a new concept of investment, which surpasses the appetite of the company and large institutions for money -making assets.
Due to the emergence of simple trading platforms like Robinhood, and even small investors who do not understand technology, they can eventually obtain the ability of stocks and cryptocurrency investment plans, retail transactions and investment have increased significantly.
Dogecoin and GameStop (GME) best represent the concept of "people's assets" in the space and stock market space, because they agree with the ability of "goodness" and the ability of small investors to defeat the great power, whales and speculators when joining together.
Shiba Inu, Floki and Safemoon are just examples of emoji coins competing with dogecoins. Although these coins have not found good use cases, dogecoins are long -established coins, and they have provided purposeful and safe transactions to make it the most ideal investment.
The success of aluminum coins, including the success of dogecoins, is undoubtedly related to the effective marketing activities and the connection between their social media influencers and celebrities.
Celebrities, media and participation -Elon Musk effect
dogecoins have become the main investment tools widely accepted by the exchange, and are usually part of institutional investment portfolio. One of the main reasons is the participation of celebrities such as Snoop Dogg, KISS lead singer Giene Simons and Elon Musk. They have been published on Twitter about the tokens since 2019, which leads to the price of cryptocurrencies every time. rise.
Elon Musk joked that he was the CEO of the dogecoin, and treated it more seriously in a series of tweets that implied this cryptocurrency, and even imply that he was working with its developers to help improve improvement. System transaction efficiency.
DOGE development recovery
Elon Musk's DOGE Development and Pods coincides with the rejuvenation of the software programming process. Prior to this, the software programming process has been proposed intermittently.
As cryptocurrencies are increasingly used for transactions or tips, expansion issues have become issues that existing DOGE developers are concerned. For example, Ross Nicolls, he has participated in the project for many years.
DOGE cryptocurrency is closely related to the core development of Bitcoin, not only because it is the indirect branch of Bitcoin core, but also because of the Bitcoin code since 2014, but also adapted to dogecoins. The decision to bind Dogecoin to Bitcoin Core is to ensure that the network is more stable. Therefore, Doge developers must also catch up with several Bitcoin Core versions of the newly developed Bitcoin Core since Doge 2014.
dogecoins also include a developer fund donated by the community, and developers can share the access rights through multiple signature wallets. When two or more private keys are required to sign and send transactions, multiple signature wallets can be used to add additional security to the device.
Company receiving dogecoins
Due to its low transaction costs and the continuous sponsorship of Elon Musk, many traditional companies have begun to use dogecoins as a payment method.
The following are the lists of some companies that receive dogecoins:
The future of dogecoins
The network effect finally decides whether the new technology and when to become the mainstream, just like the past telephone, the Internet and other innovations.
Although the cryptocurrency industry has maintained a stable growth, there is no doubt that dogecoins are still attractive to investors large and small, mainly because of its status and popularity among social media and celebrities.
One of the main criticisms of dogecoins in the encrypted community, and even Elon Musk also emphasized that coins are highly concentrated in the hands of a few big investors. It is believed that more than 50%of the total supply of dogecoin circulation is only owned by about 20 dogecoin wallets. If any of these big investors suddenly decide to sell their assets immediately, which will cause the price to fluctuate sharply. It will make people worry.
In July 2020, Elon Musk posted a picture of the dogecoin standard to take over the global financial system on Twitter. This is an idea of prophecy, wishful thinking, or just a happy and harmless cause, to be observed.
About dogecoins FAQs:
When was the dogecoin created?
Doge (Doge) was founded in 2013, and its technology is based on Luckycoin and Litecoin.
Introduced by merging mining in 2014, allowing miners to choose dogecoins or Litecoin.
Is it worth buying in dogecoins?
When you compare dogecoins with cryptocurrencies such as Bitcoin, the value of dogecoins is only a small part of Bitcoin value.
However, if you look at the dogecoin from a historical perspective, you will find that the tokens grow over time, thanks to its loyal followers.
The low cost of dogecoins makes it easier to obtain than other more expensive cryptocurrencies. Before buying any cryptocurrency, you must always conduct your own research.
Why do dogecoins rise?
dogecoins have one of the most powerful and focused communities. Therefore, it has received publicity from public figures. They either buy cryptocurrencies by themselves or just endorse them through social media channels such as Twitter through social media channels such as Twitter. These propaganda waves have always been the driving force for dogecoin growth, because whenever it enters the spotlight of social media and news media, its price is easy to fluctuate.
The current price of dogecoins is $ 0.0756. Is it worth investing in dogecoins? Many people think that dogecoin does not have any significant inherent value, and its popularity determines its value to a large extent. This can generate exciting short -term returns, but not a feasible strategy for long -term investment. The popularity of dogecoins may reach its peak, and the next popular cryptocurrency will soon appear and attract our attention.