An open-source peer-to-peer digital currency
Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency established in 2013. Originally created as somewhat of a joke about cryptocurrency, the token became fairly popular with cryptocurrency fans. The community and developer humor included in the project adds to its appeal and is probably what has made it last longer than many other cryptocurrencies. You can purchase Dogecoin (DOGE) by establishing an account with one of many cryptocurrency exchanges including Coinbase, Binance, and Kraken. Robinhood, a traditional brokerage that enables crypto trades, also supports Dogecoin.
- In the years since Dogecoin’s launch, many other cryptocurrency projects have tried to replicate the market success of the original memecoin.
- However, Dogecoin can exhibit extreme price volatility, which can lead to large and unexpected losses.
- In its early days, this blockchain design component allowed Dogecoin to take advantage of the legacy and well-established crypto like Litecoin to solidify its status among the largest cryptocurrencies.
- However, Libdogecoin will support multiple languages, including Python, Node.js and Ruby.
- In addition, Tesla started accepting DOGE in its online stores in early 2022.
- Doge experienced a surge of 31.9%, rising from $0.076 to $0.101, following Twitter’s replacement of its iconic bird logo with the Shiba Inu dog featured in the Dogecoin logo.
Is Dogecoin a good investment?
Just as GameStop reached its peak, Dogecoin started to gain traction, peaking in May 2021 at $0.74 per coin. However, the price of Bitcoin and memecoins, such as Dogecoin and Shiba Inu, did not rise significantly. On Wednesday afternoon, Dogecoin and Shiba Inu both were up 2.5% and 1.5%, respectively, while the top cryptocurrency Bitcoin was up over 5%. A transfer coge coin of 120 million Dogecoin DOGE/USD to the trading platform Robinhood has coincided with a 4.45% surge in the price of the meme cryptocurrency. Within 24 hours of Tesla’s announcement, Dogecoin price rose to a 20-day peak of $0.17 on May 7. But, by May 12, bulls had succumbed to a 15% correction as the broader crypto markets slipped into a week-long recess.
Currency supply
Since Litecoin is a larger cryptocurrency than Dogecoin, it has a stronger mining ecosystem, and merge-mining provides a lot of stability for the Dogecoin network. Dogecoin, the third largest Proof-of-Work cryptocurrency in terms of market cap, is slated to transition from Proof-of-Work to Proof-of-Stake (PoS) consensus mechanism in the future. Ethereum co-founder Vitalik Buterin joined the Dogecoin Foundation in mid-2021 and confirmed he is helping the project move away from the energy-intensive PoW. While Keller will serve as the project’s technical advisor, Markus will be in charge of the community and memes. Meanwhile, Buterin will function as the blockchain and crypto advisor for the foundation, and Birchall will represent Elon Musk as legal and financial advisor.
Who gets the money when you buy Dogecoin?
Palmer branded the cryptocurrency’s logo using a meme popular at the time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog. Dogecoin is one of the largest cryptocurrencies on the market today, so some investors will definitely be interested in holding this cryptocurrency. However, Dogecoin can exhibit extreme price volatility, which can lead to large and unexpected losses. If you do decide to invest in Dogecoin, never invest an amount of money that you’re not willing to lose. Typically, Dogecoin isn’t listed against fiat currencies, so you will likely have to first acquire some Bitcoin and then trade it for Dogecoin on an exchange. Alternatively, you could ask a friend to send you some DOGE or earn it through mining.
Use and exchanges
For an up-to-date answer on who owns the most Dogecoin, you can check out the Dogecoin rich list at BitInfoCharts. The legal status of cryptocurrencies varies from country to country, so make sure to get familiar with the legal status of cryptocurrency in your country. Dogecoin was the brainchild of two software engineers – Billy Markus, who was working at IBM’s Oregon branch, and Jackson Palmer, a former marketing specialist at Adobe Systems. As mentioned above, Dogecoin was inspired by the viral “Doge” meme that took the world by storm in the mid-2010s.
COGE tokens can be traded on centralized crypto exchanges and decentralized exchanges. The most popular exchange to buy and trade Cogecoin is MEXC, where the most active trading pair COGE/USDT has a trading volume of $92.91 in the last 24 hours. If you would like to know where to buy Dogecoin at the current rate, the top cryptocurrency exchange for trading in Dogecoin stock is currently Uniswap v3 (Base). Dogecoin is a cryptocurrency created on December 6th, 2013 based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
The codebase of the project was a fork of Litecoin, so it inherited many of the same features such as the hashing algorithm, with the only difference being branding and large inflationary supply. As with other cryptocurrencies, once you’ve purchased Dogecoin it’s best to move your coins to a crypto wallet. Wallets take many forms, from online services offered by exchanges like Coinbase, to apps on your mobile device or even a physical hard drive. Since your coins are held outside of an exchange, there’s an extra layer of protection against hacks.
A list of resources created by shibes that can be useful to work with Dogecoin and to research it. Due to its low transaction fees and constant patronage from Elon Musk, a number of traditional companies have moved to make Dogecoin a payment option. According to the foundation’s website, members of the board will meet monthly to discuss issues relating to Dogecoin.
Firstly, the positive sentiment surrounding whales bullish activity can encourage prospective buyers on the sidelines enter the fray. Many different types of businesses accept DOGE including Elon Musk’s SpaceX and the Dallas Mavericks. Many Dogecoin holders https://turbo-tax.org/ use their DOGE to tip content creators on Reddit and other social media platforms. Those who bought Dogecoin before the big gains of 2021 have been well rewarded. Still, White is a little wary about buying Dogecoin, especially as an investment.