Dogecoin Rises 4 45% Amidst Anonymous 120 Million DOGE Transfer To Robinhood

If you would like to know where to buy Cogecoin at the current rate, the top cryptocurrency exchange for trading in Cogecoin stock is currently MEXC. The price of Dogecoin (DOGE) is calculated in real-time by aggregating the latest data across 165 exchanges and 412 markets, using a global volume-weighted average formula. Dogecoin surpassed a $1 billion market capitalization for the first time in the crypto bull run of 2017 to 2018. By Dec. 19, the value of Dogecoin jumped 300%, bolstered by China’s policy to forbid its banks from investing in cryptocurrency. Markus and Palmer based Dogecoin’s code on Luckycoin, derived from Litecoin (a Bitcoin fork).

Dogecoin and Shiba Inu were unfazed by the recent meme stock craze

The constant flow of new coins onto the market put unending downward pressure on the coin’s value. Historically, the per coin value of Dogecoin has been very low, around $0.003 per coin for most of 2020, so people were more likely to give them away. “Users on social platforms, like Reddit, Twitter, Facebook, and others, can use Dogecoin to reward, or “tip,” each other for posting content,” said Gray. One of the factors that you can consider before deciding to buy Bitcoin or not are technical indicators. You can find the most commonly used technical indicators on our Dogecoin price prediction page.

Dogecoin Latest News

The live Cogecoin price today is $7.10e-9 USD with a 24-hour trading volume of not available. The current CoinMarketCap ranking is #9126, with a live market cap of not available. The popularity of Dogecoin led to listings on most top cryptocurrency exchanges, which allows each blockchain enthusiast that invests in cryptocurrencies easy access to Dogecoin markets.

Who owns the most Dogecoin?

Cryptocurrency traders can buy DOGE on Binance and Kucoin as well as on virtually every other digital asset trading platform. Like Bitcoin, Dogecoin uses the Proof-of-Work (PoW) consensus algorithm to verify transactions, produce new blockchain blocks, and reward cryptocurrency miners with DOGE tokens. Dogecoin doesn’t offer all the bells and whistles–like smart contracts, decentralized exchanges, NFTs, etc.–many other cryptocurrency platforms do. However, the original meme coin excels in providing a secure and low-cost platform for cryptocurrency transactions. Dogecoin is an open source peer-to-peer (P2P) cryptocurrency launched in December 2013 by software engineers Billy Markus and Jackson Palmer. Dogecoin was initially launched as a parody project, poking fun at the wild speculation and grandiose plans permeating the crypto sector in the early 2010s.

1. There is a lifetime cap of 21 million Bitcoin that limits the maximum possible number of coins that can be created.
2. Dogecoin is a Proof-of-Work digital currency launched in late 2013 as a parody of the widely speculative crypto sector at the time.
3. While retail campaign surrounding Gamestop has dominated crypto media headlines, on-chain data shows whale investors have been aping into the Dogecoin rally behind the scenes.
4. However, there are countless potential reasons why one might want Dogecoin – it can be used to send transactions across the globe, tip online content creators, etc.

Initially, they used a randomized block mining reward, but that was changed to a static reward in March 2014. Dogecoin uses Litecoin’s Scrypt technology and uses proof-of-work (PoW) on its blockchain. Buying any sort of cryptocurrency involves risk, and that includes Dogecoin. It’s always worth buying a few coins and familiarizing yourself with the system—but it’s probably best to refrain from sinking more than a token amount of your hard earned money in a cryptocurrency that started life as a joke. Some online brokers, including Robinhood and TradeStation, also allow you to buy Dogecoin—in addition to conventional assets like stocks, mutual funds and bonds. They don’t offer as many of the cryptocurrencies as exchanges, but Dogecoin is generally available.

This implies that crypto whales have acquired 822 million DOGE since the start of May 2024. When valued at current prices, the whales have invested an additional $130 million, capitalizing on the bullish tailwinds from Dogecoin’s recent links to Tesla and Gamestop. It depends on market conditions, cryptocurrency developments, and investor and user sentiments. “Doge was really started to poke fun at Bitcoin,” said Pat White, CEO of Bitwave. In its early days, a community of enthusiasts arranged publicity stunts to raise Dogecoin’s profile, gathering funds to send the Jamaican Bobsleigh team to the 2014 Olympics, for instance, or sponsoring a NASCAR driver. You can cash out from Dogecoin on a cryptocurrency exchange that lists DOGE.

The wallet involved in the transfer has been active, with outflows of 48.3 million, 150 million, 118.3 million, and 190 million DOGE in the past day, including the 120 million transfer. Dogecoin’s positive price performance in May could be majorly attributed to emerging bullish factors surrounding Elon Musk’s Tesla and the resurgent Gamestop rally. There doesn’t appear to be any other Dogecoin uses as of (December 2023) besides blockchain fees, which are very low compared to Bitcoin’s and Ethereum’s.

From a technical standpoint, Dogecoin originated as a fork of Luckycoin, which is itself a fork of Litecoin, one of the oldest and most trusted cryptocurrencies in the sector. 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. The recent meme stock coge coin rally wasn’t expected to last long the way it did in 2021, as mentioned by some experts. Doyle echoed the same sentiment by saying that 2021 had many catalysts, including covid, remote work, online time being increased, and stimulus checks being issued, among others, and none of them are happening in 2024. At the time of writing, DOGE has rebounded above 0.15%, erasing last week’s losses.

In the following months, Musk seemed to lose interest, and the price of DOGE has tumbled over 70% from its all-time high. However, Musk still wields power over Dogecoin, as occasional tweets indicate. Dogecoin surged to a peak of $0.189 following Elon Musk’s endorsement of enabling Tesla purchases with Dogecoin. Coinbase has announced its plans to introduce Dogecoin futures trading as early as April 1. However, this doesn’t mean that these trends don’t affect crypto at all, as different pockets of crypto will react differently to equity market movements, he clarified. Similarly, in April, a transfer of 200 million DOGE from Robinhood to an unknown wallet fueled a surge in Dogecoin’s value.

Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups. “Where it takes 10 minutes for the process to ratify new blocks on the Bitcoin blockchain, it takes only one minute on the Dogecoin blockchain,” said Gary DeWaal, Chair of Katten’s Financial Markets and Regulation group. Dogecoin is similar to Bitcoin, Bitcoin Cash, Litecoin, which are also Proof-of-Work coins that offer simple transaction functionality. DOGE is up 0.09% against Ethereum and down -3.55% against Bitcoin in the last 1 month. After the SNL appearance, DOGE crashed despite Musk’s promises to moon its price.

The success of Dogecoin is closely intertwined with Elon Musk’s passion for it. Musk began tweeting about Dogecoin in early 2021, sharing a Lion King DOGE meme. That kickstarted a furious DOGE rally — with temporary dips — that culminated in Musk’s appearance on Saturday Night Live.

In the summer of 2019, Dogecoin enthusiasts celebrated when the crypto exchange Binance listed the coin. As of December 2023, Dogecoin’s market capitalization was nearly $13.1 billion. Dogecoin’s infrastructure is slowly gaining traction with fans and developers and continues to operate and trade due to its active community of miners. Software engineers Billy Marcus and Jackson Palmer created Dogecoin in late 2013.

In most cases, you will first have to convert your DOGE to BTC or ETH, and then exchange those for USD, EUR, or your local currency. Dogecoin is used to send transactions between users without any geographical or time restrictions. In other words, you can use it to send value to someone else anywhere in the world, at any time. In 2014, the Dogecoin Foundation was launched by the members of the Dogecoin team to provide governance and support for the memecoin project. One of the Foundation’s main goals is to pursue the development of Dogecoin as a libertarian-like alternative to fiat currencies. The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.

In exchange for supporting the blockchain, miners earn additional Dogecoin, which they can then hold or sell on the open market. Since then, the value of Dogecoin has fallen precipitously, bottoming out around $0.05 in June 2022. After Musk made the Dogecoin Shibu Inu the new logo for Twitter, DOGE shot back up into the top ten cryptocurrencies by market cap. Most people who want Dogecoin believe that it will increase in price and that they will be able to sell it at a profit later on. However, there are countless potential reasons why one might want Dogecoin – it can be used to send transactions across the globe, tip online content creators, etc. Additionally, some people want to own Dogecoin simply because they think it’s funny.

Since the update is a pure library, it will not provide a “runnable” node facility. However, Libdogecoin will support multiple languages, including Python, Node.js and Ruby. Weeks after the release of Dogecoin Core version 1.14.6, core developer Michi Lumin announced the launch of Libdogecoin, a C-library of the network’s building blocks.

This monetary characteristic is putting inflationary pressure on the Dogecoin value, which in turn favors its use case as a method of payment instead of it being primarily a store of value asset. It is considered an altcoin and was launched in December 2013 with the image of a Shiba Inu dog as its logo. Dogecoin’s blockchain has merit with its underlying technology derived from Litecoin. Notable features of Dogecoin—which uses the Scrypt algorithm (pronounced ess-crypt)—are its low price and unlimited supply. Bitcoin continues to rise in value because of the system’s lifetime cap on the number of coins that can be created.

In return for employing their computational power to secure the network and verify on-chain data, Dogecoin miners are compensated with DOGE tokens. Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. 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. The price of Cogecoin (COGE) is calculated in real-time by aggregating the latest data across 2 exchanges and 2 markets, using a global volume-weighted average formula.

The cryptocurrency also caught the attention of tech billionaire and Tesla CEO Elon Musk, who played a large part in popularizing Dogecoin over the years. In addition, Tesla started accepting DOGE in its online stores in early 2022. Since its inception, Dogecoin has always been marketed as the “fun and friendly internet currency” and has heavily relied on the support of its vibrant community for its ecosystem growth and adoption. In 2019, Tesla CEO and one of the richest people in the world, Elon Musk, tweeted “Dogecoin rulz,” thus showcasing his support for the meme coin and its online community. In this sense, Dogecoin is a lot like Bitcoin, as both blockchain networks natively support a very limited array of use cases – namely, a secure and decentralized platform for cryptocurrency transactions.

During the 2017 to early 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 on January 7, 2018, putting its total market capitalization near $2 billion. At its heart, Dogecoin is the accidental crypto movement that makes people smile! More than this, though, is the ethos of Dogecoin, summarised in theDogecoin Manifesto, and its amazing, vibrant community made up of friendly folks just like you!

But like most meme coins, this is also a weakness because other currencies are seen as more professional. When meme stocks returned to action earlier this week, memecoins like Floki and Popcat experienced double-digit gains, but they don’t have the same market share and popularity https://turbo-tax.org/ as Doge and Shiba. To everyone’s surprise, Dogecoin and Shiba Inu remained unfazed by the meme stock craze as if they had no relationship to it. Dogecoin caught the attention of investors who were looking for a cryptocurrency equivalent to meme stock GameStop.