Dogecoin is a meme-based crypto coin initially created as a joke. But it has gained popularity across the world. Now many crypto enthusiasts have begun to consider it as a viable investment option. Initially, Doge was not intended to be used for any real-time activity other than a simple blockchain payment system. However, a community of diehard fans found a new use case for it. These use cases include third-party tipping services. Now Reddit and some other charity services use Doge as the leading tipping coin. Discover all about Dogecoin with us.
Let us get started:
What is Dogecoin (DOGE)?
Dogecoin is a popular meme-based cryptocurrency created in December 2013. It is based on an internet meme called “Doge” that features a Shiba Inu as its logo. The base of the project was a fork of lite coin. so the features like hashing algorithm is inherited by the crypto. But it differs in branding and inflatory supply. Dogecoin has a base in a relaxed and fun-loving community. Like most of the meme coins, it is not considered to be a professional coin to trade with.
Dogecoin: Recent Price Hike
At the time of writing, The price of Dogecoin is $0.137932262 with a 24-hour trading volume of $1.34B. Over the last 24 hours, the price has decreased by -0.01%.it has a circulating supply of 146.46 B and a market cap of $20.23 B.
How Dogecoin Works?
Dogecoin operates using the principle of proof of work consensus mechanism to reach an agreement on data being added to the blockchain.
The process of mining the coin is similar to that of LuckyCoin. The process features a completely random block reward schedule where users get either zero or thousands of free coins for producing new blocks.
But as the community evolved the the mining process changed to a fixed block reward scheme in March 2014. The blocks created under this scheme contained 10,000 doge coins. That is a total of 5.2 billion doge coins are mined each year.
Key Factors: Dogecoin
Here are some of the key factors of Dogecoin:
Strong and Active Community: A large dedicated community is built around the Dogecoin. Unlike traditional cryptos, Dogecoin build a reputation as the people’s coin. This spirit of community contributed a lot to the widespread popularity and visibility of the coin. It was an added advantage over the visibility of the coin.
Fast and low-cost Transactions: Dogecoin performs transactions more quickly with an average speed of block time per minute. This increased speed combined with its lower transaction charges makes it an attractive option for smaller daily transactions and micropayments.
Accessibility and Ease of Use: Dogecoin is much easier to use and less technical compared to other cryptocurrencies. This feature has attracted many audiences including beginners. As it is listed on major exchanges it can be traded for fiat currencies, increasing its acceptance among investors and traders.
Widespread Recognition: Dogecoin has gained widespread recognition from media coverage, celebrity endorsement, and social media hype. This has created an added popularity for the coin.
Dogecoin: Future Price Prediction
Check out the current performance of Dogecoin:
Market Cap: $20,227,458,765
24-hour trading volume:$1,317,520,114.
Circulating supply:146,459,406,383.
Total Supply:146,512,106,383.
Chains: BNB Chain Ecosystem
Categories: Cryptocurrency.
At the time of writing Dogecoin is valued at $0.1397. Within 24 hours Doge has shown an increase of +0.90%. The future of the token seems to have a potential impact. As per the long-term prediction, it is calculated to reach $0.5 by 2025.
Where can you buy Dogecoin?
Doge coins are available in centralized crypto exchanges. Binance is the most popular exchange for buying Dogecoin. Other popular trading options include Whitebit and Gate.io. Do your research on the credibility, transparency, and charges of the exchange before selection.
How can you buy Dogecoin?
If you want to invest in Dogecoin, we will guide you through. Check out the steps of investing in Dogecoin:
Step 1: Exchange: The first step is to create your free account on the website or application of the exchange. Choose your exchange wisely. Make sure you have adequate information regarding the functionality of the exchange.
Step 2: Funding: After the account is created, you need to fund your account. This can be done using your credit card, debit card, third-party copayment, P2P trading, or bank transfer. Check for the funding option in the exchange.
Step 3: Buying: You can now buy DOGE. The token is available on the buy and sell section of the exchange. Carefully choose DOGE from the options.
Step 4: Transfer: After the purchase is made, now you can proceed with the transferring of DOGE. You can hold the token in the account or choose to save it in the crypto wallet. It is possible to trade the token for additional passive revenue.
Reminder: Before you finalize your purchase, ensure that you are on the right platform. Do not follow any suspicious links or websites while making the purchase. Do not share your sensitive data with any platform. Stay away from scams.
Final Thoughts
Dogecoin has transformed from a coin for jokes to a popular and traded potential cryptocurrency across the globe. However, the price of the cryptocurrency is shaped by many factors most of which are unpredictable. Therefore the forecast of these coins has its own limitations. So it is always advised to conduct your own research before making any investments. We recommend you to have your research about the project before finalising with the investment.
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