What is Dogecoin (DOGE) ?
In 2013, Dogecoin (DOGE) was developed as a fun alternative to conventional cryptocurrencies such as Bitcoin. A meme inspired the name and Shiba Inu logo. Unlike Bitcoin, which was intended to be rare, Dogecoin stock is designed to be plentiful, with 10,000 new coins produced every minute and no maximum supply. This makes Dogecoin price to be reasonably lower than usual big-name cryptocurrencies.
In the beginning, a community of supporters organized PR stunts to boost Dogecoin's visibility, such as raising money to send the Jamaican Bobsleigh squad to the 2014 Olympics or sponsoring a NASCAR driver.
Dogecoin achieved cult status in early 2021 on Reddit's WallStreetBets message board—the primary motivator behind the GameStop incident in January—where supporters vowed to push its value "to the moon" (that was before all discussion of crypto was banned on the subreddit).
Today, Dogecoin is no laughing matter, having skyrocketed in value and increased by more than 5,000 percent in 2021. Elon Musk, CEO of Tesla, is one among its supporters, calling Dogecoin his favorite cryptocurrency. Musk also referred to Dogecoin as the "people's crypto" and vowed to place a real Dogecoin token on the moon. This made people link the billionaire to the popular Dogecoin and resulted in Google search trends of "Dogecoin Elon Musk" and "Musk Dogecoin news" becoming top keywords for a short period.
Dogecoin price may not be on the moon yet, but it is evidently has come quite far compared to its origin. Dogecoin price as of 28 July 2021 as listed on ARKEN is $0.020468. You can also check out the Dogecoin price live data via our platform. At its peak, Dogecoin price used to reach the level of $0.7029 back in May 2021. Due to its high fluctuation and popularity, Dogecoin price prediction is almost next to impossible, as well as, the future of it.
How Does Dogecoin Function?
Dogecoin is a cryptocurrency that, like Bitcoin and Ethereum, is based on blockchain technology. Blockchain is a distributed, secure digital ledger that records all transactions involving decentralized digital currencies. Every Dogecoin holder has an identical copy of the Dogecoin blockchain record, which is regularly updated with all new bitcoin transactions. Dogecoin's blockchain network, like that of other cryptocurrencies, employs encryption to ensure the security of all transactions.
Miners utilize computers to solve complicated mathematical equations in order to process transactions and record them on the Dogecoin blockchain—a method known as "proof of work." Miners earn extra Dogecoin in return for processing transactions and maintaining the blockchain ledger, which they may then keep or sell on the open market.
Dogecoin may be used to make payments and purchases, however it is not a particularly good store of value. This is mostly due to the fact that there is no lifespan limit on the amount of Dogecoins that may be produced via mining, implying that the cryptocurrency is extremely inflationary by design. The blockchain compensates miners for their efforts by generating millions of new Dogecoins every day, making speculative price increases in Dogecoin difficult to sustain over term.
Even though it is quite brief and short, DOGECOIN whitepaper can be found here.
Bitcoin vs. Dogecoin
When compared to Bitcoin, Dogecoin has a few major distinctions. First, miners can solve the mathematical calculations that complete and record transactions faster and simpler, making Dogecoin somewhat more efficient for payment processing.
Another notable distinction is the lack of any lifespan limit on the amount of Dogecoins that may be produced, as previously stated. The maximum amount of coins that may be produced in a lifetime is limited to 21 million Bitcoin, while Dogecoin stock is unlimited. This implies that miners are compelled to work harder and longer over time in order to earn new Bitcoin, which helps to ensure Bitcoin's capacity to retain and increase in value over time.
How to Buy Dogecoin
Dogecoin may be purchased on a cryptocurrency exchange. As with other cryptocurrencies, it is advisable to transfer your Dogecoin coins to a crypto wallet after you have bought them. Wallets come in a variety of formats, ranging from online services provided by exchanges like Coinbase (although you cannot purchase Dogecoin on Coinbase, you may keep it in your Coinbase wallet) to applications on your mobile device or even a physical hard drive. You protect the wallet with a personal password. Because your coins are kept outside of an exchange, there is an additional degree of security against hackers.
Before Dogecoin became popular and skyrocketed in value, you could earn free coins by doing simple internet activities. Binance-pegged Dogecoin can be purchased and exchanged on ARKEN
What is the Value of Dogecoin?
DOGE, like any other asset, is valued by the market based on supply and demand. Given the huge and ever-increasing supply, demand has had to skyrocket in order to push prices as high as they have lately. That occurred in the first months of 2021, when prices soared by around 7,000 percent, thanks to retail investors on Reddit (including the wallstreetbets subreddit that sparked the “memestock” craze) working together to push prices up, the broader crypto boom, and months of seemingly tongue-in-cheek tweets by Tesla founder Elon Musk, punctuated by his appearance on Saturday Night Live in May 2021.
Fast-rising DOGE prices in 2021 drew significant media attention (as well as social media postings), creating a loop that attracted additional investors and boosted prices for a while. When an asset has such spectacular increases, FOMO (or "fear of missing out") attracts a flood of new traders. DOGE, on the other hand, remains a very volatile cryptocurrency, and there is no assurance that it will rise or fall in value in the future, as with any investment.
Pegged tokens, such as Binance-Pegged DOGE, are fully backed by the original currency in reserve, in this instance DOGE. The reserve addresses are public and may be audited by anybody. The blockchain makes auditing a crypto reserve much simpler than it would be with a conventional bank balance tether. On Binance and its affiliated DEXs, a trading pair will be established between the pegged token and the native currency.
DOGE address (BSC): 0xba2ae424d960c26247dd6c32edc70b295c744c43
Why Should You Buy Dogecoin?
Is Dogecoin a Reliable Investment?
Because there is no lifespan limit on the amount of Dogecoins that may exist, and millions of new Dogecoins are released into the markets every day, there is no reason to retain the cryptocurrency for the long term. Bitcoin's value continues to increase as a result of the system's lifetime limit on the number of coins that may be produced.
Dogecoin's per coin value has historically been extremely low, hovering around $0.003 per coin for the most of 2020, making it more probable that individuals would give them away. The increases in Dogecoin observed in 2021 may not be sustainable in the long run. It remains to be seen if the cryptocurrency's tipping and giving culture can survive.
Should You Purchase Dogecoin?
Those that purchased Dogecoin at the start of 2021 have been handsomely rewarded. Still, White is hesitant to purchase Dogecoin, particularly as an investment. The continuous influx of new coins into the market exerts constant downward pressure on the coin's value.
Purchasing any cryptocurrency, including Dogecoin, entails risk. It is usually worthwhile to purchase a few coins and get acquainted with the system.
Dogecoin Use Case
Recently, the on-demand dog-walking service Wag! announced that it would begin taking cryptocurrency payments, including Dogecoin and Ethereum, via BitPay. BitPay enables businesses to accept digital currency as payment. It also includes a browser plugin that allows users to buy gift cards from big companies like Amazon with Dogecoin.
Pet owners using the Wag! app will soon be able to use cryptocurrencies to purchase Wag! credits through BitPay to pay for services on the app, such as Training, Veterinarian tips for dog walks, and Overnight stays.
The Wag! team attempted to pique the interest of billionaires Mark Cuban and Elon Musk in the Dogecoin development since both are supporters of the joke currency. The Dogecoin community applauded the decision, with several stating they would check out the app on social media.
Donations to Charities
Wag! will also donate a portion of its cryptocurrency earnings to environmentally friendly organizations. The move is likely to please Dogecoin bull Elon Musk, since a lower carbon footprint for DOGE mining compared to bitcoin mining is one of the things he values most about the cryptocurrency. One of Musk's major complaints with Bitcoin is its lack of sustainability, or what he perceives to be a lack thereof.
While the Wag! development was insufficient to pull the DOGE price out of the doldrums, it represents another step on the ladder to widespread cryptocurrency usage. Dogecoin is down 1% on the day and 8% over the last seven days as the wider crypto market falls, causing short-term speculators to panic.
Investors in Dogecoin have been taken on a wild trip recently, with the cryptocurrency trading as high as USD 0.44 in early June before falling to its current level of USD 0.30. They've watched as the coin's market cap has shrunk by almost one-third.
Investors who are in it for the long term are unconcerned, particularly those who bought in early when the price was less than a penny. However, as is customary during a market slump, they are searching for someone or anything to blame.
Binance-Pegged DOGE has similar use cases to those of the native coin, only with more fluidity, better volatility and better holding value.
- Billy Markus
Historical Data for Dogecoin Price
|Aug 30, 2022||$0.061858||$0.063273||$0.061606||$0.061609||$296,887,635||$8,196,486,024|
|Aug 29, 2022||$0.063196||$0.064318||$0.060605||$0.061141||$304,864,566||$8,499,738,683|
|Aug 28, 2022||$0.063993||$0.064219||$0.061477||$0.063208||$243,808,042||$8,270,352,628|
|Aug 27, 2022||$0.063241||$0.064284||$0.062932||$0.064284||$335,854,088||$8,455,433,465|
|Aug 26, 2022||$0.065560||$0.065864||$0.062821||$0.062821||$566,061,466||$8,396,098,648|
|Aug 25, 2022||$0.069042||$0.069451||$0.065480||$0.065480||$481,036,165||$9,196,942,478|
|Aug 24, 2022||$0.069296||$0.071030||$0.067979||$0.068708||$399,669,534||$9,008,780,615|