Is Dogecoin (DOGE) here to stay? • Benzinga Crypto


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Who would have guessed that a crypto project that started out as a joke would become one of the top 10 cryptocurrencies? Dogecoin is the brainchild of Billy Markus and Jackson Palmer, who created Dogecoin as a satire on the altcoin boom. The inspiration for the name came from the popular Shiba Inu Doge meme which was created in 2010 but became the most popular at the end of 2013.

Although it started out as a joke, Dogecoin’s popularity and use cases have grown over the years. Dogecoin was ranked in the top ten by market capitalization on CoinMarketCap. In May 2021, Dogecoin achieved its highest ranking when it was ranked fourth by market capitalization on CoinMarketCap.

Dogecoin has increased its popularity through community-organized stunts. Some of the early stunts involved raising money to send the Jamaican bobsled team to the 2014 Olympics, sponsoring a Nascar driver and bringing water to a drought-stricken area of ​​Kenya.

Thanks to recommendations from its community and celebrities, Dogecoin has become a mainstream cryptocurrency. Dogecoin has a solid social media following with 3.4 million Twitter followers and 2.3 million Reddit followers. Dogecoin also has an impressive list of celebrity supporters, including Snoop Dogg, Kevin Jonas, Gene Simmons, Mark Cuban, and Elon Musk.

Is Dogecoin (DOGE) here to stay or just a fad?

Dogecoin was launched in December 2013 as a satire on the hype surrounding cryptocurrencies. The idea for the Dogecoin logo image was inspired by a meme of a Shiba Inu dog that was popular in late 2013.

The creator of Dogecoin is Jackson Palmer, who worked as a product manager for Adobe Inc. (NASDAQ: ADBE). He was a skeptical observer of cryptocurrencies, and his early Tweets about Dogecoin were ironic. But after receiving positive feedback on social media, he decided to buy the dogecoin.com domain.

At that time, an IBM software developer named Billy Markus, who always wanted to create a digital currency, got wind of Dogecoin on social media. Markus approached Palmer for permission to create the software behind Dogecoin.

Dogecoin’s code is based on Bells, a fork of Litecoin (LTC). Dogecoin uses Litecoin’s Scrypt technology and is a proof-of-work (POW) coin. Dogecoin has a circulating supply of 132.67 billion coins, a total supply of 132,670,764,300 coins and no maximum supply.

Although primarily used for online tipping, it is now possible to use Dogecoin to make purchases. Recently, Gucci, owned by Kering Unsponsored France ADR (OTCMKTS: PPRUY), announced that it will start accepting Dogecoin as a payment method at its points of sale. Without surprise, Tesla Inc. (NASDAQ: TSLA) also accepts Dogecoin on its website for specific products.

? Interview with Dogecoin co-creator Billy Markus | Moon Or Bust | Dogecoin live?

History of Dogecoin (DOGE)

No one, especially its creators, could have predicted how quickly Dogecoin would take off. Launched on December 6, 2013, in 30 days, the Dogecoin.com site has seen more than one million visitors. On December 19, 2013, the price of Dogecoin jumped almost 300% in 72 hours, with a volume of billions of Dogecoin per day.

In 2015, Palmer left the crypto community for good when he became disillusioned. Initially believing that cryptocurrencies were created as a libertarian alternative to cash, Palmer grew to believe that most cryptocurrencies are fundamentally exploitative and designed to enrich their core supporters.

Investors who have remained loyal to Dogecoin over the years have been handsomely rewarded. The first price recorded on CoinMarketCap was on December 15, 2013, when it closed at $0.0002979. Dogecoin’s all-time high was set on May 8, 2021, when it hit a high of $0.739 for an increase of almost 154,000%.

Looking at the Dogecoin price chart, you can see that it has been volatile, but such volatility has also made it good for those who like to trade it. It should also be noted that Musk’s first tweet about Dogecoin took place just before the last significant price rise.

However, the overall crypto bull market was also already well underway at that time. There’s no denying that Elon Musk’s tweet got Dogecoin more attention and likely investors, but the crypto bull market was also a factor in the price appreciation.

Dogecoin Weekly Chart

Advantages and disadvantages of Dogecoin (DOGE)

Advantages

  • Uses relatively little power for transactions
  • Backed by big celebrities, including Musk
  • Supported by many online exchanges and brokers

The inconvenients

  • No maximum supply
  • Doesn’t offer anything new in terms of technology

Dogecoin (DOGE) Competition

Since the launch of Dogecoin, many other cryptocurrencies have been created that could be considered direct competitors. This section will examine some of them.

Basic Attention Token (BAT), launched in 2017, is the token that powers a new blockchain-based digital advertising platform. BAT was designed to reward users for their attention and provide advertisers with a better return on their ad spend. The Brave browser is used to reward users with BAT tokens for watching privacy-preserving advertisements.

BAT has a circulating supply, a total supply and a maximum supply of 1.5 billion tokens. BAT is deflationary while Dogecoin, without a maximum supply, is inflationary.

BAT is an ERC-20 token built on the Ethereum blockchain and secured by a POW consensus algorithm supported by a large Ethereum mining network.

Shiba Inu (SHIB) was created anonymously in August 2020 by someone using the pseudonym Ryoshi. The Shiba Inu website describes SHIB as the Dogecoin killer. Ryoshi said the goal for Shiba Inu was to see if a perpetual decentralized organization could work without central direction.

SHIB has a circulating supply of 549,063,278,876,302 SHIB tokens and a total supply of 589,735,030,408,323 tokens. As with Dogecoin, SHIB does not have a maximum supply. SHIBs are ERC-20 tokens and reside on the Ethereum blockchain.

Shiba Inu has a strong community behind it, with 783,000 Twitter followers and 475,000 members on Reddit. SHIB became a legitimate payment method when BitPay announced its support for the Shiba Inu play in late 2021. SHIB can be used to make purchases at Newegg, AMC Theaters, and Sling TV. You can also buy precious metals or coins from APMEX and Tip streamers on Twitch using SHIB.

How to make money with Dogecoin (DOGE)

Exam in 1 minute

Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the United States, Gemini is expanding globally, particularly in Europe and Asia. The offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is one of the only brokers that offers multiple platform options depending on skill level. New investors will love Gemini’s streamlined mobile and web app interface, while advanced investors might appreciate all the tools that ActiveTrader comes with.

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

Best for

  • New investors looking for a simple mobile and web app
  • Day traders looking to use technical analysis tools
  • Users looking for a one-stop-shop to buy, sell, and store all their cryptos
Advantages

  • Easy and fast registrations – can start in as little as 5 minutes
  • Multitude of platforms to accommodate traders of all levels
  • Hot wallets include insurance to protect against theft and hacking attempts
The inconvenients

  • Charges both commission and convenience fees for users who buy and sell through the desktop or mobile app

Over the years, Dogecoin has made many millionaires who invested at the right time. This is the easiest way to make money with Dogecoin: buy low and sell when the price rises. Timing to enter makes all the difference in the world, but timing the markets successfully is not easy.

For most people, dollar cost averaging (DCA) in positions is by far the best and safest way to invest. DCA means making purchases of equal amount on a fixed schedule. So, as an example, you can buy $100 worth of Dogecoin on the first of every month. Or you can buy $25 worth of Dogecoin per week, or whatever amount and schedule works best for you.

Another way to make money with Dogecoin is to stake it for interest. Currently, you can stake Dogecoin on Binance and earn around 1% interest. You can also farm Dogecoin on PancakeSwap by pairing liquidity with BNB. The DOGE-BNB farm is currently producing more than 15%. Any way to earn passive income with the crypto you already hold is beneficial.

How to Buy Dogecoin (DOGE)

Since Dogecoin is one of the most popular cryptocurrencies, many exchanges support it. Binance, Coinbase Global Inc. (NASDAQ: COIN), Crypto.com, eToro, FTX, Gemini, Kraken, Webull, and many other exchanges all support Dogecoin.

Coinbase and Gemini are probably the best for beginners as they both have user-friendly trading platforms. The first step is to open an account in an exchange; most exchanges make this process very easy. The next step is to link your bank account so that you can transfer money to your account.

It is also essential to get a good crypto wallet. You will probably want both a software wallet (hot storage) and a hardware wallet (cold storage). The hot storage software wallet will be more convenient for everyday use, but the cold storage hardware wallet is much more secure. It is advisable not to store too much crypto on the exchanges.

So, is Dogecoin (DOGE) here to stay?

Dogecoin was born near the peak of the 2013 bull market. This means that Dogecoin had to survive a bear market in its early stages. Not only did it survive, but it thrived and survived the bear market from 2018 to 2019 and then hit a new all-time high in May 2021. Dogecoin has stood the test of time. There are no guarantees, but with a strong community and growing use cases, it’s hard to bet against Dogecoin.


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