HFM information and reviews
HFM
96%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%
XM information and reviews
XM
82%

Everything you Wanted to Know about Dogecoin


Sometimes, the best things in life start as a joke, and Dogecoin is not an exception. Initially created as a joke in December 2013, based on the popular Doge meme of a Shiba Inu dog, it soon became a popular cryptocurrency thanks to Elon Musk’s tweets and Mark Cuban’s comments dubbing the coin as the strongest crypto! Investments and more touting by other celebrities such as prank influencer and YouTuber Ben Phillips, rapper Soulja Boy who called Dogecoin “the crypto of the future”, Gene Simmons of Kiss and Snoop Dogg, have pushed its value and popularity higher. On 9 August, Dogecoin had the fifth-largest market cap of any crypto at $31 billion.

Who let the doges out? The beginning

Dogecoin has its paws rooted in a specific cultural time and is part of the internet pop culture and community which has also given birth to memes and cryptocurrencies. When Australian entrepreneur Jackson Palmer and software engineer Billy Markus created the currency in 2013, they designed it to be ridiculous and to prevent people from using it in the long term.

In an interview, Palmer said that he came up with the idea when he had two internet tabs open, one of the aforementioned memes and the other of a list with all the recent market cryptocurrency projects. When he coined the phrase Dogecoin he tweeted the now popular “Investing in Dogecoin, pretty sure it’s the next big thing” which ignited huge interest in the crypto community.

But Elon Musk has also played a key role with his tweets, and he was characteristically named as the “Dogefather” due to his support of the crypto. Dogecoin’s price was up 300% following the two weeks of its release, while the next year a tipping service called DogeTipBot pushed its usability by allowing users to send Dogecoin to each other for posting positive content.

In 2015, Dogecoin’s creators stepped away from Dogecoin, which is now run by volunteer developers from the Dogecoin community who occasionally update the underlying code. Earlier this year, members of a Reddit channel called “wallstreetbets” started pumping Dogecoin, pushing doge prices 142% higher and a further 200% after Tesla CEO Elon Musk shared a satirical image of “Dogue” magazine to his Twitter followers.

How Does Dogecoin Work?

Dogecoin, just like Bitcoin, is a cryptocurrency that runs on blockchain technology and miners get rewarded with Dogecoin for solving equations to process transactions and record them on the Dogecoin blockchain. Due to the fact that new Dogecoins are created through mining daily, it is difficult to speculate on the price of Dogecoin or any gains in the long term. In comparison to bitcoin, Dogecoin is easier and less complex, as it uses less computational power, and for this reason, is more efficient as a payment method and less harmful to the environment.

Should you dodge the doge?

The fact that there is no specific limit on the number of Dogecoins that can be created since millions of new ones are released every single day, makes the cryptocurrency less appealing in the long term. As many analysts also have noted, perhaps the time to go all-in on the cryptocurrency has ended a while ago.

However, enthusiasm is still growing. Dogecoin’s reestablishment of a central development team at the Dogecoin Foundation with Ethereum founder Vitalik Buterin as a member is an important step to keep the flame burning and the Doge barking.

New upgrades could offer a further boost since Elon Musk backed a major network upgrade which improved its security and reduced transaction fees. Users on social platforms, like Reddit, Twitter, Facebook, and others, can also continue using Dogecoin to reward, or “tip,” each other for posting content.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure.

#source


RELATED

Delving Deeper into Stocks: Understanding Ownership, Trading, and Market Dynamics

Stocks are not just another piece of paper or a digital asset; they symbolize a fragment of ownership in a company. In the vast realm of finance, stocks may don several hats...

Trust Management vs PAMM

In the many countries, the banking sector was, and still remains, the most common investment segment. The share of bank deposits in an...

Bitcoin Cash: Will It Reach Great Heights Again?

All financial markets have ups and downs, and Bitcoin Cash fits this rule just like any other cryptocurrency. But due to the novelty, these cycles of increase or decrease...

Ultimate guide to Chainlink trading

Chainlink aims to bring interoperability to blockchain by facilitating the seamless flow of real-world data to cryptocurrency networks. As the cryptocurrency market...

Analyzing Cryptocurrencies: Key Notions

Today few professionals can boast of an impeccable trading process with cryptocurrencies - there are many nuances. In our article...

The Surge of High-Frequency Trading (HFT): Implications for Market Stability and Liquidity

In the last decade, High-Frequency Trading (HFT) and Algorithmic Trading (AT) have emerged as dominant forces in the world of trading. In 2010, HFT accounted for 56% of all U.S. trades and 38% of European trades...

A Complete Guide to Online Indices Trading

An increasing number of traders is interested in indices markets and CFD trading. Indices measure how a group of stocks performs. The idea is to focus on how strong...

TOP 10 Gold-Backed Cryptocurrencies

Cryptocurrency, being a relatively new asset, has many people interested, but it can also be used for just pure speculation. Digitizing ownership of gold is an area of interest that...

All About Forex Day Trading

Day trading refers to the speculation on buying and selling a financial instrument within a single trading day and it is actually a very popular short-term trading strategy...

What is Hedging in Forex?

The Forex market, even more than any other financial market, is prone to volatility and constant price fluctuations. Because of this, traders have to always stay vigilant...

What is the Bitcoin Fear and Greed Index?

As a cryptocurrency trader, you will eventually encounter the “Crypto Fear and Greed Index.” This article explores this valuable tool, provides insights on how to utilize it, and outlines its significance...

Fundamental Analysis

Company fundamentals, such as the amount of money the companies earns and how efficiently they utilise their resources, drive the share and CFD markets...

What Is a Limit Order? How Does It Work?

One way that you can protect your account is by using what is referred to as a "limit order". These orders specify the most you are willing to buy or sell a security at

Leveraged ETFs: Worth It or Not?

Leveraged Exchange-Traded Funds or leveraged ETFs aren't new to individuals or institutional investors. In fact, they're becoming one of the most popular types...

Is the time ripe for a bitcoin investment?

Investing in cryptocurrency such as making a bitcoin investment has been possible for some time, but it took a long time to gain traction by the masses...

Is Litecoin A Good Investment in 2020?

Following Bitcoin's footsteps, several altcoins came afterward that sought to build upon or improve what the first-ever cryptocurrency set out to do. Others are more...

Fundamental Analysis: A Complete Guide

Each trader wants to know which way the price will go. However, to get the closest to an answer to this question, it is necessary not only to watch the chart on the trading platform...

What is spot trading in crypto?

Thanks to the volatility of the crypto markets, savvy traders are enjoying speculating on their price movements in hopes of finding positive trading opportunities...

A Guide to Ethereum Trading

Ethereum is one of the most promising technology in today's fast-paced world. Since its creation in 2015, its growth seems not to slow down anytime soon...

Choosing a Forex Third Party Signal Provider

When choosing a third party signal provider for your forex account you need to be careful. Here are a few tips and things to look for when making your decision...

FP Markets information and reviews
FP Markets
81%
RoboForex information and reviews
RoboForex
77%
IronFX information and reviews
IronFX
77%
T4Trade information and reviews
T4Trade
76%
Exness information and reviews
Exness
76%
Just2Trade information and reviews
Just2Trade
76%

© 2006-2025 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.