Cryptocurrency

All you Need to Know About Dogecoin

Introduction:

The latest Bitcoin is Dogecoin. Maybe it’s too soon to tell, but Dogecoin could become the cryptocurrency of 2021 in the coming months. It’s still on track, with a huge increase since the beginning of the year. Since January 20, 2021, Dogecoin has returned nearly 1900%. That’s right, you read that correctly.  One coin was once worth less than a nickel, but after a recent boom, it is now worth $0.122680, or nearly 12 cents. That’s amazing for a digital currency that began as a joke. We’ll get to that in a minute.

According to a study published on Tuesday by stock market news platform Benzinga, thecryptocurrency has increased by approximately 1,900% since the start of 2021. Given that Bitcoin has increased by 117.47 percent in the same time frame, the increase is significant. Yes, Bitcoin has come a very long way and is widely regarded as the cryptocurrency of the future, but no one can predict the effect Dogecoin would have.

It began as a joke and has since developed into a phenomenon:

In December 2013, two software engineers Billy Markus and Jackson Palmer created Dogecoin as a joke as a fun and instant cryptocurrency. If you’ve spent some time on the internet, you’ve either come across or read about the Doge meme. It featured Shibe, who is well-known.

Palmer, an Australian marketer, once joked about merging two of the most talked-about subjects on the internet: bitcoin and Doge. “Investing in Dogecoin, fairly sure it’s the next big thing,” Palmer tweeted.

Many people on the internet took note of the tweet and began talking about Dogecoin. Palmer continued the joke by purchasing the Dogecoin.com domain and uploading a picture of Shibe on a coin.

Billy Markus, who was working as a software engineer at IBM on the other side of the world, noticed a note left by Palmer on the listed domain. He attempted to contact the latter, but after receiving no response, he began working on Dogecoin. Markus has confessed to developing Dogecoin using Bitcoin’s open-source code. He tweaked a few things and produced 100 billion Dogecoins in the process.

He also made it easier to mine them. EhDig, to be precise. Markus substituted the term dig for mine since dogs do not mine, but rather dig.

It’s all thanks to Reddit:

And when Markus and Palmer had the Dogecoin ready, they were not serious about it and had no plans to promote it. Reddit, take a step forward. Yes, this is the same platform you encountered during the GameStop saga. The Dogecoin subreddit exploded almost instantly, providing them with the necessary attention and resources to make a cryptocurrency effective.

Reddit users began exchanging Dogecoins and USD on Umarketz as a token of love or respect. The platform’s popularity grew as a result of the constant exchange of currency on it.

The recent celebrity:

Despite its strong presence on Reddit, few people took Dogecoin seriously, and its applications were small. It is referred to as a “memecoin.” Before Elon Musk, the CEO of Tesla, tweeted this year that he would literally put a Dogecoin on the moon. Some speculated that it was an April Fool’s joke, but Musk has since tweeted several cryptic messages about the cryptocurrency.

Just a few other celebrities joined in the fun. The Dallas Mavericks, owned by business tycoon Mark Cuban, have confirmed that Dogecoin will be accepted as payment. Snoop Dogg, a rapper, and Gene Simmons, the bassist for the rock band Kiss, both discussed it on Twitter. The increase is also thought to be due to a recent TikTok pattern. TikTok videos went viral, encouraging people to buy dogecoin because it was so cheap.

Price of Dogecoin:

According to an article in Yahoo Finance, Dogecoin’s all-time high price was just over $0.08 in the beginning of 2021. The coin’s value was just under $0.06 in March 2021, more than 29,000 percent higher than it had been five years before. Dogecoin’s price rose at the start of 2021, thanks to some attention from investor and entrepreneur Elon Musk.

Similarly, the value of Dogecoin increased after Mark Cuban, the owner of the Dallas Mavericks, announced that the team would accept Dogecoin as payment. Its users have been attempting to drive the currency’s value as far as possible, to about $1.

What is the best way to buy Dogecoin?

Using a cryptocurrency exchange is the most popular and easiest way to purchase Dogecoin. Dogecoins can be purchased through a variety of conventional cryptocurrency trading platforms. To purchase the counts, you must first download a cryptocurrency wallet from the platform’s official website. The following is the procedure for purchasing Dogecoin via an exchange platform:

  • Make a Dogecoin wallet using a programme like Ledger or Exodus. This is needed in order to purchase any form of cryptocurrency.
  • Find out where your Dogecoin address is. This address will be required to purchase Dogecoin and store it in your wallet.
  • Log on to a Doge exchange, such as Binance or Bitpanda, to obtain exchange data about the Dogecoin, such as the currency’s exchange rate, the documentation needed to complete the authentication process of purchasing Dogecoin, and the payment options.
  • Purchase Dogecoin on the website of your choice using your chosen payment method.
  • Withdraw Dogecoin whenever you like.

Users may also use a faucet to purchase small amounts of Dogecoin. Faucets are websites that provide users with a limited amount of Dogecoin. Dogefaucet.com is an example of a website that allows users to request small quantities of Dogecoins every three hours.

Dogecoin mining is also a choice for users. To put it another way, users can use their computers to process other Dogecoin transactions and receive these coins as payment. This form of transaction is not for beginners, and experienced users generally prefer it. This often necessitates the use of a strong computer setup by the customer. As a result, you must choose between the first two options.

Conclusion:

Thus we have read about Dogecoin and what all you have to consider while buying this cryptocurrency. Hope this gives you a fair idea. Happy reading!!

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