What started as a harmless joke and parody has become a currency that has managed to conquer the world. Dogecoin is described as “fun and friendly internet money” and is as interesting as the meme that started it all. Here’s all you need to know about it:
SHIRLENE GRACE ISAAC
You must have heard about Dogecoin somewhere in the news this past one month. From Elon Musk’s tweets on the cryptocurrency to it’s rising value, Dogecoin has been making headlines all over!
It’s most likely that you have a ton of questions over what this Dogecoin is? How do you pronounce it? What does it do? And most importantly, as a working professional, should you invest in Dogecoin? We got you covered on all you need to know about Dogecoin below:
It was originally created as a lighthearted joke for crypto-enthusiasts. Despite this unusual origin story, it has exploded in popularity in 2021 and Dogecoin grew in tandem with that of the original doge meme.
Today, Dogecoin is considered one of the most important currencies in the crypto-world that is not bound by contracts, controversies, hostility in the community and uncontrolled forks. In many ways, it can be called the “people’s crypto”.
What is Dogecoin?
Dogecoin is a cryptocurrency that began as a meme and has now existed for seven years. It was launched back in 2013 owing to a specific Japanese dog breed called Shiba Inu. Fast forward to 2021 and Dogecoin is riding on a “crypto-hype” wave.
How did Dogecoin start?
If you’ve spent any time on the Internet during the last decade, you’ve probably heard of the Doge meme featuring the iconic Shibe, his inner monologue expressed in comic sans with broken modifiers: “so scare” “much noble” and “wow.”
At the peak of the meme’s popularity in 2013, Jackson Palmer, an Australian marketer for one of the world’s largest tech companies, made a joke combining two of the internet’s most talked-about topics: cryptocurrency and Doge. It was a joke aimed at the bizarre world of cryptocurrency.
“Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.” The tweet got a lot of attention. Palmer kept the joke going by buying the Dogecoin.com domain and uploaded an edited Shibe on a coin. He left a note on the site: If you want to make Dogecoin a reality, get in touch.
On the other side of the world, Billy Markus, a video game-obsessed software engineer at IBM, saw Palmer’s note. He’d just finished working on a project he called “cryptocurrency for sillies” and was taken in by Palmer’s idea. After that there was no turning back as they joined hands and co-founded Dogecoin that year.
How do you pronounce Dogecoin?
Some people pronounce Dogecoin as “Dogue Coin” while others prefer to call it “Dodge Coin”.
Who is making Dogecoin popular?
Numerous personalities have also shared their views on Dogecoin. What pushed the currency to gain significant public attention is Elon Musk’s tweets. Another celeb endorsing Dogecoin is Gene Simmons. He has actively been promoting Dogecoin to his followers.
What is Elon Musk’s connection with Dogecoin?
Tesla CEO Elon Musk called Dogecoin his favorite cryptocurrency on Twitter. Musk also coined the term “people’s crypto”.
Tech mogul Elon Musk is one of Dogecoin’s biggest fans and frequently tweets about the cryptocurrency, which consistently spikes its price. The cryptocurrency’s most recent spike was 95.76%, according to reports.
Is Dogecoin going to the Moon?
Elon Musk AKA Dogefather has announced that the SpaceX mission is all set to launch DOGE-1 to the Moon in 2022 and SpaceX will accept Dogecoin as payment.
This announcement came from Musk’s Twitter account on May 10, 2021. The Tesla CEO told one of his 45 million followers on Twitter that Doge will be the first cryptocurrency and the first meme in space.
What is Dogecoin’s value?
Dogecoin is the fourth-largest cryptocurrency today. The coin is priced at $0.43 on May 13. The market cap is at 54.354B.
How is Dogecoin different from Bitcoin?
While both Bitcoins and Dogecoins are cryptocurrencies, they have major differences. One significant difference is the absence of a lifetime cap on the number of Dogecoins that can be created. Bitcoins, on the other hand, have a lifetime cap of 21 million. Bitcoin limits the maximum possible number of coins that can be created.
What can you do with a Dogecoin?
On sites like Reddit and Twitch, Dogecoins are used to tip people. Dogecoin funded the charity doge 4 water and raised 50 million Dogecoins to build a water well in Kenya. It is often used as a crowdfunding medium.
Dogecoin is also valuable in online casinos as it offers fast and safe transactions. Dogecoin is also used in online shopping with a number of sites offering discounts for using cryptocurrency.
Should you invest in Dogecoins?
Since there is no lifetime cap on Dogecoins, millions of new coins are released into the market every day. There is minimal incentive to hold the cryptocurrency for the long term. When the world saw Dogecoin’s monumental growth, everyone wanted a bite of the pie.
So, if you’re up for the risks that come along with the highly volatile nature of Dogecoins, it’s best to not be an investor. Moreover, Doge is literally a meme coin, built out of the intent to mock the concept of Bitcoin. That is why it is extremely volatile and susceptible to random market movements. Dogecoins are risky assets, so ensure you do your research before adding it to your investment plans.
How to buy or sell Dogecoin?
The best way to buy, sell and store Dogecoin is on cryptocurrency exchange platforms. They provide the most convenient methods of purchase and sale. You can make purchases on platforms like Coinbase, Robinhood and Kraken.
To buy Dogecoin on these platforms, you will need to download a cryptocurrency wallets such as the official wallet on the project’s website., Block.io – a multi-currency wallet or Freewalet – another multi-currency wallet. You can also make use of the official Ledger Nano C hardware wallet for greater security.
How do you store a Dogecoin?
Dogecoins are stored in a Dogecoin wallet or an account you hold with a cryptocurrency exchange. Cloud-based wallets developed by third parties are the easiest option. You can set it up in less than two minutes and you don’t need to worry about installing any software.
The issue lies in how much control you have over your cryptocurrency because you are entirely dependent on the third party to keep Dogecoins safe and secure. In the event of a security breach, your credentials may be compromised and your account could be drained.
Can Dogecoin reach $1? How long will it take?
Social media users and some cryptocurrency observers expect the Dogecoin price to climb to $1 by the end of the year while other forecasts suggest it will take several years to reach that level. Dogecoin is highly speculative, with the potential to lose all of its value in an extended bear market.
What is the market cap for Dogecoin to reach $1?
Celebs, social media users and some cryptocurrency spectators expect the Dogecoin price to climb to $1 by the end of 2021 as opposed to other forecasts that suggest it will take several years to reach that level.
Cryptocurrencies, in general, involve risk, Dogecoins are no exception. If you want to experiment then it’s always worth buying a few coins and familiarizing yourself with the system rather than sinking more than a token amount of your hard-earned money.