Understanding the Dogecoin Phenomenon
Dogecoin (DOGE) is one of the most popular meme coin (memecoin) crypto assets today. With its logo in the form of a cute Shiba Inu dog face, Dogecoin caught the attention of many people, including billionaire Elon Musk, who often promotes Dogecoin on his social media. The price of Dogecoin also soared, reaching an increase of up to 1,000% within a month in 2021.
History of Dogecoin
Dogecoin started as a joke in 2013, when two software engineers, Billy Markus and Jackson Palmer, created a cryptocurrency inspired by the Doge internet meme. Dogecoin is a derivative of Luckycoin, which is a derivative of Litecoin. Litecoin itself is a derivative of Bitcoin.
Although not originally intended as a serious investment, Dogecoin managed to attract a lot of people, mainly because of its friendly and generous community. Dogecoin also has the support of famous figures, such as Elon Musk, Snoop Dogg, and Mark Cuban. Dogecoin's market capitalization has also increased rapidly, from around $1 billion in 2018, to over $88 billion in May 2021
Dogecoin as an Investment
Dogecoin has several advantages as an investment, such as fast transactions, low fees, and wide adoption. Dogecoin also has the potential to grow even higher, due to high demand and support from influencers.
However, Dogecoin also has some disadvantages, such as lack of development, unlimited supply, and high volatility. Dogecoin is also prone to speculation and market manipulation, which can lead to extreme price fluctuations.
Uses of Dogecoin
Dogecoin is not only used as a means of speculation, but also as a means of payment and donations. Dogecoin can be used to purchase goods and services from various merchants, such as Newegg, Twitch, GameStop, and airBaltic Dogecoin can also be used to donate to various charitable organizations, such as Doge4Water, Doge4Kids, and Doge4Nascar Dogecoin can even be used to help with space missions, as SpaceX did with the DOGE-1 project.
Dogecoin's Supply and Inflation Potential
Unlike Bitcoin which has a limited supply of 21 million coins, Dogecoin has an infinite supply. Every minute, there are 10,000 new Dogecoins mined, which is equivalent to 14 million coins every day. This means that the supply of Dogecoin will continue to grow over time, which can lead to inflation and a decrease in value.
However, some argue that an unlimited supply can provide stability and sustainability for Dogecoin, as there is always an incentive to mine and use Dogecoin.
Dogecoin Highest Price
Dogecoin had chalked up its all-time high price (ATH) in May 2021. At that time, the price of DOGE reached IDR 10,338 per coin amid the enthusiasm of the Dogecoin meme coin community and the influence of Elon Musk.
Dogecoin Lowest Price
On May 6, 2015, the price of Dogecoin was DOGE's all-time low. At that time the price of Dogecoin touched Rp1.13 per coin. But not to worry, this is DOGE's lowest price record 9 years ago.
Conclusion
Dogecoin is a unique cryptocurrency, which has an interesting history and potential. Dogecoin has advantages and disadvantages as an investment, which should be well considered before deciding to buy it.
The DOGE meme coin also has useful and meaningful uses, which can add value to society. Dogecoin was just a joke at first, but now DOGE has become a phenomenon in itself whose price movements cannot be ignored.
How to Buy DOGE on Bittime
You can buy and sell DOGE tokens in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. DOGE is available on Bittime with DOGE IDR pairing.
To be able to buy DOGE/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make DOGE purchases in the application. Complete Guide on How to Buy DOGE on Bittime.
Monitor the price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Is Elon Musk Still HOLD DOGE? Check More
Getting to Know Internet Memes and Their Relationship to Crypto
Dogecoin (DOGE): Definition, History, and How It Works
Dogecoin Whale (DOGE) Moves 332.9 Million DOGE to Binance
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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