Dogecoin started out as a parody of the well-known cryptocurrency Bitcoin. Dogecoin is one of the earlier cryptocurrencies on the market and its creators have chosen a dog (the Shiba Inu) as the coin's mascot. But is Dogecoin still a joke? The currency has meanwhile become a world-famous phenomenon. In addition, Dogecoin is now one of the largest crypto projects on the market today.
Dogecoin is designed to send digital currencies to each other, just like Bitcoin. The two coins are therefore very similar in many aspects.
Dogecoin (DOGE) was launched in December of 2013 and became immensely popular within the first month.
Dogecoin is an open source and peer-to-peer digital currency that can be sent to each other.
Dogecoin started as a joke, but is now one of the best-known crypto currencies.
When is a good time to get in?
Dogecoin statistics from the last 24 hours
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The first years were quiet for Dogecoin. After the coin was released, Dogecoin briefly surged to $0.0016 per coin. The price soon plummeted by 99%, after which there was little to no fluctuation in the years that followed.
As you probably know, in 2017 public interest in Bitcoin and other cryptocurrencies (altcoins) started to increase. During this so-called bull market, Dogecoin was one of the most popular coins, partly because of the memes. Many memes were posted on Reddit and 9GAG giving Dogecoin the title meme coin.
Unfortunately, Dogecoin was not strong enough to survive the crash of early 2018. The famous meme coin, like most cryptocurrencies, found itself in an ongoing bear market. The all-time low was reached when the price per coin stood at $0.0016 in March 2020. A drop in value of more than 90% from Doge's all-time high.
But very slowly and steadily, Dogecoin started to recover. With a larger community than in 2017, memes and influencers managed to drive up value since the all-time low. When Elon Musk, founder of Tesla and Space X, started tweeting frequently about Dogecoin, things really got going. Ultimately, Dogecoin hit a high of around 0.50 cents. A growth of several thousand percent since the launch of the coin.
According to the Dogecoin team, there is indeed a use case behind Dogecoin. Namely, being able to pay via a decentralized system. The coin can be used to transfer money to anyone else with a Dogecoin wallet. Dogecoin can also be used for donations, online shopping, and of course as a digital currency.
Like any cryptocurrency, Dogecoin is sensitive to various influences that can cause the price to rise or fall. Being a meme coin, the brand is more important for its value than the technology behind it. This is why dogecoin depends more on what people think of the coin rather than a roadmap. Dogecoin is more sensitive to some influences than other cryptocurrencies. These are the most important influences on the price of Dogecoin.
In itself, media attention affects most cryptocurrencies, but in the case of Dogecoin it is slightly different. Due to it’s nature, it receives different and more frequent media attention than other coins. Major influencers such as KISS frontman Gene Simmons and popular actress and influencer Mia Khalifa have spoken on social media about Dogecoin and have also invested in it.
Then there is Elon Musk, one of the richest men on the planet. A tweet from him about dogecoin has more than once in the past had a major impact on the price of dogecoin. An example of this was seen in July 2020, when he openly endorsed the coin. As a result, the price rose by 14%. The huge bull run since January is also thanks to Elon, which caused the price of Doge to reach all-time highs.
The price of Dogecoin is very sensitive to price fluctuations. Although Dogecoin's long-term trend is upwards, it is difficult to say what the coin will do in the future. Its underlying techniques are lacking and the coin is more dependent on the media and communities. If the media and the communities lose interest in Dogecoin, this could have a negative impact on the currency. On the contrary, when Musk or another well-known person tweets about Dogecoin, it could have a positive effect on the price. In the crypto world you never know which way a coin is headed, and this is certainly true for Dogecoin. A true high risk, high reward currency.