Dogecoin: What it is and Where it Stands?
Over the years the way exchanges evolved, the currencies as a medium responsible to do exchanges are also get evolved and transformed with a massive pace. The world has gone beyond from the traditional patterns of using currencies to modernize it into a virtual tool in this technologically- advanced digital age. Cryptocurrencies are the biggest example available to the eye which has gained massive popularity in short span of time. Let’s put a step forward to know more about cryptocurrencies, especially the ever-emerging ‘Dogecoin’ and its applications and implications in the international economic system.
What is Dogecoin?
Dogecoin is a kind of cryptocurrency or a digital currency created by software engineers Billy Markus and Jackson Palmer. Likewise other cryptocurrencies, it is also designed to work as a medium of exchange through a computer network that is not reliant on any authority such as government or bank, to uphold or regulate it.But it is made up of using blockchain technology which regulate and protects it. Dogecoin, a cryptocurrency uses encryption algorithm to work as both – a currency and a virtual accounting system.
How it came into being?
It is interesting to know that Dogecoin was created as a joke to make a joke. Yes! The founders Billy and Palmer had an intant to discover it to put throw a laugh on existing cryptocurrencies especially, the Bitcoin and it founders and speculators, claiming it would rule the world one fine day. A currency which emerged with a satirical impression never knew about what future upholds. Within two weeks of its emergence, Dogecoin had established its blog and forum. Also,with the help of Reddit, the site Dogecoin.com became an instant hit. In past it had reached almost a market value of $8 million, positioned it among the seventh largest digital currency. It was officially released on December 5, 2013.
Dogecoin : A Rollercoaster Ride
Since its establishment, dogecoin experienced a highly influencing trends positioned it between survival and progress. On December 19, 2013 Dogecoin bumped nearly 300% in value in 72 hours, rising from US$0.00026 to US$0.0009, with a volume of billions of dogecoin per day. On December 25, 2013 dogecoin was theft as the millions of coins were stolen because of the hacking of Dogewallet- online cryptocurrency wallet.
Dogecoin community started a donation earning platform named as ‘Save Dogecoin’ to cover all of the coins that were stolen. January 2014, dogecoin surpassed Bitcoin and other cryptos combined, on trading volume parameters. In early 2018, in a cryptocurrency bubble, dogecoin reached a peak of $0.017/coin, with a total market capitalization USD 2 Billion. It was the flourishing period of dogecoin. In January 2021, it went over 800% in 24 hours, at a price of $0.07. Also, it went $0.08 following twitter encouragement by Elon Musk. On may 8, 2021 it dropped flat 34% from $0.711 to $0.470 following Elon Musk’s show appearance on Saturday Nights Live. On may 9,2021 SpaceX announced a rideshare to the Moon entirely funded by Dogecoin, making the first space mission sponsored by a cryptocurrency.
What is the Current price of dogecoin?
1 dogecoin =$0.006877 (as on 21.06.2022)
ATH (all time high price) = $0.7376 (as on May 08, 2021)
ATL (all time low price) = $0.00008547 (as on May 7,2015)
Market cap of dogecoin = $8,028,654,469.52
Negatives & Positives
Speculators do not take it seriously even presently because of its origin as a joke, consider it as a meme- coin. Also, it is regarded as a Ponzi scheme by the commentators. Dogecoin does not have a supply cap like bitcoin with its capped supply of 21 million. Instead, it has a deliberately stable inflation rate of 10,000 Dogecoin per block, with a block time of minute.
However, it started as a joke, in September 2021, it was among the top 10 cryptocurrencies in the world with a market capitalization of USD 26 Billion. Also in positive sense, dogecoin takes relatively less energy while transactions compared to others. Frequently, Elon Musk talks about dogecoin every now and then make it visible in the eyes of others. As in 2021, Elon remarked that he would use/accept dogecoin,the currency as a means of payment for its Tesla Merchandise.
Dogecoin as a digital currency has a future depends on the people speculations and the degree of its usage for a stable period of time. Apart from it, dogecoin is indeed a good option to be choose among the web of cryptocurrencies available in the world. It has the potential to grab larger market, keeping every other cryptos behind and revolutionize the way modern mode of exchanges takes place.
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