Dogecoin or DOGE is a coin founded by IT programmers Jackson Palmer and Billy Markus as a joke in response to the wildly speculative cryptocurrency market at the moment. Despite its humorous character, some people think it’s an excellent financial opportunity. The market cap of this unique cryptocurrency as of November 15th, 2021, is standing at a staggering 34 billion US dollars.
This article will provide a comprehensive summary of all the things going on in the world of DOGE as of today, including relevant news, value, price forecast, and a brief discussion on the much-asked question – will Dogecoin reach $1?
Read ahead to find out – This will also assist you in making the right decision before finalizing any investment plans.
Dogecoin: what is it?
This first ever memecoin was officially launched in 2013 as a fun alternative to the existing bitcoin and other cryptocurrencies. A meme-inspired the Dogecoin moniker and Shiba Inu emblem. Compared to Bitcoin, which is intended to be limited, Dogecoin is supposed to be plentiful – 10,000 DOGE crypto tokens are generated every sixty seconds, so there is no limit to the total amount.
Dogecoin is no longer a joke, with its value skyrocketing by more than 5,000 percent in 2021. Elon Musk, CEO of Tesla, is a supporter, calling Dogecoin his favorite coin. Musk also dubbed DOGE the “people’s cryptocurrency” and stated that an actual Dogecoin token would be planted on the moon.
How does it work?
DOGE is a cryptocurrency that, like Ethereum and Bitcoin, is based on Technology linked to the Blockchain, which is a decentralized digital log that keeps all transactions conducted with a decentralized virtual currency in a shared, secure manner.
The DOGE blockchain record, updated frequently with all current transactions in the world of cryptocurrency, is carried by all holders in an equivalent form. The blockchain system of Dogecoin, like those of other currencies, employs encryption to make all transactions safe.
Miners utilize software to solve complex mathematical calculations to manage activities and store them on the Dogecoin network; a mechanism called proof of work. In exchange for conducting transactions and maintaining the blockchain record, miners get additional Dogecoin to retain or trade public markets.
History of Dogecoin
In December 2013, marketer Jackson Palmer and programmer Billy Markus created Dogecoin as a symbol for the Japanese breed of dogs called the Shiba Inu. Palmer exited the business in 2015, but Markus is still the company’s chief developer.
Despite the project’s comical exterior, the creators of the coin have stated over the past that they regard the initiative as their responsibility to fulfill the needs of token-owners with sincerity. As proof, the business has conducted critical cryptocurrency development experiments such as tests to know exactly how the market responds to the currency.
After and during the 2017-2019 crypto bubble
Dogecoin’s worth soared along with the majority of the coins in the crypto-verse during the last quarter of the 2017 crypto bubble and then collapsed along with the remainder of the crypto-verse in late 2018.
NOTE: During the crypto bull run of 2017 and 18, the market cap topped $1 billion for the very first time.
Right before the fall of 2019, Dogecoin witnessed another uptrend like the remainder of the cryptocurrency world. Dogecoin supporters were ecstatic when Binance included the cryptocurrency, and to top that, Elon Musk, the CEO of Tesla, backed the Dogecoin on Twitter.
The structure of Dogecoin hasn’t really been a significant priority for the coin’s creators, who are still hobbyists. However, its lively community of active miners could be one rationale for why it continues to function and sell.
Throughout 2021, Musk has remained a strong supporter of Dogecoin, stating on Twitter that he has been working closely with the crypto-coins creators to increase the efficiency of the transactions. The Tesla Founder even conducted a poll on Twitter earlier this year, questioning if Tesla should consider Dogecoin as a payment method.
AMC also stated that it would start accepting Dogecoin for e-gift card transactions towards the conclusion of the year, giving the humor-based cryptocurrency even more utility. Dogecoin’s market valuation position was ranked number ten of all cryptocurrencies as of October 8th, 2021, with a market cap of 31.9 billion dollars, much better than its ranking a year ago of 48 and valuation of 339 million dollars. With all the promising endeavors by the development and founding team, we could assume that the future of Dogecoin might still be profitable in terms of investment.
How to purchase Dogecoin
Dogecoin may be purchased on a crypto exchange such as Kraken or Binance. To start off, you must deposit US$ dollars or any cryptocurrency and create a profile. After that, you may purchase and sell coins, and in this case, the Dogecoin. Unfortunately, currently the popular crypto trading place Coinbase does not allow Dogecoin transactions.
In conjunction with traditional assets like shares, bonds, and mutual funds, certain e-brokerage firms, such as Tradestation and Robinhood, enable you to purchase the this coin. Although they don’t have as many coins as other exchanges, Dogecoin is widely available.
After you’ve acquired Dogecoin, you should transfer your tokens to a crypto wallet, just like you would with any other cryptocurrency. Wallets come in various shapes and sizes, ranging from internet services provided by marketplaces like Coinbase (although you can’t purchase Dogecoin on it, you can still keep it in the Coinbase wallet) to smartphone apps or even a offline wallet, such as Ledger Nano S. A secret password, called private key, is used to protect the wallets. In addition, there’s an added degree of safety against hackers because your coins aren’t housed on an exchange, which can be hacked. Besides that, in essence having your funds stored on an exchange means you are not in complete control of them. We advise you to use Metamask (application) and create a wallet on there. You also have the option to connect your ledger via Metamask for optimum security and ownership.
Is it a good time to invest in Dogecoin?
There is virtually little reason to keep Dogecoin for a lengthy period because there is no lifespan restriction on the quantity of Dogecoins that may exist. Over a million newer Dogecoins are put onto the exchanges each day. In contrast, Bitcoin’s worth keeps rising due to the system’s restrictions on the number of coins that could be minted.
Dogecoin’s per-coin value has generally been relatively low, hovering at about 0.003 dollars for most of 2020; therefore, individuals were more willing to trade or sell them off. On the contrary, one prominent use of the DOGE is witnessed on social media platforms such as Facebook, Reddit, Twitter, and more – the currency is being used as a tipping means to support content creators.
*The advances in Dogecoin that occurred in 2021 may not be financially viable in the longer run. It remains to be seen if cryptocurrency donating and tipping culture can survive. Hopefully, this answers the question ‘is dogecoin a good investment’?
When marketplaces don’t make logical sense and principles don’t appear to apply, it’s evident that the norms are being redefined, if not wholly tossed aside. We may be in the midst of a disruptive innovation era that will usher in a new surge of creativity. New sorts of assets may find a place in investment portfolios as a result of this wave.
However, the present pricing solution’s unhinged form is unsettling, and it serves as a warning that radical innovation may be cruel to all those stuck in the crossfire. Lack of certainty does not foster confidence, and a lack of confidence hinders growth. It’s no surprise that, like all coins, Dogecoin’s value was dependent on market value changes or price swings.
DOGE may also come with the weight of instability, according to technical indicators of Dogecoin forecast, so keep an eye on the investments. In addition, you must keep a watch on the bitcoin price predictions and remain vigilant.
Virtual currencies have experienced significant volatility due to the outbreak, and Dogecoin, just like the rest, is no exception. The whole cryptocurrency market valuation has changed significantly, and so has the market value of Dogecoin. Nevertheless, to be enthusiastic about Dogecoin technical indicators, we must first understand how long-term and short-term price forecasts affect Dogecoin prediction.
Dogecoin price predictions
According to Dogecoin price predictions, the price has changed dramatically over the last year, as has its market value. According to a recent forecast, the price of Dogecoin has reached new highs following a significant bullish rise. Traders and investors have been taken aback by the current price changes.
In reality, the media’s focus has been on the Dogecoin price estimate. The price of DOGE has attracted a lot of interest because of its fluctuation. The narrative of price forecasts that surrounded it skyrocketed in value, reaching a market capitalization of above 8.0 billion dollars. Such rumors’ have prompted new Dogecoin investors seeking better pastures in the cryptocurrency.
Now, when it comes to Dogecoin value predictions, how much will the currency be valued by the end of 2021? The coin’s value may linger around the $1 level, with a maximum predicted price of $1. The Dogecoin price is projected to be about $0.9. In addition, since the coin is consistently breaking all-time highs, it is expected to reach the $0.8 mark shortly, especially because 2021 is the year of crypto and we are still in a bullrun.
DOGE, although started as a meme-coin, is now one of the most purchased cryptos in the market – the investment aspect is still questionable due to the continuous increase in supply, but the price forecast indicates that its value will increase further if the bullrun lasts – so do your research and then make the right choice. We hope this article has given you some indication around Dogecoin and helps with your meme coin investment strategy.