If you had your eyes peeled to the twists and turns of cryptocurrencies for quite a while, you know that taking experts’ crypto forecasts at face value is rather ridiculous. With a high fluctuation factor being involved, no one can guarantee that Bitcoin will rocket to a dizzying
$1.000.000 or plummet to a meagre $1 in the foreseeable future. Furthermore, in retrospect, we do remember the times when the analysts shamelessly messed things up while making predictions about cryptocurrency whose origin is associated with one of the cutest and most popular pets in the world.
Have you guessed which one we’re talking about and decided to devote this post to?
Today, let us come to grips with the revolutionary altcoin, one that is most discussed and speculated, and which wacky name speaks volumes of the joke element in its creation. Yes, this is Dogecoin! Keep reading as we are about to shed light on a couple of very interesting things about this amusing dog-like coin:
- what it is
- its origin
- how it is used
- its value
- expert opinions
What is Dogecoin?
Dogecoin is an altcoin, main features of which include decentralization, prompt and safe peer-to-peer payments, non-deflationary nature (unlike with Bitcoin, where there is the restriction to how many coins are produced), and a whacky design showcasing a Japanese dog.
The low value of Dogecoin, compared to Bitcoin and Ethereum, makes it affordable. On the one hand, this is great news; on the other hand, such affordability translates into a mining process that’s not really lucrative, which obviously is a major con of the coin in question.
Dogecoin is strongly supported by its outstandingly friendly and big-hearted community, referred to as Shibes. Shibes are ardent advocates of the fun coin, they constantly facilitate its existence and widely use it for charity purposes.
Back in 2013, a fun Doge meme took the internet society by storm. An anxious snout of Shiba Inu dog was so touching and cute, that it immediately inspired the creation of the so-called Shibes community. Its members adored various styles of the meme that kept popping up on digital gadgets like mushrooms after a prolonged spell of rains.
As a result of this buzz, two crypto aficionados, Jackson Palmer and Billy Markus, immediately decided to tap into the great popularity of the dog in question, and on December 8th, 2013, they announced the launch of a new digital currency, Dogecoin. As of the time of its creation, Dogecoin was intended to infuse a fun streak into the crypto world. As it stood, Palmer and Markus were convinced that the cryptocurrency environment – too stiff and serious – was in a dire need of a more “amiable” coin as opposed to a cold nature of Bitcoin.
Although there were no serious expectations about Dogecoin initially, its worth has leapt very soon heralding its solid place on the crypto market. Currently, Dogecoin confidently sits in the list of 40 biggest names in the world of digital money.
How Dogecoin Is Used?
One of the most popular applications of Dogecoin is tipping those who spread enlightening and worthwhile content on the internet.
In addition, Shibes are renowned for capitalizing on the power of this electronic money in the way that arouses praise and deep admiration. For instance, they raised funds (a claimed $50,000) to assist the bobsled team from Jamaica in making it to Sochi to participate in the 2014 Winter Olympics. In addition to this, devoted Shibes contributed to the accessibility of clean water, donating $30,000 to the African community in Kenya for the purposes of the construction of a well.
On the flip side, the crypto community has also witnessed much less decent times of Dogecoin. The instances of hacking and scams – one of which lead to the fraud worth $750,000 in Dogecoin (Moolah scandal) – compromised the good nature of the coin. That said, even though the dog-like cryptocurrency is meant to be friendly and fun, it is clear that nothing can remain purely innocent and fun as long as the ‘big money’ aspect is involved.
Dogecoin Value (over 5 years of its existence)
To elaborate on highs and lows of Dogecoin, it is worth mentioning that after its inception in 2013 when it stood at just $0,000268 per coin, its value jumped to $0,001811 in a year time frame (December 2014). Later in 2014, it slipped back to an even lower value of $0,000159 and remained at that point for about 3 decades. In May 2017 though, it showed a significant recovery to an impressive $0,003795 (market cap – over 200 million dollars).
But it was January 2018 that saw the all-time highest Dogecoin price – a whopping $0,01759 with the market cap of almost 2 billion dollars.
Currently, as of August 21, Dogecoin is trading at $ 0,002398 per coin with the market capitalization reaching $277 720 386.
A thing that entices people into buying Dogecoin is its low price. This, according to experts, is the main delusion. Lewis Tuff, an engineering lead at Revolut, warns people against making gullible investments based only on a cheap value of cryptocurrencies. In addition, Richard Asquith, a Vice President at Avalara, argues that people seek to speculate and they need a crypto bubble. According to his opinion, Dogecoin can serve this purpose very well.
While there are precautions about opting for Dogecoin investment, it appears that this digital currency is seeing its Renaissance period, with developers starting to update the platform after years of dereliction. As a result, Dogecoin is introduced to many exchanges and stores, one of which is a renowned Lazy Pyramid store.
Whether you are inclined to rely on experts’ advice or you tend to take it with a grain of salt, it is your choice! And undoubtedly, only time is able to show where the Shiba Inu altcoin’s place is – on the moon or on the dust-biting level.
Stay with us to be well-informed!
In the meantime, WildTornado users are welcome to play the best online games – slots, video poker or table games – with Dogecoin! Furthermore, we respect your choice and apart from Dogecoin and fiat money, we offer multiple crypto payment methods: Bitcoin, Litecoin, Ethereum, Bitcoin Cash.
Have a great time playing the best crypto games at WildTornado!