What is Dogecoin
Dogecoin is an open-source cryptocurrency created in 2013 by Billy Markus (@billymk2) and Jackson Palmer to make fun of crypto fever at that time. Dogecoin started as an internet currency to tip with the face of a Shiba Inu dog, a Japanese dog, as its logo. Its technology is derived from Litecoin and is famous for having low fees and unlimited supply. While bitcoin is deflationary with limited supply, Dogecoin is inflationary with unlimited supply, which makes this coin a faster, more adaptable and user-friendly version of bitcoin.
Main characteristics of Dogecoin:
- It started as a joke in 2013
- It was made to tip for content creators on the internet
- Unlike most of the other altcoins, it has an unlimited supply
- It has the support of some famous celebrities, including the CEO of Tesla @Ilonmusk and American billionaire @markcuban.
- It is famous because of its fun community
Due to controversial arguments around Dogecoin, it has experienced more fluctuation than other altcoins in the market. Both highs and lows are usually extreme, as this coin reaches its all-time high on 8 May 2021, .73995 USDT and was trading around .17 USDT on 22 June 2021.
Things to consider if you would like to invest in Dogecoin:
- Do your own research before investing in this coin
- Do not invest money in this market that you cannot afford to lose
- More volatility has been experienced in meme-coins like Dogecoin.
While fundamentally there are many criticisms around Dogecoin, it is proven that Dogecoin has a very strong community on Twitter and Reedit, which is growing every day. Also, developers are working on Dogecoin codes to reduce its fees, make the transaction faster and potentially bring smart contracts into the platform. There is some speculation that Dogecoin might become the future currency of the Earth and probably Mars due to the controversial support of one of the most powerful people in the world, @Ilonmusk.