The craze for cryptocurrencies has soared to a brand-new phase in the last few years. It seized the attention of investors all over the globe, and it is now termed as the future currencies. With thousands of cryptocurrencies available in the market today, only limited coins have emerged as potential assets. In this lane, Dogecoin is one of the dynamic coins that skyrocketed in the market, especially to break the dominance of Bitcoin. Though Bitcoin had its origin in 2009, it gained huge popularity only by the year 2013. While everyone was astonished by these new-age assets, two amusers decided to make fun of this million-dollar market. And guess what? This gave birth to Dogecoin in the year 2013.
A Quick Recap Of Dogecoin:
Dogecoin was founded by two Billy Markus and Jackson Palmer, who were IBM and Adobe Software engineers previously. They yearned to create their own blockchain and cryptocurrency, which resulted in the Doge network and Dogecoin. It is asserted that their website had about one million visitors within a month of introducing the network and coin in the market. Whenever we talk about Dogecoin, one thing that strikes our mind in the face of the Shiba Inu breed dog. The so-called Doge meme became the meme of the year in 2013, and things started to change with it.
Dogecoin (DOGE) is a P2P, open-source crypto-asset which is regarded as a meme-inspired coin. Though it was created as a joke, the technology stack behind the network is immense and derived from Litecoin. It utilizes an algorithm called scrypt. The low price and limitless supply are the added advantages of the coin.
The Upsurge Of Dogecoin:
Initially, the coin was marketed as the amusive version of Bitcoin with a logo of a Japanese breed dog. The introduction of Dogecoin captivated the burgeoning crypto market. As said, the script algorithm, limitless supply, and user-friendly version made it comfortable among crypto enthusiasts. Bitcoin was promoted as a deflationary coin in which the coins that are circulated via mining rewards will be halved. However, Dogecoin is promoted as an inflationary coin to the whole community. Though it had an entertainment background, its ultimate purpose is to donate the funds to charities and other good causes. Some of their serious actions include,
- The community raised 27 million Dogecoins worth $30,000 to fund the Jamaican bobsled team and made them participate in the Sochi Winter Olympics.
- They raised $11,000 worth of Dogecoins to build first-class wells in Kenya on world water day.
- As a matter of support, they sponsored about $55,000 worth of Dogecoins and made Josh Wise participate in an American car race with a Dogecoin-themed car.
- Reddit has its own Doge community that rewards the participants with Dogecoins for the well-drafted content.
- Apart from these, the community uses Dogecoins to support the needy, homeless, and poor people.
All these gave equally contributed to the upsurge of Dogecoin.
Elon Musk’s – The Prominent Supporter For Dogecoin:
Elon Musk, the CEO of Tesla, is one of the imperative reasons for the surge of Dogecoin. With just a single tweet of Elon Musk, which manifested his support for Dogecoins, the price of the coin skyrocketed by 30% within 24 hours. According to the tweet, it is reported that he’ll join hands with Dogecoin developers to update and improve the efficiency of Dogecoin. With this, he is now called the Dogefather. He also confirmed that by 2022, SpaceX would launch its own mission to the moon with the Dogecoin fund, and he strongly believes that it paves a path to empower the future of Dogecoin.
The reports from capital.com say that Dogecoin has surged nearly 15,000% overall, with an all-time high of $0.74 in the last month. It is now all set to reach the milestone of $1 by the end of this year.
How To Purchase And Store Dogecoins?
The steps involved in purchasing Dogecoins are as simple as that of other cryptocurrencies. It can be purchased with cryptocurrency exchange platforms, including Coinbase, Kraken, Robinhood, etc. The only requirement is the cryptocurrency wallet. A wallet is crucial when it comes to exchange platforms. In order to purchase and store Dogecoins, the users have to download a wallet, which is available on the official website itself. It includes,
The two types of software wallets are,
Dogecoin Core: It is a kind of wallet that consumes a colossal amount of time and data.
MutiDoge: It is a kind of minimized version of Dogecoin Core, which only takes essential data into consideration.
Dogecoin permits its users to make the best use of online wallets, which has the base of the Doge network.
It is the best-suited for safeguarding Dogecoins as it falls under the category of printable wallets.
It is a type of offline wallet that gives robust safety for the users to store their Dogecoins.
Undoubtedly, the market value of Dogecoin is now higher than the market cap of Kraft Heinz, eBay, and Ford Motors. Apart from Elon Musk, the other well-famed personalities, including rapper Snoop Dogg, and rock band Kiss’ bassist Gene Simmons played a vital role in making an upsurge in the price of the coin. It has now emerged as a sturdy community with supporters all over the world. Though it was started for fun, it now has a serious purpose and cause to continue. We have to wait and watch to figure out how far this craze develops both mankind as well as the crypto markets.
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