Dogecoin is a cryptocurrency that is similar in its overall nature to Bitcoin but is distinguished by a particular set of attributes pertaining to its nature. Both are digital forms of currency, but Dogecoin has wider commercial usage and ultimately more potential for staying power. Initially, Dogecoin started as a comical version of a cryptocurrency, but it attained enough power and versatility in the crypto sphere that deemed it far from being the joke that it was originally set out to be. Lets explore the TOP 10 Shocking Facts About Dogecoin Coins.
In fact, by comparison to other forms of cryptocurrency, Dogecoin is doing better in terms of expedient growth. It has also largely held its value over time, though it has rightfully faced criticism over being controlled and influenced by a very small number of people who essentially control its worth and supply value.
Shocking Facts About Dogecoin Coins
1. Dogecoin’s Origins Were Inspired By Lucky Coin
The primary influence for Dogecoin was a lesser-known cryptocurrency known as Lucky Coin. Dogecoin started as a humorous attempt at imitating lucky coins with comedic features, designs, and concepts. Lucky Coin provided super lucky blocks that issue good rewards for what is otherwise a tough mining adjustment algorithm, meaning that it was well-intentioned. It was argued however that the design wasn’t particularly fair, which is an area that Dogecoin sought to improve in.
2. Dogecoin Has Had A Large Following Of Support From The Start
Dogecoin had a good backing of followers right from its inception. It was supported by both Reddit and Twitter passionately. Its popularity has only grown, never losing momentum in that regard. The excitement that Dogecoin generated on social media helped to keep the newcomer cryptocurrency alive and growing its notoriety.
Because of their stance on being fair, they got a lot of faith from investors. As more investors came aboard and used Dogecoin, the higher its value grew. Eventually, big social media giants like Tik Tok began to support the Dogecoin digital currency as well.
3. Dogecoin Features One Of The Fastest Mining Processes Of Any Cryptocurrency
Dogecoin has grown quickly in large part due to its prolific mining. To get an idea of just how prolific the Dogecoin mining is, one account can mine about 98.9815 Dogecoin on a daily basis. Dogecoin is a perfect cryptocurrency for those looking for easy to mine and interactive platforms.
Dogecoin leverages script encryption which has grown far faster than even Bitcoin has. The block rate on Dogecoin is one per minute, which means more blocks can be mined yielding more rewards. These result in a huge payoff to investors.
4. What Is Behind The Interesting “Dogecoin” Name?
So where did the Dogecoin name come from? This digital currency seems to have adopted its name from some popular and successful memes circa 2013 of the “doge” who was a dog mascot that was showcased on the Dogecoin site.
The dog breed is the Shiba Inu, a Japanese dog breed, and one of the country’s smallest native canine variants. The support of its adorable mascot went a long way in helping Dogecoin’s popularity, boosting them to one of the world’s five most popular digital currencies.
5. Compared To Competition, Dogecoin Has A Massive And Extensive Con Supply
Cryptocurrencies, by their nature, have to keep their total amount of minable coins finite in order to not completely deplete their value. But not all cryptocurrencies have limitations like Bitcoin, for instance. Dogecoin takes the opposite route of many of its competitors. Since they started out with a humorous take, Dogecoin intended to put 120 million coins into circulation.
To date, there are 140 in circulation already, and there is no limit to how many coins can be mined. If one was to break down the numbers, Dogecoin actually releases an average of 14.4 million coins daily, with an estimated 5.5 billion on the market annually.
6. Dogecoin Is Supported By Celebrities
Many celebs support Dogecoin and they span the field of the entertainment world (including rapper Snoop Dogg) as well as the business world (business mogul Elon Musk). Musk has extensively tweeted about Dogecoin, expressing his support, and making it more desirable for brands and companies all over the world to put more faith in using it. Dogecoin has even been embraced by popular culture with popular musician Kevin Jonas proclaiming that he is Doge.
Some other celebrities are also Dogecoin investors, while many others have made comments or posted funny pictures or memes to promote Dogecoin through their social media channels. With that amount of discussion and buzz around Dogecoin by famous people padding the emphasis on it, celebrities have greatly helped to turn around the initial image that investors had about this “joking” cryptocurrency.
7. Business Across The Globe Are Already Using Dogecoin
There is a reason Dogecoin is as popular as it is. It has been recognized and utilized by a variety of global businesses and vendors. Several online marketplaces accept Dogecoin as a form of payment currency. This goes to show that companies around the world have accepted Dogecoin as a reliable method of payment.
For instance, many online casinos have made it possible to play for digital currency including Bitcoin and Dogecoin. Other industries that accept Dogecoin also include sports betting, investments, trading, online shopping, and various other e-commerce methods.
8. More On Elon Musk’s Support Of Dogecoin
As noted, among Dogecoin’s most ardent celeb supporters is billionaire Elon Musk. He has supported Dogecoin for years now, proclaiming Dogecoin as the crypto coin of the masses. He appeared on Saturday Night Live and mentioned his support for it, and since then, its growth has exploded. Musk had in essence become a public promoter or emissary of the Dogecoin cryptocurrency, and he continues to Tweet about it regularly.
Musk has even proclaimed that what was originally a meme currency, is his favorite form of digital currency, and has said so for years. He isn’t just all talk either. He has been an unofficial Dogecoin investor for many years too.
9. Dogecoin Is A Simple, Affordable, And Convenient Cryptocurrency
One of the biggest selling points of Dogecoin is how inexpensive it is. The main reason for its low price point is the sheer volume of Dogecoin coins that are out in circulation, with about $150 million and counting. The transactions performed with the Dogecoin currency are also inexpensive.
This is a highly appealing investment for many, especially those who do not have a lot of money to put into cryptocurrency. In contrast consider that the cost of Bitcoin is exceptionally high per coin, making it hard for the average investor to risk putting all that money, especially considering its volatility. But a rising cryptocurrency like Dogecoin provides a great and financially convenient option for investment. It is no wonder that it has been referred to as the “people’s coin.”
10. Dogecoin’s Humor Encourages Meme Cryptocurrency
Elon Musk, the billionaire mogul and unapologetic fan of Dogecoin has been the digital currency’s driving image. Even now, Musk is urging developers to offer and upgrade Dogecoin’s process and design.
The true driving force of Dogecoin, however, has been the virtual world. While it became popular for its namesake being likened to the “Doge” meme, the strategy got people excited. The humorous aspect of taglines like “Doge has dog memes” has been making people smile and people are drawn to the currency that affords them positive feelings of happiness.
Shocking Facts About Dogecoin Coins, Conclusion:
At this moment, Dogecoin is quite possibly the most popular cryptocurrency in operation. Much like Bitcoin before it, Dogecoin was a revolutionary digital innovation of the last two decades. It is important to consider that in that time, many other cryptocurrencies have attempted to take hold, but many of them didn’t last. Of course, Bitcoin and Dogecoin are different in the respect of potential size, since Dogecoin has not a hard cap on the coin supply, so they can be mined indefinitely whereas Bitcoin does.
Digital currencies are viewed as investments since they have a high market demand and their price continues to grow. Celebrity advocates of Dogecoin like Elon Musk have lent the cryptocurrency their support, helping to propel Dogecoin to even more success by helping it achieve more notoriety and positive attention.
All cryptocurrencies that have stood the test of time have had those who believe in them, and the case for Dogecoin, a currency that started as a meme or a joke, is no different. Perhaps at the start, it was all for laughs, but these days Dogecoin is a prolific (though volatile) contender in the digital marketplace.
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frequently asked questions:
Can Bitcoin Be Purchased Through ATMs?
Many people don’t realize that Bitcoin can now be purchased as easily as a visit to certain ATMs. People without any experience or cryptocurrency background can even do so these days. By visiting one of the 10,000 special ATMs globally available, investors can purchase Bitcoin digital currency. Interestingly, at one time not a lot of people believed that Bitcoin can be as popular as it is today.
Bitcoin ATMs are actually known as BATMs because they allow for Bitcoin purchasing ability. To purchase Bitcoin through these machines investors can use fiat currency like cash and credit cards.
What Can Dogecoin Be Used For?
While Dogecoin can be used to make payments for purchases of goods and services, it isn’t an effective value-storing asset. Since there is no lifetime cap on the Dogecoin numbers that can be mined, the Dogecoin cryptocurrency is by its very design highly inflationary.
Is It Worth It To Purchase Dogecoin?
Dogecoin (or DOGE) is an open-source, peer-to-peer form of cryptocurrency, considered a meme coin or an altcoin in most respects. It launched in December 2013 with a Shiba Inu dog for its logo, but while its launch was meant as a joke, the results of its blockchain are far from one.
Will The Value Of Dogecoin Ever Reach $1?
While the achievement of $1 worth of the DOGE is not out of the realm of possibility, it is more likely than not to be improbable that it reaches that price point. Dogecoin is highly susceptible to price fluctuations due to how easily it’s affected by mentions or tweets about it, especially by prominent influencers. This fact alone could doom its ability to maintain a $1 value even if it can achieve it with just a few negative statements.
Where Will Dogecoin Be In 2026?
By 2026, the value of Dogecoin is predicted to be around $0.35 according to long-term price predictions for the cryptocurrency. At its maximum, the price is expected to top out in 2026 at $0.78, but that isn’t to say it cannot grow more.
Is Dogecoin A Good Long-Term Investment?
Dogecoin would be considered a speculative investment in the crypto market. Though enthusiasts would likely hold on to Dogecoin investments for the long term, dedicating a lot of one’s investment portfolio to such a volatile currency is not a good investment strategy. How one invests in crypto, however, is largely dependent on their goals.
How High Can The Value Of DOGE Go?
The current standing of Dogecoin in the market based on expert analysis is that by the end of 2022 DOGE worth can hit a price point of $0.30, $0.50 by the end of 2023, and by the end of 2025 to get to $0.77.
Why Is Elon Musk A Dogecoin Fan And Investor?
Musk has claimed that people have long encouraged him to support the then-rising Dogecoin cryptocurrency according to an interview at the Qatar Economic Forum conducted with Tesla’s head by John Micklethwait of Bloomberg News. In that same conversation, however, Musk implied that he has not gone out of his way to encourage others to invest.
Where Can Dogecoin Be Purchased?
Dogecoin, along with more than 500 other cryptocurrencies can be purchased at Binance, a 2017-founded global cryptocurrency exchange. It has since grown to be the biggest of its kind in the world, allowing investors to make crypto investments using either other crypto coins or fiat currency like bank transfers, SEPA transfers, cash, and credit.