Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. Famously, Dogecoin features the Shiba Inu from popular internet memes. The decision to use this character was brought on by the developer’s desire to keep the project light-hearted. Like Bitcoin and Litecoin, the main purpose of this coin is to allow for peer-to-peer transactions to occur in a censorship-resistant manner. As of late, Dogecoin has seen considerable coverage in the media due to huge price hikes. As you are about to learn, this isn’t the first time this blockchain network has burst into the limelight.
What Problems Does Dogecoin Solve?
Like all first-generation cryptocurrencies, Dogecoin was basic in functionality. At that time, there weren’t any smart contracts, staking, or all of these other features that are now commonplace in the market. For these early coins, the primary focus was on creating a secure network. To that extent, Dogecoin succeeded greatly, but not without its share of trials and tribulations.
Dogecoin via CoinMarketCap
The second feature about Dogecoin, and perhaps what really makes this coin unique, is the spirit in which the developers wanted Dogecoin to express. Dogecoin wasn’t really made to free the masses from oppression like Bitcoin. Nor was it built to provide a viable alternative to Bitcoin in the market like Litecoin. Interestingly, this coin was built to spread goodwill and fun throughout the crypto community.
Benefits of Dogecoin
There are a lot of benefits that Dogecoin brings to the market. For one, you can use this coin just like Bitcoin to quickly and securely send value to anyone internationaly. Over the last few years, the coin’s network has increased, and now, more vendors than ever accept this unique token.
Censorship Resistant
Dogecoin shares many technical characteristics with the world’s first crypto, Bitcoin. Consequently, the network is secure and provides real-time consensus. Like Bitcoin, hackers would need to control 51% of the network’s hashing power to alter the state of the blockchain. Considering the current Dogecoin hashrate is 203.97 TH/s, this is very unlikely.
How Does Dogecoin Work
It wouldn’t be too hard to argue that much of Dogecoin’s coding is a direct copy of Bitcoin. Discussing the idea, one of the coin’s founders, Billy Markus stated that it only took 3 hours to create Dogecoin. He described how he literally used the control F function to scroll through Bitcoin’s code and replace all instances of Bitcoin with Dogecoin.
He also made a couple of other adjustments to further the concept like changing the term mining to digging. Notably, Markus decided on a 1 minute block time. A blockchain network’s block time is a reference to how often a new “block” of transactions is added to the “chain” of transactions.
Consensus
Dogecoin uses a Proof-of-Work consensus algorithm to keep the network secure. However, this PoW system is not the same SHA-256 version used by Bitcoin. Instead, the network relies on a scrypt technology in its PoW mechanism. This decision was made to prevent the use of high powered Bitcoin mining rigs. You can only mine Dogecoin using dedicatedFPGAandASICdevices
Total Coins
Dogecoin has no hard cap. Initially, the project began with 100 billion coins in circulation. Due to the 1 minute block times, by 2015, all of these coins had been mined. The developers decided to issue another 5 billion at that time. Notably, Dogecoin now has 5 billion coins scheduled for issuance every year.
Twitter Handle
Digging (Mining) Dogecoin
In the Dogecoin ecosystem, you have diggers. These network nodes are what validates new transactions and add blocks. Notably, mining Dogecoin is less competitive than Bitcoin. Notably, the developers behind this coin never did a pre-mine. Pre-mines are popular because they allow developers to build up reserves before the network goes public.
History of Dogecoin
Dogecoin was founded by Billy Markus and Jackson Palmer. Both of these individuals had worked in the tech sector prior to Dogecoin. Markus was a software engineer at IBM and Palmer worked for Adobe as a programmer. Dogecoin started off as a joke geared for the market.
A Modest Start
On December 6, 2013, the network went live. Originally, the project only garnered attention for a select Reddit community. These individuals would send tips in Dogecoin to each other. Notably, the Dogecoin website had a million+ visitors on the day of the launch of the coin.
On December 19, 2013, Dogecoin experienced a huge breakout moment. The coin’s value jumped almost 300% in value in fewer than 3 days. This market movement was the first time that Dogecoin really sparked market-wide investor interests. Notably, the rally was short-lived and within 3 days, the coin’s value had retraced 80%.
A few days later, the company’s native wallet, Dogewallet, was hacked. The infiltrator made off with millions of Dogecoin. A later review revealed that the attacker was able to modify the wallet’s send and receive page to send coins to a static address.
A Tight Community
For many projects, this would have been the end. For Dogecoin it was an opportunity to show why this project is so different than many other coins. The developers and community quickly started the “SaveDogemas” donation campaign to replace the stolen coins. Miraculously, all losses were covered via this initiative.
In early 2014, the community sponsored a fundraising event that secured $25,000 for the Jamaican bobsled team. This event marked the start of an impressive donations rally. The community then focused on getting clean water in Kenya. After another successful event, Dogecoin went on to train assistance dogs for autistic children.
Moolah
The same year, Dogecoin was listed on the exchange, Moolah. The listing gave Dogecoin more credibility and added to the liquidity of the network. Interestingly, the project was headed by a Reddit user by the name of Alex Green. He used the Reddit handle Moolah_.
In 2017, Dogecoin had another market surge to a new all-time high of $0.017/coin on January 7, 2018. This growth occurred during the crypto break out that saw all altcoins see considerable gains. In July 2020, another spike in the coin’s value occurred after TikTok users began a campaign to push the coin’s value higher.
A Major Rally
This year saw Dogecoin raise eyebrows again. The token shot up over 800% in 24 hours as a result of a campaign to wreck predatory hedge funds. This rally was organized by a group of Reddit users, headed by an individual known as WSBChairman. The run took flight when the strategy got the nod of approval from the world’s richest man and founder of Tesla Motors,Elon Musk.
Short Squeeze
The group of Reddit users notices that certain hedge funds had begun naked short selling GameStop stocks. Shorting stocks is a term used when betting against the value of a stock. When you short a stock, you take out a loan in that stock, sell it, and then repurchase the same stocks at a lower price. You then repay the lender and keep the difference.
The good thing about shorting a stock is that it allows you to earn huge profits during downturns. However, the bad side of shorting a stock is that if the stock goes up, you have to then repurchase the stock at whatever the new market value is. Recognizing this fact, the Reddit group began pumping GameStop stocks.
WSBChairman Continues to Support the Project via Social Media
Hedge Funds Lose Billions
This maneuver caused the hedge funds to lose billions. The losses were so great that many believed they reached out to the most popular trading platforms, such as the Robinhood trading app, and had them halt buying of these shares. The resulting decision dropped the price of GameStop stocks considerably. It also sparked both political and public backlash with a legal trial set to proceed in the coming weeks.
Recognizing that stocks could be halted much easier than cryptocurrencies, the same group of investors turned their focus on Dogecoin. The resulting campaign pushed Dogecoin back into center stage and to a new all-time high just shy of $0.08.
How to Buy Dogecoin (DOGE)
Dogecoin (DOGE) is available on the following exchanges:
Kraken– Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is ourmost recommend exchange for USA residents. (Excluding New York & Washington state)
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying most tokens. Use Discount Code: EE59L0QPfor 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchangecurrently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
How to Store Dogecoin (DOGE)
If you seek to make a major investment in DOGE or if you are planning on HODLing this crypto for long periods of time, a hardware wallet is the best option. Hardware wallets keep your crypto stored offline in “cold storage.” This strategy makes it impossible for online threats to access your holdings. The Ledger Nano S or the more advanced Ledger Nano X both support Dogecoin (DOGE).
Dogecoin – Started as a Joke – Now it’s a World Recognized Project
Dogecoin has seen an incredible journey from starting out as a fun concept to donating $100,000 to charities, to becoming an integral player in the WSB Reddit drive. Only time will tell when the next Dogecoin breakout will occur, but if it’s anything like the last few, it will be a major event. From recent history this appears it could be triggered by a single Elon Musk tweet.
FAQs
Decide whether to buy Dogecoin
Dogecoin is a risky, volatile investment, and should only be purchased if you're in a strong financial position and can afford to lose whatever money you might put in. Investment rules of thumb say risky assets like these should make up no more than 10% of your investment portfolio.
Is $100 enough to invest in Dogecoin? ›
Can I Invest $100 In Dogecoin (DOGE)? You can invest as little as $100 in Dogecoin (DOGE). In fact, Dogecoin as part of cryptocurrencies can be considered as successful because it has the essential features of utility (medium of exchange) and divisibility. Dogecoin can be divided into eight decimal points (0.00000001).
Is Dogecoin really a good investment? ›
It may be a fun concept, but Dogecoin isn't a good investment. It doesn't derive value from another asset, as stablecoins do, or add value to any financial system, such as Ethereum (ETH 14.20%). Dogecoin's biggest asset, aside from its entertainment value, is its community.
Is buying Dogecoin risky? ›
Ultimately, investing in Dogecoin is risky. Thus, don't invest your bills, mortgage, or debt, because you might never recover from it. However, if your financial situation is still in the green, even if you lose all of your Dogecoin investments, then you're good to go.
Where will Dogecoin be in 5 years? ›
DigitalCoinPrice is definitely bullish in this currency: based on historical data, the website forecasts DOGE crypto's price of $0.17 in 2023, $0.21 in 2024, and $0.31 in 2025. According to DigitalCoinPrice's Dogecoin price estimate for 2030, the coin might hit $0.90 that year.
Is it worth investing $10 in Dogecoin? ›
No, multiple crypto experts have cautioned individuals from investing in Dogecoins, arguing that it doesn't have the features of a long-term investment.
How long does it take to make 1 Dogecoin? ›
Answer: It depends on the mining equipment and pool hash rate. However, a single block gives 10,000 DOGE, and it takes a minute to mine one. So it could take you much less than a minute to mine 1 Doge even on a mining pool.
How much should I invest in Dogecoin to make money? ›
Should I Buy Dogecoin? While Dogecoin infamously started out as a joke, investors take it a lot more seriously now. However, it's still a very risky investment. That's why experts recommend investing no more than 3% to 10% of your portfolio in cryptocurrencies.
How much will Dogecoin be worth in 10 years? ›
Based on its prediction trends, Wallet Investor could expect Dogecoin to be worth between $5 and $10 by 2030.
What happens if Dogecoin hits $1? ›
Although it came quite close to reaching this all-important milestone, you could argue that DOGE reaching $1 is exceedingly unlikely. This would give the altcoin a total market cap of $132bn. At the time of writing, that would transform it into the world's third-largest cryptocurrency overnight.
The conversion value for 1000 DOGE to 73.179 USD. BeInCrypto is currently using the following exchange rate 0.074. You can convert DOGE to other currencies like MATIC, ADA or BTC. We updated our exchange rates on 2023/03/14 01:04.
Can you become a millionaire from Dogecoin? ›
Any asset at least theoretically holds the potential to make $1 million. You might have to invest an extraordinarily large initial amount and/or have to wait a really long time for it to happen, though. From that standpoint, both Bitcoin and Dogecoin could still be millionaire-makers over the long term.
Should I buy Dogecoin or Shiba Inu? ›
Dogecoin has a larger market capitalization and a more established track record, while Shiba Inu is a newer entrant to the cryptocurrency market. Dogecoin also has a larger and more active community of users, with a vibrant subreddit and numerous online communities dedicated to the coin.
Does DOGE have a future? ›
2023 Dogecoin Price Prediction
Changelly has an optimistic outlook on Dogecoin in 2023. The minimum Dogecoin price is predicted to be $0.13 in 2023, while its maximum price can reach $0.16. The trade price will typically be about $0.13. From current prices, this would be over a 40% return on investment (ROI).
What are the negatives of Dogecoin? ›
Possesses no supply capitalization: The lack of a supply cap is one of the biggest disadvantages of Dogecoin. It is because cryptocurrencies with no supply cap are unideal assets to hedge against inflation. Furthermore, DOGE's infinite mining will eventually require more expansive blockchain mining activities.
Is it good to hold Dogecoin for long term? ›
End of 2023 – Dogecoin has some real-world use cases, such as online tipping – if more can be implemented there may be more reason for people to hold DOGE for its utility. Some speculate it could now be integrated into the Twitter platform by Musk. We could then see the Dogecoin price reach $0.6 by the end of 2023.
What's the best investment right now? ›
7 Best Types of Investments in 2023
- High Yield Savings Accounts.
- Short-Term Certificates of Deposits.
- Short-Term Government Bonds Funds.
- S&P 500 Index Funds.
- Dividend Stock Funds.
- Real Estate & REITs.
- Cryptocurrency.
Because there isn't nearly enough money in the world, it would be nearly impossible for Dogecoin to reach $100. Every $1 increase in the Dogecoin price would necessitate an additional $180 billion in 2030. To reach $100 by 2030, Dogecoin would need to have $18 trillion invested in it.
Can Dogecoin reach $10,000? ›
Can Dogecoin reach $10,000? There is nothing to say that DOGE will not break the $10,000 barrier one day, but you should exercise extreme caution. There are not many predictions that say it will even break $1 in the short-to-medium term.
Can Dogecoin reach $20? ›
But can Dogecoin reach $20? That's likely too far out of reach. For Dogecoin to be worth $20, its market cap needs to grow to $2.7 trillion. The entire crypto industry is not worth $1 trillion today.
100 Dogecoin = 7.294799 US Dollar (USD)
Can you lose more money than you invest in Dogecoin? ›
There are a few potential risks and rewards in investing in Dogecoin. First, there is the potential that the value of Dogecoin could go up or down. If the value goes down, you could lose money on your investment.
Should I cash out my Dogecoin? ›
You've Made a Decent Profit
By cashing out, you'll have enough money to cover capital gain taxes plus a significant return on your initial investment. Moreover, your remaining Dogecoin assets are pure profit. So, even if Dogecoin loses value, you won't lose any of the initial cash you invested.
How much money is a single Dogecoin? ›
About Dogecoin
Dogecoin's price today is US$0.06606, with a 24-hour trading volume of $449.81 M. DOGE is +5.25% in the last 24 hours. It is currently -13.47% from its 7-day all-time high of $0.07635, and 5.20% from its 7-day all-time low of $0.06279. DOGE has a circulating supply of 132.67 B DOGE.
How much Dogecoin can you make in a day? ›
How many Dogecoin can you mine a day? Based the mining hardware inputs provided, 170.95109947 Dogecoin can be mined per day with a Dogecoin mining hashrate of 9,500.00 MH/s, a block reward of 10000 DOGE, and a Dogecoin difficulty of 11,179,067.75.
How much money is a single Dogecoin worth? ›
The live Dogecoin price today is $0.080414 USD with a 24-hour trading volume of $275,842,791 USD. We update our DOGE to USD price in real-time. Dogecoin is down 2.17% in the last 24 hours. The current CoinMarketCap ranking is #10, with a live market cap of $10,668,610,958 USD.
How much will $1000 DOGE be worth at $1? ›
1000 Dogecoin = 74.081751 US Dollar (USD)
Can I sell my Dogecoin for cash? ›
Sell DOGE for cash and crypto
No matter how the DOGE is acquired, DOGE holders can sell the cryptocurrency whenever they'd like, and one can do it on any crypto exchange that supports Dogecoin. If a user never moved their Dogecoin from the exchange wallet, setting up a sell order is easy.
Is Dogecoin a good investment in 2023? ›
However, if the crypto market and economic conditions improve, Dogecoin can get to $0.14 in price or higher in 2023. In spite of the market's adversities, it's important to note that Dogecoin is ranked among the top ten cryptocurrencies, having over $9 billion in market cap and 132.6 billion DOGE in circulating supply.
Which crypto will explode in 2023? ›
Top 5 Cryptocurrency to Explode:
yPredict.ai: The AI-Powered Trading Platform. Tron: Decentralized Blockchain for Content Ownership. Avalanche: Decentralized, Scalable, Diverse, Innovative Crypto currency. LIDO DAO: Cryptocurrency Revolution: Lido Staking.
According to bookmakers, Dogecoin has a 77% likelihood of reaching $5 in 2025.
Will Dogecoin ever reach $50 cents? ›
Dogecoin Price Doubles In A Week, Analyst Say DOGE Can Hit 50 Cents By End Of 2022.
What happens if you put 100 in Dogecoin? ›
Investing $100 in Dogecoin today could buy 712.25 DOGE based on the current $0.1404 price for the cryptocurrency. If Dogecoin can hit the $1 level, the $100 investment in Dogecoin would be worth $712.25.
How much will I profit if Dogecoin hits $1? ›
How much money will I get if dogecoin hits $1.00? Determining how much money you will get if dogecoin hits $1.00 is as simple as multiplying the initial investment amount by the ratio of $1.00 over the initial buying price. For example, let's say someone invested $10,000.00 when dogecoin was 10 cents.
Which crypto to buy now? ›
Ethereum could also be considered as the best cryptocurrency to buy now. Its native blockchain network is used by thousands of third-party projects, including leading metaverse and DeFi ecosystems. This includes Love Hate Inu, Fight Out, and C+Charge - which we discussed earlier.
Is $20 dollars enough to invest in crypto? ›
While it's impossible to predict the future price of Bitcoin, investing a small amount like $20 is a relatively low-risk way to get started in cryptocurrency. However, it's important to have realistic expectations and understand that you might not make a significant profit from such a small investment.
How much is $1000 dollars into crypto? ›
1000 US Dollar is 0.048244 Bitcoin.
So, you've converted 1000 US Dollar to 0.048244 Bitcoin. We used 20727.90 International Currency Exchange Rate. We added the most popular Currencies and CryptoCurrencies for our Calculator.
How much will I get if I put $1 dollar in Bitcoin? ›
1 USD = 0.000038539 BTC Mar 14, 2023 16:25 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.
How does Dogecoin make money? ›
Miners are rewarded for their mining operations by earning Dogecoins, which they can sell on crypto exchanges or hold in their wallets. Dogecoin can be used for making payments and purchases but has not been an effective store of value cryptocurrency.
How do I sell my Dogecoin and make money? ›
If you're ready to go ahead and sell DOGE, follow these simple steps below:
- Sign up for a Kraken account. You just need an email address, username and a strong password.
- Verify your Kraken account. All you need is your name, birth date, country of residence and a phone number.
- Send DOGE to your Kraken Address. ...
- Sell DOGE.
Buying a car with cryptocurrency has never been easier thanks to our quick and easy payment process. If you are looking to buy a car with Dogecoin you can browse our stock or contact us today for more information.
Is it better to invest in Bitcoin or Dogecoin? ›
Dogecoin is more efficient than Bitcoin in terms of transaction time and fee. Dogecoin has a transaction per second (tps) rate of about 33, while Bitcoin's is about 7 tps.
Why is Shiba doing better than DOGE? ›
The math works against both coins
Increasing demand would only reinforce their value because there are only so many Bitcoin. But Dogecoin has an unlimited supply, and 10,000 DOGE enter circulation every minute. Shiba Inu was built with a maximum supply of 1 quadrillion, more than 47 times the total U.S. money supply!
Can Shiba hit Dogecoin? ›
Shiba Inu made a remarkable entrance in 2021, less than a year after launching. The Ethereum-based protocol set out to become Dogecoin's competitor, with its anonymous creator Ryoshi subtly hinting that Shiba Inu could topple DOGE's market cap without hitting a cent in value.
What coin will be the next Bitcoin? ›
Cardano (ADA) Binance Coin (BNB) Polkadot (DOT) Solana (SOL)
What will Dogecoin be worth in 2030? ›
In December 2030: The price of Dogecoin is predicted to reach a minimum worth of $0.38 in 2030 and a maximum level of $0.42. The average includes an average trading price of $0.40 throughout 2030.
How high is DOGE expected to go? ›
Dogecoin Price Prediction 2026
According to the Dogecoin (DOGE) price prediction, it may hit a maximum price of $0.45 and the minimum trading price of around $0.30 for the year 2026. At the same time, the average trading value may be around $0.38.
What is the safest way to buy Dogecoin? ›
The easiest way to buy Dogecoin with a credit card would be through Binance's “Buy Crypto” section. Be aware that purchases with a credit/debit card usually have higher fees than with a bank transfer, but are also processed faster. If Binance doesn't work out you can always use Kraken as another reputable option.
How can Dogecoin reach $1? ›
The all-time high for Dogecoin is $0.74, which it hit back in 2021, when billionaire Elon Musk was tweeting about the meme coin regularly. In order to reach $1, Dogecoin would need to increase in value more than tenfold, given its current price of $0.09.
What would it take for Dogecoin to hit $1000? ›
For Dogecoin to be worth $1000, its market valuation would have to be more than double the size of the global economy, which is obviously not conceivable.
Taking everything into consideration, we need to say that it's not too late to buy DOGE in 2023. Furthermore, this cryptocurrency can unleash its potential in the future. You can use this asset for long- as well as short-time investments.
What are the disadvantages of Dogecoin? ›
Disadvantages to buying gold coins
A thief could take your gold if you're not careful. Unlike stocks and bonds, a purchase of gold is not an investment in company growth. You won't get dividends or interest from tangible gold.
What would happen if Dogecoin hit $10? ›
The Insane Dogecoin Market Cap
So what does that mean? That means if crypto analysts and investors want to see dogecoin's price rise to $1, the market cap of the token would be around $130 billion. A $10 token would see a market cap of $1.3 trillion, or about half the value of Apple, the biggest company on the planet.
How much will Dogecoin be worth in 2025? ›
It makes a Dogecoin price prediction that says Dogecoin will start 2025 somewhere between $3.48 and $4.09.
How much Dogecoin will 100 dollars buy? ›
How much is 100 US Dollar in Dogecoin? 100 US Dollar is 1506.162 Dogecoin. So, you've converted 100 US Dollar to 1506.162 Dogecoin.
Is it good to invest in Dogecoin in 2023? ›
However, if the crypto market and economic conditions improve, Dogecoin can get to $0.14 in price or higher in 2023. In spite of the market's adversities, it's important to note that Dogecoin is ranked among the top ten cryptocurrencies, having over $9 billion in market cap and 132.6 billion DOGE in circulating supply.
What will Dogecoin be worth in 10 years? ›
Based on its prediction trends, Wallet Investor could expect Dogecoin to be worth between $5 and $10 by 2030.
