Newbie Quest: Understanding Dogecoin (DOGE)

Newbie Quest: Understanding Dogecoin (DOGE)

By Steven_BA | Crypto-Newbie | 25 Jan 2021


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Today, I will talk in this new post about a new crypto-currency called Dogecoin. This post is part of the Top 100 crypto-currencies series. Let's begin!!

As I did in all my previous posts about crypto-currencies, I mention that today's post is quite simple and it is meant to be understood by people who have little to do with crypto-currencies. Those who want to find more uplifting material, they can find on YouTube a lot of videos, documentaries and informative videos about Dogecoin.

For example:

My goal is to make simple people, who do not know the crypto world in detail, to understand what each crypto-currency in this top 100 is. Let's start with the beginnings!

DOGE was created in December 2013, basically at the beginning of the crypto industry. This project is a fork, meaning that it is based on the technology of Litecoin and I personally think that everything started as a joke. The logo is a character from a famous cartoon on the Internet.

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Dogecoin is

a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as "the internet currency."

But this joke has survived the time and now it occupies a somewhat decent position for a currency that is a kind of crypto-currency joke. Personally, I don't consider it extremely serious.

What makes this crypto-coin more special than the rest is that several times in its existence, Elon Musk, the famous founder of Tesla, SpaceX and many other companies, posted on Twitter all kinds of allusions and comments to this coin.

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In general, after each post by Elon Musk, the coin has a spike, with an increase of 20-30% out of the blue. That means being famous and influential.

Who founded this coin? The creators of the coin are Billy Markus of Portland, Oregon and Jackson Palmer of Sydney Australia. Now let's talk a little about the coin and its numbers.

Currently, DOGE is on the 35th position according to the Market Rank.

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It's with almost 88% up in the last month, which is not bad at all, looking at this percentage. 

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DOGE has a Trading Volume quite big of approximately $169 millions in the last 24 hours. The total value of the project is almost $1.1 billion.

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There is a Total Supply of approximately 128 billions of DOGE and the Circulating Supply already reached the total number of coins that should exist.

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The All Time High was reached on the 7th of January 2018 when DOGE was worth $0,018 and the All Time Low was close to the beginning of the project when DOGE's price was $0,000085. Currently, its value is quite interesting.  

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Since its launch, DOGE had an increase of almost 1.100%, which is a pretty strange situation.

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What does DOGE have in common with Bitcoin and Litecoin? 

Doge can be mined. I will not go into too many details, because I don't know how many people want to mine DOGE right now. To be very short, those who are curious enough, can use PipeFlare to mine Doge. I do it too, even and the amount that I've gained is actually good. 

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At the moment, DOGE is listed on many exchanges. I will mention only those with the biggest volume of traded Doge, such as Binance, OKEs, VCC Exchange, HitBTC, Thodex, Coinsbit, BitForex, Paribu, BKEX, Hoo. The other exchanges doesn't really matter to this equation, because the volume becomes very, very small and it is no longer relevant. But DOGE is a crypto-currency listed on some very expensive exchanges, meaning that those who leads this project did not treat everything as a joke. The project was left on quite large exchanges and then it means that the team in charge of the project puts money into it.

At 4-5 month intervals, the Dogecoin project has a spike, meaning it can be a crypto-currency to be bought and sold in the long run and earn a pretty good profit. I look at the charts and the maps with the evolution of the price and I see that it performed quite well.

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Steven_BA
Steven_BA

BA and MSc in International Relations. New to cryptocurrency. One of the best political analysis. Expert in terrorism, post-conflict states and state-building. Up-to-date to everyday political and foreign news.


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