Dogecoin, a cryptocurrency that was created in jest, jumped 50% after the newly rich man in the world, Elon Musk, called it the "people's cryptocurrency". Recall cryptocurrencies such as Dogecoin and Bitcoin are generated by computers, and their assumed value comes from a finite number that can be calculated.
Dogecoin uses the dog Shiba Inu as its mascot, and is based on the meme on which the animal is located. The currency has grown by more than 800% so far. Having reached a high of $ 0.061, each dogecoin is currently worth about $ 0.060, suggesting a total value of this cryptocurrency for all coins of about $ 5.89 billion.
How did Dogecoin come about?
It was created back in 2013 by two software workers after one of them, Jackson Palmer, joked about the next big cryptocurrency, when he gave an interview to the famous media house Vice. The emergence of this cryptocurrency was inspired by the short-lived internet craze for images of a particular Japanese dog breed.
However, without their own value like gold or land and without the ability to generate income like funds or bonds, cryptocurrencies are extremely volatile and can collapse as soon as they rise.
Because of that, they are difficult to evaluate, and the prices are sensitive to the advice of famous people, insiders or sudden panic in the market. “Forget Bitcoin - now Dogecoin rules,” are just some of the headlines lately that popularize this cryptocurrency. Critics point out that although any cryptocurrency has its final amount of units, this is not the case with Dogecoin, and in addition, the number of cryptocurrencies is growing day by day and is potentially unlimited.
Recall that the rules that support Bitcoin say that only 21 million bitcoins can be created - and that number is getting closer. It is unclear what will happen to the value of bitcoin when that limit is reached.
People have lost large amounts of money in a sharp drop in the value of cryptocurrencies or in damaged or lost hard drives where everything is written. Because cryptocurrencies can cross international borders quickly and are not regulated like cash or regular investments, investigating theft and any embezzlement is difficult.
Dogecoins are "extracted" in the same way as bitcoins - that is, they are created using computer processing power. However, unlike Bitcoin, there is no upper limit on the number of dogecoins that can be produced, with an incredible 100 billion already existing. This helps explain why each dogecoin is currently worth about six U.S. cents, while the highest value of one Bitcoin to date has been over $ 40,000.
Here are two links to two apps, first and second, on the Google Play Store, so start collecting Dogecoin, don’t miss the opportunity to see a small dog land on the moon.