What Is Dogecoin?
Dogecoin is a cryptocurrency created in 2013 as a fork from the Litecoin blockchain. The name derives from a popular meme, the Shiba Inu doge (pronounced doh-zhe). It was initially intended to be a gentle parody used for tipping content creators, but the DOGE token became a top 20 cryptocurrency valued at over a billion dollars in 2018.
If there’s anything the Internet loves more than cryptocurrencies and blockchain news, it’s memes. One of the most popular memes in Internet history is the doge, which peaked in 2013 but remains a staple (albeit in different forms now) as the popularity of the Shiba Inu dog breed steadily increases.
The meme also inspired Dogecoin, a currency initially intended as a parody, that’s being taken more and more seriously as the popularity of crypto increases.
When Billy Markus and Jackson Palmer created Dogecoin in 2013, it was meant as somewhat of a meme itself. Much like memes, Dogecoin gained popularity on social platforms like Reddit and Twitter, with tipbots like Doger and Sodogetip letting people tip each other in Dogecoin for providing entertaining or informative content.
Breakdown of DOGE
Dogecoin has an unlimited coin supply. As of July 11, 2018, there was a circulating supply of 115,239,765,321 DOGE. By April 19, 2019, the supply reached 119,115,609,784 DOGE. Its peak price was $0.017741 on January 7, 2018, at which time it had a market cap of nearly $2 billion.
DOGE is mined exactly like Litecoin using the same Scrypt-based proof-of-work algorithm. In fact, Dogecoin is a fork of Luckycoin, which is itself a fork of Litecoin.
Dogecoin and Litecoin merged mining in late 2014, creating a hard fork. Another hard fork called Dogethereum was announced on Bitcointalk forums in February 2018 with a late 2018 release date. Although details are murky, Dogethereum represents one of the first real-world tests of TrueBit on the Ethereum network.
Exchanges that support Dogecoin include Yobit, fex, HitBTC, Poloniex, and Bittrex,Coinbase,FaucetPay and over $20 million worth of DOGE is traded on a daily basis. Like most altcoins, it’s typically paired with BTC, although trading pairs also include USDT, ETH, LTC and other Based Crypto fiat currencies on some exchanges.
This usage of Dogecoin allowed it to briefly surpass the trading volume of Bitcoin (and all other cryptos combined) back in early 2014, although DOGE can’t match the Bitcoin price. It also became a bit of a mascot for what crypto should be, getting involved in charity and so many good things. As Altcoin news goes, the Dogecoin DOGE was a big deal.
Before explaining memes and how the Dogecoin project became one of the top cryptos on the market and a breakout star in the blockchain news, let’s look at its coin performance in terms of the market cap.
Dogecoin is arguably among the most traded cryptocurrencies around.The mascot, Doge, is now a meme legend, fueling its popularity. But the main attraction is its continually increasing prices.It ensures traders have enough profit opportunities whenever they trade Dogecoins.
In the year 2021, dogecoin prediction are on the brighter side. This article explores what 2021 holds for this cryptocurrency.
Doge May Reach $1 Towards the End of 2021
Dogecoin is expected to stay strong and head towards its first $1 mark towards the end of 2021. This is thanks to its ever-growing community. The all-time high price for Dogecoin is $0.017491, which it reached in January of 2018. That’s an increase of nearly 1,442% since its beginning in 2013.
At the time of reviewing, the Doge price was trading at around $0.00194680. To reach the $1 mark, it needs an additional 513.66% increase.
Given its growing user base, popularity on the internet, and worldwide adoption, Dogecoin may breach the $1 target by the end of 202.If that doesn’t happen, then it should do so by mid-2022.But, such predictions are only plausible in an ideal trading environment.With cryptocurrencies suffering from regulatory news all the time, you should expect impediments in the growth projection.
So if you’re investing in Dogecoin, you should be optimistic about its development in the coming months and years.
A large Number of Green Signals on a 4-hour Chart
If you go on a technical chart and analyze the price movement of Dogecoin, you’ll see a mix of stable and upward trends.Particularly on a 4-hour chart, the green candles outnumber the red candles.The bullish trend also means that sellers are far and few, and buyers are in total control.
There’s only a small squeeze near the $0.070 mark where sellers were in control for a brief period of time. On the 12th of February 2021, the Dogecoin chart formed a descending triangle. If it successfully breaks the resistance, then it could head towards a 30% upward movement.
No Drop in Value till 2025
The prediction for Dogecoin till 2025 is intense and bullish. Due to its popularity among users, it is expected to stay afloat. There will be ups and downs, but it will eventually form an upward price trend. As per WalletInvestor’s info, it can rise to $0.0184 by 2025 with several cost leaps from its current position.
Similarly, another source predicts that Dogecoin investments made today will be profitable in five years as the price may go upwards of $0.0145 by 2025
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