What is Dogecoin?
Dogecoin (DOGE) is a cryptocurrency that was created in 2013 as a joke by two software engineers, Billy Markus and Jackson Palmer. It has a Shiba Inu dog on its logo and is based on a popular internet meme. Dogecoin uses Scrypt technology to create new coins and verify transactions. DOGE has no maximum limit for the number of coins that can be created. Dogecoin has a market value of about 10 billion dollars today.
Dogecoin – Real-time price
Here you can see the price of a Dogecoin in real time today. This is how much a DOGE is worth right now:
How many Dogecoin are there?
Right now there are about 132 billion Dogecoin and more are being created all the time. Every minute 10,000 new DOGE are added to the blockchain. That means that 1.44 million new Dogecoin are created every day. There is no limit to how many DOGE can exist.
Advantage: An advantage of having so many Dogecoin is that it makes it easier for many people to get hold of them and use them. It can also make the cryptocurrency more stable and less sensitive to large price changes.
Disadvantage: A disadvantage of having so many Dogecoin is that it makes them less valuable and more exposed to inflation. It can also make it harder for the cryptocurrency to compete with other cryptocurrencies that have a limited number of coins.
DOGE – Use cases
With DOGE you can do a few things. You can:
- Buy Dogecoin on various places on the internet, such as Binance or Kraken.
- Use DOGE to pay for things, but it is not very common. You can, for example, get a BitPay card that you can load with Dogecoin and then use it where Mastercard works.
- Send DOGE to other people who have a Dogecoin wallet, for example to tip them for something good they have done.
How does Dogecoin work?
Dogecoin has its own database called blockchain that saves all transactions made with Dogecoin. The blockchain is secure and shared by many computers called nodes. To add new transactions to the blockchain, some computers called miners have to solve difficult math problems. The one who solves the problem first gets some extra DOGE as a reward. This way new Dogecoin are created and the transactions are confirmed.
Some advantages of Dogecoin are that it:
- Has a large and growing community of users and supporters that make it more popular and accepted.
- Has low transaction fees that make it more suitable for small payments and tips.
- Offers fast transaction times that make it more efficient and convenient to use.
- Can be traded and exchanged on decentralized exchanges that give more freedom and control to the users.
- Has a positive and fun image that makes it more appealing and entertaining than other cryptocurrencies.
Some disadvantages of DOGE are that it:
- Has no maximum limit for the number of coins that can be created which makes it more exposed to inflation and reduces its value.
- Has a high volatility which makes it more risky and unpredictable than other cryptocurrencies.
- Lacks innovation and development which makes it less competitive and adaptable than other cryptocurrencies.
- Is dependent on external factors such as Elon Musk and internet memes which makes it more vulnerable to manipulation and speculation.
- Has a limited use and acceptance which makes it less practical and functional than other cryptocurrencies.
How to choose a Dogecoin wallet?
To choose a Dogecoin wallet, you first need to decide what type of wallet you want. There are two main types of wallets: software wallets and hardware wallets. Software wallets are apps or programs that you can install on your computer or mobile phone. They are connected to the internet and give you fast and easy access to your Dogecoin. Hardware wallets are physical devices that you can connect to your computer or mobile phone. They are not connected to the internet and give you higher security for your DOGE.
Once you have decided what type of wallet you want, you need to compare different options based on some factors, such as:
- Compatibility: The wallet should support Dogecoin and possibly other cryptocurrencies that you want to use.
- Security: The wallet should have strong encryption, password protection, recovery phrase and other features that protect your DOGE from hackers and loss.
- User-friendliness: The wallet should have a simple and intuitive interface that makes it easy for you to send, receive and manage your Dogecoin.
- Features: The wallet should have extra features that make it more attractive and useful, such as the ability to buy, sell, exchange, lend or stake DOGE.
- Customer support: The wallet should have a good customer support team that can help you with any problems or questions that you have about the wallet.
Some examples of popular Dogecoin wallets are:
- ZenGo: A software wallet that has a simplified user interface, 3FA authentication, 24/7 customer support and options for lending and staking.
- Atomic Wallet: A software wallet that has a wide range of cryptocurrencies, including DOGE, low fees, built-in exchange and the ability to earn rewards through staking.
- Guarda Wallet: A software wallet that has a high level of security, support for multiple platforms and devices, built-in exchange and the ability to buy cryptocurrencies with fiat currencies.
- Exodus Wallet: A software wallet that has a sleek and easy-to-use interface, support for over 100 cryptocurrencies, including Dogecoin, built-in exchange and portfolio tracking.
- Trust Wallet: A software wallet that has a mobile app for Android and iOS devices, support for over 4.5 million digital assets, including Dogecoin, the ability to buy cryptocurrencies with cards and connect to decentralized apps.
Elon Musk – DOGE tweet
The tweet that contained the phrase “To the mooooonnn!!” from Elon Musk was written on May 9, 2021. It announced that SpaceX, Musk’s rocket company, will send up a satellite called Doge-1 to the moon in 2022. The tweet also said that the mission will be paid for in Dogecoin, making it the first cryptocurrency and meme in space.
The tweet followed Musk’s appearance on Saturday Night Live, where he joked that Dogecoin was a “hustle” and caused its price to drop. The tweet was also seen as a way to increase the popularity and value of DOGE, which Musk has supported for a long time. In addition, the tweet was a reference to a previous tweet from April 15, 2021, where Musk posted a picture of a dog barking at the moon with the text “Doge Barking at the Moon”.