Today we are talking about the meme coin, which is worth over $27 billion as of July 2021. Those that purchased Dogecoin or Doge at the start of 2021 have been richly rewarded. There is no limit on the quantity of Dogecoins that may exist, and millions of new Dogecoins are released into the markets every day, there is no incentive to keep a cryptocurrency for a long time.
The continual influx of new coins into the market exerts constant downward pressure on the coin’s value. However, as Doge’s use cases as a payment method and environmentally friendly investment expand, it will progressively begin to trade on its own merits.
Dogecoin introduction and history
In 2017, crypto reached a significant milestone — a market value of $2 billion. Dogecoin’s sudden fame isn’t the weird digital currency’s first foray into the spotlight.
It is primarily based on the Doge meme, which swept the Internet in 2013. Dogecoin began as a joke based on the 2013 Shiba Inu meme. It is a Bitcoin recreation designed to parody the concept of cryptocurrency. Dogecoin was created in 2013 by software developers Billy Marcus and Jackson Palmer, who believed that a lighter coin, rather than Bitcoin, would have a better chance of garnering mainstream appeal.
Dogecoin’s protocol is based on other cryptocurrencies such as Luckycoin and Litecoin, both of which use Scrypt technology in their proof-of-work technique. In comparison to Bitcoin, the Dogecoin mechanism allows for an unlimited number of coins to be minted. Dogecoin (together with meme stocks and NFTs) became engulfed in the latest financial crazes in 2021. Today, Dogecoin is no laughing matter, with its value rising and expected to increase by more than 5,000% by 2021.
What the rave is all about
In early 2021, Dogecoin’s worth reached almost $50 billion, surpassing that of Ford and eBay. Every day, around 14.4 million new Dogecoins enter circulation, for a total of 5.2 billion Dogecoins each year. In the cryptocurrency market, Dogecoin has the most considerable circulating quantity of coins. Because both Dogecoin’s inventors intended it to be a hilarious joke and decided to generate as many Dogecoin units as possible. Dogecoin enjoys a large fan base in the entertainment industry, including Snoop Dogg, Kevin Jonas, Gene Simmons, and Elon Musk.
If you’re wondering why Elon Musk’s name keeps popping up in relation to Dogecoin, let us explain. The Tesla CEO has long championed Dogecoin on Twitter and in interviews, calling himself the “Dogefather” and proclaiming Doge to be the money of the future. Its rise has been fueled by a vibrant online community led by Tesla CEO Elon Musk, who often posts Dogecoin memes on his Twitter account. Platforms like Reddit and Twitter have also contributed to Dogecoin’s growth — where active communities engage in all sorts of conversations and explorations of new directions they can take Dogecoin.
Use cases of Dogecoin
Today, one of the most frequent uses for Dogecoin is as a tipping service. Users will tip other users for postings or contributions they feel ought to be recognized. It’s comparable to a “like” but more powerful. On its blockchain, transactions are completed in one minute. Clearly, this improves Dogecoin’s use case as money by allowing for fast and secure transactions. The more use cases there are, the more valuable the coin may become. Dogecoin is even used to make charitable gifts as well as to purchase NBA tickets and goods.
Inflation and Dogecoin
With $5 billion Doge per year, Doge presently has a limitless inflationary supply. Doge was first released with a restricted quantity of 100 billion tokens. However, unlike Bitcoin, which still has a limited supply of 21 million tokens, Doge’s creators lifted the restriction to encourage token use and prevent hodling. It is classified as an inflationary cryptocurrency due to its huge circulating quantity of coins. Dogecoin’s unlimited supply has the potential to work against it as a long-term investment since it is only a matter of time before supply outpaces demand.
Invest in Dogecoin with Giottus
Dogecoin is as easy to buy as any other major cryptocurrency listed on Giottus The cryptocurrency trading platform offers the most straightforward options to purchase Dogecoin. All you need to do is create a digital wallet on the official website of any cryptocurrency exchange platform and select a reputable exchange like Giottus. Here’s a step-by-step guide to investing in Dogecoin using Giottus.
- You can install Giottus on your smartphone or visit the website.
- Register to create an account and take advantage of incredible sign-up offers.
- Set up two-factor authentication.
- Finish your KYC procedure.
- Fill in your bank/UPI information to add funds to the exchange.
- Head to the Dogecoin page on Giottus, and go to the Buy Section.
- Buy as many Dogecoins as you like.
Dogecoin is a cryptocurrency, and it, like all cryptocurrencies, is volatile, with significant surges and drops. Only time will tell if Dogecoin makes it to the moon or burns up before reaching orbit. Investing in any cryptocurrency, including Dogecoin, entails risk.
It’s always worthwhile to buy a few coins and become familiar with the system. Still, it’s better to avoid investing more than a small amount of your hard-earned money in a cryptocurrency that began as a joke — conduct a thorough study before venturing into this world.
