Dogecoin Price
Dogecoin
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Dogecoin History
What is dogecoin?
Dogecoin (DOGE) was started as a joke in 2013 by two software engineers and has gained popularity due to its minimal transaction costs and association with Twitter owner Elon Musk.
The coin is inspired by a popular online meme of a Shiba Inu dog and employs the Scrypt algorithm, which allows users to mine DOGE with far less energy than SHA-256-based cryptocurrencies like bitcoin.
How does dogecoin work?
DOGE confirms transactions using the proof-of-work (PoW) consensus mechanism. It means miners must validate all transactions before they are added to the network, and once added, a transaction cannot be modified or reversed.
Additionally, the meme coin has a wallet that lets users store their currencies and manage transactions.
What can dogecoin be used for?
DOGE may have its roots in a joke, but it has serious uses. The meme coin has gained popularity as a tip for publishing material on social media platforms like Reddit and Twitter.
Dogecoin can also be used for trading, staking, and online purchases. You can also contribute DOGE to charitable organizations, including the American Cancer Society.
Dogecoin mining and transactions
To create new dogecoins, miners use specialized gear to solve complex mathematical problems and validate incoming transactions on the network. The validated transactions are then incorporated into blocks and immutably stored on the Dogechain ledger.
How to mine dogecoin
Dogecoin uses the Scrypt algorithm, meaning DOGE mining requires dedicated Scrypt ASIC miners. You will need to download mining software and join mining pools. The software allows miners to connect to the dogecoin blockchain while mining pools make DOGE mining more efficient and profitable by enabling a group of miners to share their computing power and split the rewards amongst themselves.
Alternatively, you could pay an online data center to mine DOGE on their behalf.
How are dogecoin transactions processed?
DOGE transactions are processed by a computer network that verifies and logs each of them using a cryptographic protocol. When a user wants to transact, they broadcast their intention to the network, after which computers on the network check if the transaction is valid, meaning the sender has enough dogecoin and the signature matches the address.
If the transaction is deemed legitimate, it’s added to a pool of pending transactions, which then form a fresh block. The new block is then broadcast to the network and added to dogecoin’s existing chain of blocks.
Dogecoin and the community
Dogecoin is famous for its vast and active online community, playfully called the DOGE Army. The community is known for its friendly, humorous, and generous culture. It has participated in various charitable and social causes, such as sponsoring the Jamaican bobsled team and funding water wells in Kenya.
The relationship between Elon Musk and dogecoin
One of DOGE’s biggest selling points over the years has been its support from Tesla and SpaceX founder Elon Musk.
Musk, who also owns Twitter, has long been a fan of DOGE, declaring it “the people’s cryptocurrency” and even quipping that he would take dogecoin “to the moon!”
The eccentric billionaire has frequently tweeted about dogecoin, sometimes causing its price to spike or drop with his words. For instance, in April 2023, Musk temporarily changed the Twitter logo to a DOGE image, which boosted the dogecoin price by 20%.
Dogecoin Foundation and board of advisors
Another vital part of the dogecoin community is the Dogecoin Foundation, a non-profit organization aiming to support the development and adoption of the meme coin.
The foundation was established in 2014 by members of the Dogecoin team and reinvigorated in 2021 with a new board of advisors consisting of prominent figures in the crypto space. They include Ethereum co-founder Vitalik Buterin, Jared Birchall, who runs Elon Musk’s family office, and dogecoin core developer Max Keller.
Buying and storing dogecoin
To buy DOGE you need to create a dogecoin wallet, choose an exchange provider, link your bank account or credit card with your preferred exchange, and then buy and store your coins.
Where can you buy dogecoin?
DOGE is listed on some of the world’s biggest exchanges, including Binance, Coinbase, Gemini, eToro, Upbit, and OKX.
What wallets can you use to store dogecoin?
Once you have bought your DOGE from the exchange, it’s advisable to keep it in a wallet. Wallets are classified into “hot” software wallets and “cold” hardware storage wallets. An example of a “hot” wallet for dogecoin is Dogecoin Core, available on both desktop and mobile devices. Trezor and Ledger are cold wallets commonly used by DOGE holders.
Risks of owning dogecoin
Like most cryptos today, investing in dogecoin is not without risks. For instance, the dogecoin price can fluctuate significantly, depending on market sentiment, social media hype, and news events.
Additionally, the DOGE market cap and trading volume may be significantly lower than those of other major cryptocurrencies, meaning that there may need to be more buyers or sellers in the market to execute large orders at the desired price.
Dogecoin is also not regulated by any central authority or government. It means that investors may have no legal protection or recourse in cases of fraud, theft, hacking, or other issues.
Finally, since dogecoin relies on a network of computers to verify and process transactions, the network can experience technical problems, such as bugs, glitches, or cyberattacks, that could disrupt its normal functioning.
Dogecoin price: tracking the value of DOGE
Since its launch in 2013, the DOGE price has been very volatile and difficult to predict.
At the beginning of 2021, one dogecoin was worth over one cent. However, after Elon Musk jumped on the dogecoin bandwagon, its value spiked dramatically to around five cents.
Dogecoin price today is determined by the market’s supply and demand forces, as well as the sentiment and hype around the coin. It has no set maximum supply, so there is no limit to how many DOGE coins can be mined.
Additionally, the Dogecoin price is affected by the movements of other cryptocurrencies, especially bitcoin (BTC), which tends to set the trend for the whole market.
You can track the current dogecoin price on various platforms and websites that provide real-time data and charts. These platforms include CoinGecko, CoinMarketCap, Binance, and Coinbase.
The dogecoin price now is $0.1508420, as of April 26, 2024. The DOGE market cap currently stands at $21,750,520,342.
Market comparison of dogecoin
The DOGE market cap makes it the eighth-largest crypto, ahead of other meme coins like shiba inu (SHIB) and pepe (PEPE). However, dogecoin is still far behind the leading cryptocurrencies like bitcoin (BTC) and ethereum (ETH).
In the first week of May 2023, the meme coin landscape witnessed a marked shift, with the likes of DOGE and SHIB remaining relatively muted while new entrants like PEPE and FLOKI peaked.
In that time, FLOKI gained 13%, whereas PEPE shot up by more than 70%. Conversely, DOGE lost 7% of its market value while SHIB shaved off 11%.
Companies accepting dogecoin
Dogecoin’s low transaction fees, active community, and dalliance with influential figures like Elon Musk have made it a viable payment option for many businesses. Some of them are Elon Musk’s SpaceX, SlingTV, airBaltic, Menufy, and the Dallas Mavericks.
FAQs
How to buy dogecoin with Paypal?
You can buy dogecoin with Paypal on any exchange that supports Paypal. Here is a step-by-step process to how you can buy dogecoin with Paypal:
1. Link and verify your Paypal: Once you have selected an exchange and set up your account, go to the payment methods section and link your Paypal account to the exchange. Here, you might need to go through additional verification steps to ensure your transactions are secure.
2) Deposit funds into your exchange account: After your Paypal account is linked, deposit funds into your exchange account, select Paypal as your mode of payment and enter the amount you wish to spend.
3) Buy DOGE: Navigate to the trading section of the exchange, locate dogecoin and select the trading pair depending on your currency. Place a buy order, specifying the desired amount and the price at which you want to execute the trade. Confirm the transaction to complete the purchase.
4) Withdraw Dogecoin to a secure wallet: Once the purchase is successful, your DOGE will sit in your exchange’s wallet. Then, depending on your preference, you can withdraw the coins to your external crypto wallet.
Since some exchanges do not offer dogecoin(DOGE) support, you can use your PayPal account to purchase Bitcoin on an exchange, transfer it to your wallet, and then use the BTC at an exchange that supports the coin to make a purchase using the same steps.
Who created dogecoin?
Dogecoin was created in late 2013 by two software developers, Billy Markus and Jackson Palmer. Initially, it was a joke since the founders thought cryptocurrency was taken too seriously. Palmer created the Dogecoin.com website and was the project’s public face, while Markus was the solo developer on the first four Dogecoin releases.
What makes dogecoin different from other cryptocurrencies?
Dogecoin differentiates itself from other cryptocurrencies through its light-hearted and community-driven nature. Although originally created as a joke, it has created a large and dedicated community.
Dogecoin also boasts of its low fees compared to cryptos such as litecoin and ether, making it more cost-effective for smaller transactions.
Is dogecoin inflationary?
Yes, dogecoin is inflationary. Unlike some cryptos, it has an inflationary supply model whereby it continually creates new coins through mining.
Notably, approximately 10,000 coins are generated per minute. However, this supply model means that the price of each DOGE is relatively lower than other cryptocurrencies.
Can I use dogecoin for purchases?
Yes, you can use Dogecoin for purchases on merchants or platforms accepting it as payment. In 2018, Crypto Emporium became the first e-commerce store to use crypto exclusively as a payment form, including dogecoin.
Other platforms that now accept Dogecoin as a payment form are Sling TV, Menufy, airBaltic, Ledger, Dallas Maverick, Twitch, and Namecheap.
What is the community like around dogecoin?
The dogecoin community is known for its inclusive and light-hearted nature, charitable initiatives, humorous memes, and friendliness. This approach attracts crypto enthusiasts and individuals looking to be part of a fun community.
The community has harnessed the power of social media to bring more awareness to crypto and establish a strong network of supporters.
How fast are dogecoin transactions?
Dogecoin transactions are relatively fast compared to some other cryptocurrencies. One block of dogecoin takes one minute to process, making it ten times faster than one block of bitcoin.
After receiving approval from the cryptocurrency exchanges, it can complete 30 transactions in one minute. However, the time taken for a Dogecoin transfer also varies depending on the kind of wallet being used.
For instance, it can take up to an hour to send DOGE to Coinbase or Binance because the transactions need 60 confirmations each. On Kraken, however, since only 40 confirmations are required, the transaction time is about 40 minutes. Other elements affecting dogecoin transactions’ speed include network congestion and wallet addresses.
What is the significance of the shiba inu dog in dogecoin’s branding?
The Shiba Inu dog, which is the face of Dogecoin, holds its essence in cryptocurrency branding. The founders got the idea from the famous “Doge” meme, which features a Shiba Inu with a title written in English and broken Comic Sans fonts.
Dogecoin’s use of this meme in its branding adds an element of lightness and fun to the cryptocurrency, contributing to its unique and approachable image.
DOGE Price Statistics
| Dogecoin Price | $0.1508420 |
|---|---|
| Price Change 24h | -0.18% |
| Price Change 7d | 4.66% |
| Trading Volume 24h | $1,135,006,144 |
| 24H Low | $0.1478470 |
| 24H High | $0.1539360 |
Dogecoin Market Cap
| Market Cap Rank | #9 |
|---|---|
| Market Cap | $21,750,520,342 -0.11% |
| Fully Diluted Valuation | $21,751,678,618 |
Dogecoin Price History
| All-Time High May 8, 2021 | $0.7315780 -79.36% |
|---|---|
| All-Time Low May 6, 2015 | $0.0000869 173686.76% |
Dogecoin Supply
| Circulating Supply | $144,030,096,384 |
|---|---|
| Max Supply | -- |
| Total Supply | $144,037,766,384 |
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