Dogecoins: the memecoin par excellence

Dogecoins: from joke to top ten cryptocurrency

The crypto Dogecoin (DOGE) was born in 2013 from the mind of Jackson Palmer, a manager at Adobe Sydney.

Underlying the creation of memecoin was the idea of pranking the crypto hype, which at the time was excessive considering the situation (low numbers, few alternatives and a totally unknown future).

Palmer did not create any cryptocurrency but simply used the popular social networking site Twitter. Unexpectedly, the tweets immediately generated interest and participation.

Noting the growing movement, however still unaware of what would happen in the years to come, Jackson purchased the internet domain dogecoin.com (still operational).

Meanwhile, on the other side of the Pacific, programmer Billy Markus learned about Dogecoins. Just at that time, he was looking for a viable idea on which he could develop a cryptocurrency: although all the technical skills were there, the “promotional” skills were lacking; Dogecoin seemed created specifically for his situation.

Markus made contact with Jackson, asking permission to proceed. As we can imagine, the response was positive.

The memecoin par excellence was put online in December 2013, immediately receiving significant attention from the public.

Within weeks, Dogecoins had behind them a passionate and vibrant community, their undisputed mainstay even today.

The coin’s first year was a crescendo of participation and enthusiasm in which there was no shortage of charitable initiatives: for example, in January 2014 the community raised $30,000 in Dogecoin to help the Jamaican bobsled team participate in the Sochi Olympic Games.

By the first anniversary of going online, the coin’s total capitalization reached a figure in excess of $20 million.

As is unfortunately often the case, the growth in numbers inevitably led to the approach of people with anything but altruistic purposes.

The deterioration of the community convinced Jackson Palmer to extricate himself from the environment, the first important sign of a charm destined to disappear.

Later, the figure of Ryan Kennedy made his entrance. He collected large donations intended for the development of his Moolah exchange. Too bad it was later discovered the real destination of these funds: to buy bitcoins that allowed him to live the good life on the backs of others. This story was another blow to the now-lost carefreeness of the Dogecoin community. Today Kennedy is in jail and will remain there for several more years.

Nevertheless, the gray period was overcome and the coin managed to continue its growth, experiencing the 2017 bubble firsthand.

Enduring various ups and downs, Dogecoin earned listing on Binance. Thanks to this, buying and selling could reach many more people.

Celebrities also began to show interest, and here we come to the key man, the one who by speaking can sensibly affect the price of DOGE: Elon Musk.

Whether out of speculation or goliardia, the Tesla and SpaceX magnate has always shown strong sympathy for this memecoin. His tweets on the subject often go viral and are in turn re-circulated as memes by other dog-inspired coin communities.

One of Musk’s tweets features McDonald’s. In the tweet, the billionaire claims that he will eat a Happy Meal on TV if the famous fast food chain accepts Dogecoins as a form of payment…go figure out why. The good thing is that McDonald’s even responded.

Next to him we find another billionaire: Mark Cuban, owner among others of the Dallas Mavericks NBA team. The team’s official online shop accepts Dogecoin as a form of payment.

Over time, additional entities that accept this currency have been added: the AMC cinema chain is one of them.

Returning to the present day, Dogecoins are stably among the top cryptocurrencies by market cap.

Clearly, the price trend depends on the period, although, as we know, meme coins tend to be much more volatile (and risky) than other types of cryptocurrency.

"Conceived as a joke, Dogecoins have survived the challenges of time to become one of the leading cryptocurrencies in existence"

What are Dogecoins used for?

What is Dogecoin? Dogecoin is an open-source cryptocurrency with a Proof-of-Work consensus algorithm. It has as its symbol a Shiba Inu, a dog breed from Japan.

Dogecoin is a fork of Litecoin, itself derived from Bitcoin.

However, there are many differences between the famous memecoin and the number one cryptocurrency: here are the main ones.

Supply and issuance

First, Bitcoin was born to be scarce and deflationary: fewer and fewer are produced and the total supply is set at 21 million.

In contrast, Dogecoins have a limitless supply that increases by the same number every year.

Therefore, while BTC has the makings to appreciate more and more given the dwindling supply, DOGE is meant to be expendable and widely available.

Transaction speed

Although for both coins the consensus algorithm is Proof-of-Work, Dogecoin transactions are significantly faster.

In fact, creating a new block on Bitcoin takes ten times longer (10 minutes on average) than Dogecoin.

This is due to the algorithm, the mining Dogecoin process and the resulting complexity of the calculations that computers have to solve, which are much more difficult for Bitcoin.

Distribution and volatility

Supply also has an important influence on distribution.

Because they are available in limited quantities, most bitcoins are held by a small percentage of the total holders. This exposes the risk of price manipulation by a few but huge whales. Still, BTC proves to be the most stable entity in the crypto landscape. Beware, however: compared to other scenarios, volatility still remains extremely high.

Dogecoins are available in abundance; the chain is designed to be as widely distributed as possible. This avoids extreme concentrations in the hands of a few people (in reality; unfortunately, this is not really the case). While this is good, it also creates the problem of high volatility: with numerous players in the field, the price can fluctuate extremely.

Use cases

Bitcoin is both an asset to invest in and a means of payment, in recent years increasingly used for a variety of purchase types.

BTC’s growth in popularity has also benefited Dogecoins: the list of entities accepting this form of payment is growing steadily longer, thanks in part to the decent speed of transaction execution.

The online store of the Dallas Mavericks, mentioned above, is one of the main stores offering Dogecoins (and other cryptos) as a form of payment via BitPay.

"Dogecoin is an open-source cryptocurrency with a Proof-of-Work consensus algorithm"

Dogecoins (DOGE): some details about the supply

Dogecoin has a supply with no upper limit. This means that specimens will be continuously mined, with no deflationary or limiting mechanisms.

To date, there are 145 billion pieces in circulation.

Each block takes one minute to process and produces 10,000 DOGE. Thus, just over 5 billion are put into circulation annually.

Although the supply is constantly increasing, this parameter impacts little when compared to other memes and shitcoins, some of which have trillions of pieces.

Generally, the price trend of DOGE follows that of the market. However, it is not infrequent to see rallies that run counter to everything else… power of memecoins!

What was Dogecoins highest value? The all-time high exceeded 70 cents in the spring of 2021, the culmination of an absolutely crazy period of growth.

As is well known, Dogecoins are not to be seen as an investment: it is a game that has found unexpected acceptance.

Forbid positioning yourself without conducting the appropriate research, keeping the high risks present etched in your mind.

Buying and selling

You can buy Dogecoins from one of the many exchanges around. Giants such as Binance, Bybit and Bitget have been supporting the coin for a long time and allow you to exchange it inexpensively.

Through these platforms you can also sell Dogecoins quickly and smoothly.

"Dogecoin has a supply with no upper limit"

Quanto vale ora un Dogecoin?

Below you can see the value of DOGE in real time. Dogecoins price by TradingView.

Can Dogecoin realistically reach $100?

Considering the limitless supply and high annual inflation, we can say that the $100 goal for Dogecoins value is by no means attainable.

In fact, to achieve such a result, the market cap would have to touch unthinkable heights.

We must therefore think without getting carried away by enthusiasm, and avoid listening to proclamations that are only good for those who want to attract as much capital as possible for personal gain.

Dogecoin: use cases and projects

We have come to the most difficult topic to deal with: what are the possible applications of DOGE?

Normally, when talking about an ecosystem or coin, we identify future projects and expectations. For example, Solana and Ethereum have behind them increasingly structured and rich worlds of offerings that complement and complement each other.

Dogecoin stands apart from the usual: it is a memecoin, it is not born with a particular idea, a need to fulfill, or a niche to devote itself to.

This is not to say that it is totally useless; on the contrary.

The coin proposes quick transactions compared to others using the Proof-of-Work algorithm.

Moreover, the initial goliardia has also given way to a modicum of seriousness: after all, it is still one of the most highly capitalized cryptocurrencies ever.

It should come as no surprise that more and more businesses and stores are adopting it as a payment method: it is easily bought, sold, fast and available in abundance. All with the security provided by blockchain. Yes, DOGE is indeed a good means of payment.
We have already named some major entities that are following this path. More big names may be added; it is probably only a matter of time.

This coin is also being used extensively on various platforms (Reddit first and foremost) to offer tips to users who help others. We have a problem and someone in the community gives us a valuable tip? a handful of DOGEs is the best “thank you” we can give back.

What started as a game is gaining more and more intrinsic value.

Let’s not be fooled, of course: we cannot compare Dogecoin to Ethereum or Bitcoin. However, the much speculation behind it should not obscure the fact that it is a cryptocurrency discreetly used to make a variety of payments.

Dogecoin-related projects

Not so long ago we would have laughed at the thought of memecoin-related projects. Today, however, some news is boiling over.

The Dogecoin Foundation is a nonprofit that seeks to develop new solutions through patronage.

After drafting a manifesto in August 2021, the Foundation has drafted a roadmap, the first in the coin’s 8-year existence.

The two most interesting projects are GigaWallet and Libdogecoin.

The former is a wallet that should facilitate the work of site and application developers. Thanks to this product, integrating transactions into DOGE becomes really easy.

Libdogecoin, on the other hand, will be a useful library for effortlessly building a variety of products. Does a programmer want to create a wallet? Or does he or she aim to study a particular solution involving Dogecoin integration? Thanks to the library, this will be feasible and not overly complex.

In addition, a collaboration has been initiated with some prominent personalities, including Vitalik Buterin. The goal is to create community staking that will make holders even more involved.

The Foundation’s goal is clear and stated: to remove the speculative coin label in favor of a more stable and secure future.

We will be watching developments with interest.

Dogecoins: memecoin that wants to go big?

The short journey into the universe of the progenitor of memecoins comes to an end.

Dogecoin (DOGE) was born for fun and not even as a cryptocurrency.

Over time, however, brick by brick, it has been building a huge community that uses the coin on a daily basis.

Famous (and even a bit eccentric, let’s face it) personalities were then added to consolidate what had been built (or undermine it, depending on your point of view and situation).

Today Dogecoins are there among the top places by capitalization along with (or above) more complex realities like Cosmos and “its father” Litecoin, as well as rival Shiba Inu.

Plans for the future, which we have mentioned, could strengthen its position even more, making serious what it originally was not.

Who knows what will happen? With Dogecoin, anything is indeed possible!