Even though Dogecoin started as a joke, it is considered valuable and seen as a potential investment opportunity. Many people consider it to be quite valuable, and it is seen as a way to both trade and be paid.
We will take a look at this type of cryptocurrency that is created as the first meme coin with a dog’s face on it. We will also compare this new type of paying method with other cryptocurrencies such as Bitcoin and what type of influence it may have.
Keep on reading to find out how this cryptocurrency compares with Bitcoin and explore any notable differences between them.
What Is Dogecoin
Dogecoin was created by software engineers Jackson Plame and Billy Markus as a joke to mock other cryptocurrencies such as Bitcoin. This coin features the face of the Shiba Inu Japanese dog from the doge meme on the coin itself.
Created in 2013 and promoted as the fun currency of the internet, it became an instant hit with the help of the website REDDIT. A Christmas day hack in the first year of its existence caused a considerable awareness of this cryptocurrency, which led to it being made legal.
This means that Dogecoin has become a legal currency and can be utilized in trade with and pay for other things. The Dogecoin currency was designed by Billy Markus, who bases it on the protocols of other existing cryptocurrencies such as Litecoin and Luckycoin.
Does Dogecoin Have Any Value
Dogecoin started trending on the top-rated TikTok social media platform which caused this cryptocurrency to go up in value. Many influencers on the social media network encouraged their followers to buy Dogecoin, and its popularity went up even more.
In one TikTok challenge, the value of Dogecoin went up by as much as 600 percent in one single day. Today it is seen as a very lucrative cryptocurrency, and many shops consider it a legal payment method for all types of stock.
Many famous people support this cryptocurrency, and one of the most avid supporters is Tesla founder Elon Musk. There is an unlimited supply of Dogecoins, it does not need to be mined like in the case of Bitcoin, and it is not tied to anything.
The lack of a ceiling means it can be inflated infinitely without any cap, but what will this lead to if there is no limit to it?
What Is the Difference Between Dogecoin And Bitcoin
Most people in the world are aware of the very popular cryptocurrency, Bitcoin, and how it came into existence. The main difference between Dogecoin and Bitcoin is that Bitcoin needs to be mined and there are limits to the total Bitcoins available.
Bitcoin is also currently the most valuable cryptocurrency globally, and many governments around the world accept it as a tender form. In April 2021, the value of one single Bitcoin hit nearly $65,000, making it an exceptionally sought-after commodity and investment opportunity.
While Bitcoin is quite valuable, a Dogecoin has a price tag of around $0.08, which means they are not that valuable. The support of famous rich people around the world did boost the popularity and the value of dogecoins quite a bit.
Support from people like Snoop Dog and Mark Cuban also boosted the online popularity of Dogecoin by up to 70 percent. The funny thing about this cryptocurrency is that it is named after a dog meme that was created to mock the cryptocurrency world. Initially, it was a joke.
How Do You Invest In Dogecoin
By the beginning of 2022, Dogecoin has become the largest meme coin ever in the history of meme coins. It has also become a precious crypto asset and has become valuable in recent years since its introduction.
It is also a valuable stock when it comes to market capitalization and a popular currency among cryptocurrency users from around the world. 2021 was the best year for Dogecoin since it was introduced to the world at the end of 2013 and the beginning of 2014.
It might be true that Dogecoin’s value increased drastically. The bullish trend of this cryptocurrency was short-lived and lasted for a short period. After only one month, it lost a significant portion of its value, making it a pretty risky option for investment.
By December 2021, the coin had a value of only $0.18, which was about 70 percent lower than its value in May that same year. Dogecoin did make a lot of profit from the beginning of 2021 and up to the middle of that year.
But what will happen to the Dogecoin cryptocurrency in 2022 while the Doge community is quite optimistic about it and how it will trade? Even though many institutions accepted it as an official payment method, will it still be as popular later in 2022?
It is always a wise step to do thorough research when it comes to these types of investments every time you want to invest. You should never invest any type of capital if you can not afford to lose that money and still survive.
There are many ways to invest your money, so you need to investigate and start small and carefully if you are new.
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