Dogecoin (DOGE) – What to Know Before Investing
What is Dogecoin?
Dogecoin was created as a persiflage of the rapid appearance of new cryptocurrencies and their insane valuations. What initially started as a joke quickly gained traction and popularity.
The name and the logo are based on the popular “Doge” meme, which displays a picture of a Shiba Inu dog. “Doge” refers to a misspelling of dog which got popular through an episode of the Homestar Runner’s puppet show. Dogecoin is based on Luckycoin, which is based on Litecoin. The block time is 1 minute, and the ticker is DOGE.
Today it is mostly used in the context of an Internet tipping system in message boards or social media, where you can tip someone a few DOGE if you like his/her content and in fundraising activities. Dogecoins community raised 50 000 USD for the Jamaican bobsled team to participate in the Winter Olympics 2014 and the sponsored NASCAR driver Josh Wise in the same year.
Dogecoin was founded by developer Billy Markus and Jackson Palmer and was officially launched on 6. December 2013. Initially, Dogecoin was originally intended to produce 100 billion coins maximum; this was later changed to an infinite supply schedule.
Can Dogecoin be mined?
Yes, Dogecoin is based on Proof-of-Work, and the mining algorithm is Scrypt. With each block attached to the blockchain 10 000 new DOGE are created.
What differs Dogecoin from other Cryptocurrencies?
Dogecoin was launched as a “fun-currency” and Joke, but its sympathetic team, appealing logo, and functionality as a tipping currency made it a success.
How much is Dogecoin worth today?
What is the total and the circulating supply?
The maximum supply of DOGE is unlimited and the circulating supply at the time of writing is 114 404 009 543 DOGE.
Where can you buy DOGE?
You can buy DOGE on several cryptocurrency exchanges, most notably Bittrex and Poloniex.
Can DOGE be sold for cash?
You can sell DOGE for cash on several cryptocurrency exchanges that have fiat-pairings, most notably YoBit (not recommended).
Development seems to be active, but it has no serious roadmap. It is still a joke project, and the functionality is fully developed..
Verdict and Rating
Really nice project, did a lot of good for the Community. It helped many people to get familiar with cryptocurrency and mining. But not good for any investment purposes, it is highly inflationary and not seriously developed.
DisclaimerThe above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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