What Is Dogecoin DOGE Cryptocurrency?
Dogecoin (DOGE) is a cryptocurrency symbolized by a famous meme, namely the red dog Shiba Inu. Those who always online know about this project because the smiling dog conquered the hearts of millions of users in 2013. However, DOGE is more than just a meme token with ambitious plans for the next few years.
Dogecoin price today is 0.1712 USD.
How Dogecoin Works
DOGE shares common technical characteristics with Bitcoin. The network is secure and provides real-time consensus.
Unlike BTC and other cryptocurrencies with limited supplies, Dogecoin uses an inflationary approach to its economic mechanism. This means that the coin has an infinite supply. Miners get a reward of 10,000 coins for each block.
Since DOGE is partly related to BTC, Dogecoin has the same block size that is 1 Mb. However, for Bitcoin, the block confirmation takes 10 minutes, while DOGE has 10 times faster speed. The network confirms blocks every minute. So, the project solves the Bitcoin blockchain's problem regarding transaction speed.
What makes this coin unique is the spirit expressed by the developers. Dogecoin wasn't created to provide a viable alternative to Bitcoin in the market, like Litecoin. It was conceived to spread goodwill and fun in the cryptocurrency community.
DOGE Crypto Brief History
Dogecoin was launched on December 13. This token didn't bring anything new to the cryptocurrency world but was a fork of Litecoin. Since Litecoin is a fork of BTC, it turns out that DOGE didn't get far from the progenitor of all cryptocurrencies.
Reddit, Twitch, and Twitter members immediately accepted the coin and used it to tip creators of useful content. In the first month after its release, the coin's price went up almost 300%.
However, shortly after the launch, some hacked into some crypto wallets and stole $12,000 worth of coins. This hit the cryptocurrency hard, and its growth slowed down for a while. However, the developers compensated the losses to all those affected, and the system continued to operate. It was reported that only those wallets that were linked to exchanges were affected. Wallets, which were stored on the owners' computers, weren't.
The project has attracted a large group of adherents, including Elon Musk. He showed his support by tweeting about it. His post raised the DOGE price significantly. Thousands of his followers rushed to buy the asset. Several posts on the social networking site pushed the Elon Musk cryptocurrency Dogecoin price from $00,7 to $0,68.
How To Mine DOGE Coin?
The network uses the Proof-of-Work algorithm, in which miners compete to verify the transactions in a block. They are rewarded with 10,000 DOGE if they are the first to find the correct hash for a transaction in the blockchain.
Given the competition in the network, many miners prefer to join a pool rather than mine alone. This makes it possible to count on more stable payouts. A pool pools all the power of its members to increase the chances of successful mining, and rewards members based on the share of invested power.
Can Dogecoin Reach $1000?
Since Dogecoin price is less than $0.5, it's worth answering the question will Dogecoin reach $10. Experts cannot say the exact time when it happens, but WalletInvestor believes cryptocurrency Dogecoin will get over $1 in April 2025. However, a CoinPriceForecast team doesn't have such a positive prediction, and answers the question "What will Dogecoin be worth in 2030?" it thinks it will be $0.57 by that time.
How Much Dogecoin Does Elon Musk Own?
During the B-Word conference in July 2021, Elon Musk said that there was DOGE in his cryptocurrency portfolio. He didn't reveal the exact sums, but some enthusiasts suppose this number exceeds 2,5 million coins.
Should I Sell My Dogecoin?
Since DOGE is going down now, it's time not to sell but to buy this cryptocurrency because, with an increasing number of holders and a developing infrastructure, this token should become a profitable investment.
StealthEX is the safest way to buy DOGE. Access to over 400 cryptocurrencies, provide general information, and exchange tokens in minutes. No extra fees and lengthy transactions, as everything is fast and transparent.
How To Buy Dogecoin?
Just go to StealthEX exchange and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, ETH to DOGE coin.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your coins!
You are more than welcome to visit the StealthEX exchange and see how fast and convenient it is.
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.