Dogecoin has its beginning in the year 2013. It was created in the form of a joke, and its story began with a funny post on Twitter suggesting that the investment in Dogecoin will definitely be successful, Soon after, two developers from IBM and Adobe decided to get to work and create their own cryptocurrency. The use of a popular meme has made the new cryptocurrency met with enthusiastic reception. Since then, DOGE has continued to be valued by the cryptocurrency investor community, and its outlook for the future is quite optimistic.
Over time, other memes-inspired cryptocurrencies have also appeared, which have taken away some of Dogecoin's popularity. Despite this, this virtual token is still a favorite of many speculators.
What exactly is Dogecoin cryptocurrency?
Dogecoin was based on the now defunct Luckycoin,which in turn was derived from LiteCoin. The supply of cryptocurrency is unlimited, hence it is a deflationary cryptocurrency. Its low price has made the currency popular on social media. The very attractiveness made its next feature susceptible to price fluctuations, sometimes very violent. Over time, Dogecoin ceased to be treated as a funny virtual coin and began to be accepted by some of the online stores.
What affects the Dogecoin cryptocurrency chart?
This is influenced by many factors. The main force is the Reddit community. The popularity of cryptocurrency increased significantly when Elon Musk began to write about it. Subsequently, the cryptocurrency became interested in world stars. The whole is complemented by the fact that Musk announced the sending of the DOGE-1 satellite to the moon. This venture is to be financed thanks to the Dogecoin cryptocurrency.
What are the forecasts for the future Dogecoin rate?
As with other cryptocurrencies, Dogecoin also shows a tendency to high price volatility. Despite this, most of the forecasts for the coming months are very positive. They indicate an increase in current price quotations. At the end of 2022, it may turn out that the price of DOGE may be above USD 1.
Is it possible to make a long-term investment in Dogecoin?
According to the forecasts of investors and analysts, the forecasts for Dogecoin are quite optimistic. According to a long-term forecast, DOGE prices will continue to rise. Unfortunately, cryptocurrency markets are very susceptible to sudden fluctuations in the exchange rate, hence when investing long-term, be prepared for high volatility in the value of cryptocurrency.
What distinguishes DOGE from other virtual tokens is the fact that it uses a picture depicting a Shiba Inu dog, i.e. a cryptocurrency symbol. Although the main goal of the creators was to amuse the community gathered around cryptocurrencies, DOGE quickly gained popularity, and thus increased its value.
Unlike Bitcoin, Dogecoin is a deflationary currency. When it comes to the king of cryptocurrencies (Bitcoin), many people want to mine as much as possible before the final amount is mined. Dogecoin based on inflation,makes it possible to mine new tokens, replacing lost tokens. This gives the opportunity to maintain the supply of about 100 billion active tokens. In the environment of cryptocurrency users, however, it has become clear that DOGE is more of a means of exchange than an investment.
Where can you buy Dogecoin?
It can be purchased with the help of one of the many online cryptocurrency exchanges. Interestingly, In the past, Dogecoin was also sold on auction sites. It is recommended that the wallet for storing funds be downloaded from the official Dogecoin website and secured with a secure password. In the past, there was sometimes a bankruptcy of the cryptocurrency exchange, which was most often equivalent to the loss of funds.
The main competitor of cryptocurrency.
The Shiba Inu virtual currency has appeared on the list of the most popular cryptocurrencies. Cryptocurrency is very similar to Dogecoin and has appealed to many investors. Currently, there are about $13 billion in circulation converted from SHIB units. Cryptocurrency prices are very dynamic, hence the numbers we provide may already be outdated.
The Shina Inu rate, like Dogecoin, is influenced by the communityof faithful cryptocurrency users. Interest in Shiba virtuoso coins continues to grow. Certainly, Elon Musk's tweets have an impact on the quotations.
Forecasts for the future of cryptocurrency are largely positive. According to some websites, the Shiba Inu rate will continue to increase. At the end of 2022, it could cost three times more than the year before.
Dogecoin has gone from being an online joke to becoming a Bitcoin-like means of payment. At first, some people thought that it would share the fate of other altcoins, escaping after some time into oblivion. Despite this, the fun continues to this day. This would not be possible without the gathering of a large community. Dogecoin itself has ceased to play only the role of a "mascot". With its help, users can make transfers of funds without the participation of intermediaries.