What is Dogecoin? Why is it so popular, all of a sudden?

In 2013, Dogecoin (DOGE) was created as a joke and a poke of fun at the crypto industry. But now it’s one of the world’s biggest cryptocurrencies. How did it happen?

What is Dogecoin?

Who created and founded Dogecoin?

Actually, Palmer told in 2018 that Dogecoin was always like a hobby project, like a side project thing. But in the fact, the community is quickly formed around the cryptocurrency and took it much further than Palmer had expected and anticipated.

What are the Benefits of Dogecoin?

Dogecoin provides fast transactions and low transaction fees. These are important for wide adoption.

b. Unlimited Supply

Originally Dogecoin is limited to 100 billion coins. Later it was changed to an unlimited supply. As the result the price very stable.

c. Community

Dogecoin is known for its active community. The more than 300,000 members of the dogecoin subreddit are known for being a friendly and welcoming bunch.

d. Philanthropy

The same community has been known to exist for good causes. The community helped to raise over $25,000 in Dogecoin to send the cash-strapped Jamaican bobsled team to the 2014 Olympics. They also teamed up with a water charity to raise thousands to improve clean water access in Kenya through the Doge Water initiative.

How does Dogecoin work?

Not so with Dogecoin. Due to the high supply of tokens and low prices, it isn’t attracted investors who want to keep their currency. The result is a highly liquid and free-flowing peer-to-peer digital currency.

But, Crypto investors and experts believe that Dogecoin will increase in value over time. Because of that, the good method for making money is by buying and holding Dogecoin. As it is sometimes known, long-term crypto investing or “HODLing” is one of the best strategies when investing in Dogecoin.

What can you do with Dogecoin?

Besides, Dogecoin also can be an instrument for trading and investment.

How many the price of Dogecoin?

In January 2021, the price of Dogecoin started to have a significant increase, and it continues until Mei 8th, 2021 Dogecoin had the highest price in its history that is $ 0.6958.

Since then, the price of Dogecoin seems to go down, and not back or exceed its highest price ever.

Why did the Dogecoin price go up?

As the loudest and most prominent supporter of dogecoin, Elon Musk often tweets to his 50 million followers and can send the crypto surge. That’s what exactly happened in April when Musk tweeted “Doge Barking at the moon” and shared a photo of a painting by Joan Miró (Spanish Artist), which is titled “Dog Barking at the Moon.”

Thanks to the enthusiasm of Elon Musk for Dogecoin and anticipation of hosting Saturday Night Live (SNL) over the weekend led to a spike in the price of Dogecoin. Elon Musk’s contribution to Dogecoin’s increasing price so highly visible as speculators hopes he will plug the coin live on-air and stimulate further interest.

Popular trading apps and cryptocurrency exchanges' decisions to list Dogecoin have made it more accessible and also coincided with the spike in the price of Dogecoin over the past week.

Elon Musk himself has acknowledged that the noise around Dogecoin is fueled by speculation to hope the price will rise further than its inherent value.

Dogecoin is not widely exchanged for goods and services and limits its use in the real world.

Is it headed to the Moon?

Elon Musk, the founder of SpaceX, confirmed that his rocket company would launch a mission called “DOGE-1” to the Moon next year. Plus on his Twitter account, he said the mission would be paid for in dogecoins, and be both the “first crypto” and the “first meme in space”.

How to Get Dogecoin?

Archidax is one of the best exchange platforms and can be your choice to buy, sell, and trade DOGE easily and safely.

Source : f.a.s

The Crypto Trading Platform