Why Dogecoin is going up in price, what it is, and how to buy it
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What is Dogecoin?
Dogecoin is a decentralized cryptocurrency that's based on the blockchain. Created as a joke by two software engineers in 2013, Dogecoin was meant to get people interested in the crypto space by integrating internet meme culture. It was originally a fork of Luckycoin, which was a fork of Litecoin, which was a fork of Bitcoin.
Why is it going up in price?
Dogecoin spiked around 877% this week before falling back down and now it’s sitting at roughly 3 cents a coin which means it’s still up around 530%. If you invested a thousand dollars into Dogecoin just one week ago and sold at the peak, you would have made $9,000. Similar to wallstreetbets and GME (Gamestop Stock), Dogecoin's price has recently been supported by the help of another investor community on reddit called SatoshiStreetBets. The current goal of Dogecoin is to get it to $1.
Dogecoin VS Bitcoin (Advantages)
Dogecoin has a few advantages over Bitcoin. First, it has a block time of 1 minute meaning it's a "better" currency due it's faster ability to confirm transactions quicker. It's also cheaper to use but that's partially because it's less popular than Bitcoin and therefore there is less competition for the transactions to compete with each other to get included in the block (less competition in the mempool).
Dogecoin VS Bitcoin (Disadvantages)
Bitcoin is a deflationary currency. When miners mine Bitcoin, the difficulty increases over time and the rewards get cut in half roughly every 4 years (the halvening event). This means it's a deflationary currency which makes it more scarce over time and therefore increases its value. Dogecoin is the opposite - it's an inflationary currency. Each block on Dogecoin rewards miners with 10,000 coins, and because we know that the blocktime is 1 minute, we know we are making dogecoins at the rate of 10,000 coins per minute. There is no upper limit to how many Dogecoins can exist which means when there is no demand, the currency will still continue to make more of itself which will further devalue the price over time.
Dogecoin To The Moon (Reaching $1)
Currently the market cap of dogecoin (according to coinmarketcap) is roughly 3.8 billion dollars and each coin is roughly 3 cents. If we divide our goal ($1) by current price (.03) we get a factor of 33x. That is a 3,300% increase from the current price. If we multiply 33x by current market cap, we get 125,400,000,000. This means Dogecoin has to eclipse the size of the top 8 cryptocurrencies combined, which includes: Stellar, Bitcoin Cash, Litecoin, Chainlink, Cardano, Polkadot, Ripple, and Tether). The closest competitor to that would be Ethereum which has massive support in terms of app developers, products, and investors. While it's certainly possible to get to $1, it will take quite a bit of effort and money.
Where To Buy Dogecoin
Binance, VCC Exchange, BKEX, Paribu, and Kraken. Sign up to all of these (I'm not paid, sponsored, or affiliated with any of them) because some will approve you quicker than others. Also, some exchanges can crash and you don't want to be stuck using only one, you need to have options. Please remember they trade in different pairs (meaning you can't buy with your dollars). You first have to fund your account with dollars, exchange to something like Tether, then exchange Tether for Dogecoin. After you buy, do not keep it on the exchange, send it to a cold storage wallet like the Nano Ledger (link above).
My Thoughts on Dogecoin
Dogecoin is here to stay. Like internet meme culture - it will always be relevant. It doesn’t pretend to try to change the world, it doesn’t promise anything because 1 doge will always be 1 doge - it’s just a fun coin that will continue to grow in line with the overall market cap of the cryptocurrency world as people get more comfortable with buying and investing. I'm not against owning any, I think it's a fun collectible but full disclosure - I do not currently own any.
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
2021 1 فوریه