Dogecoin is an altcoin[c] with a large userbase, and is traded against both fiat currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms. You can store coins on exchanges after purchase but we recommend using a dedicated wallet for security and long term storage. They are the best choice for those storing a lot of value or planning to hold long term. This spat highlights the crypto community’s divide regarding meme coins – which will likely be widened given Dogecoin’s current slump. IntoTheBlock’s Global in/out of the money (GIOM) data groups the current DOGE holder wallets according to their historical entry prices. It depends on market conditions, cryptocurrency developments, and investor and user sentiments.
You can purchase Dogecoin (DOGE) by establishing an account with one of many cryptocurrency exchanges including Coinbase, Binance, and Kraken. Robinhood, a traditional brokerage that enables crypto trades, also supports Dogecoin. Jackson Palmer, a product manager at the Sydney, Australia, office of Adobe Inc., created Dogecoin with Billy Markus, a software developer at IBM. The intent behind the cryptocurrency was to be a way to satirize the hype surrounding cryptocurrencies.
- This dumped more BTC onto the market, prompting the coin’s value to drop.
- With a market capitalization of 11.4 billion and 5.3 billion respectively, Dogecoin and Shiba Inu are the two largest memecoin.
- As of December 2023, Dogecoin’s market capitalization was nearly $13.1 billion.
- Readers should do their research before taking any actions related to the company.
Dogecoin marketed itself as a “fun” version of Bitcoin with a Shibu Inu dog as its logo. Dogecoin’s casual presentation suited the mood of the burgeoning crypto community. Its Scrypt algorithm and unlimited supply were an argument for a faster, more adaptable, and more consumer-friendly version of Bitcoin.
It is considered an altcoin and was launched in December 2013 with the image of a Shiba Inu dog as its logo. Dogecoin’s blockchain has merit with its underlying technology derived from Litecoin. Notable features of Dogecoin—which uses the Scrypt algorithm (pronounced ess-crypt)—are its low price and unlimited supply. Dogecoin (DOGE) price dipped below the $0.08 mark as bearish headwinds swept across the crypto market in January.
Readers should do their research before taking any actions related to the company. There is also a staking protocol for MK, with yields of 128% per year on staked tokens. The project has seen massive interest during its multi-phase presale, raising over $7.3 million in funding so far. More broadly, investors appear to be moving to risk-off positions ahead of key economic data releases. This dumped more BTC onto the market, prompting the coin’s value to drop. The downtrend has brought fresh criticism of the coin, most notably from Ripple CEO Brad Garlinghouse at the recent World Economic Forum in Davos.
Unlike Dogecoin, which is dependent on hype and celebrity endorsement, Meme Kombat provides real utility with its gaming and staking functions. The confluence of bearish factors has applied downward pressure to most crypto assets – Dogecoin included. A confluence of factors seems to be weighing on prices, with the first being FTX’s sell-off of $1 billion worth of Grayscale’s GBTC shares to meet credit obligations. In response, Dogecoin co-founder Billy Markus defended the project, comparing it to Bitcoin in terms of fundamentals. Not only that, DOGE has broken below its 50-day exponential moving average (EMA) on the daily time frame, suggesting the trend is now to the downside. This essentially implies that the Dogecoin miners have sold off over 290 million DOGE worth approximately $22.63 million in the last 3 months between Nov 21, 2023 and Jan 26, 2024.
Miners Sell-off DOGE worth $22 million in 3 months
Dogecoin does not need coin burning marketing mechanisms that new tokens and other chains have attempted to implement to artificially inflate their prices. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Meme Kombat is a crypto gaming platform that allows users to bet on battles between popular meme characters like Doge, Pepe the Frog, and Wojak. It’s not just Dogecoin seeing red – the overall crypto market has turned bearish again.
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By mid-2015, the 100 billionth Dogecoin had been mined, with an additional Ð5 billion put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of Dogecoins put into circulation will only double in 20 years (the next doubling will occur in the year 2075). Given the current market conditions and the downward trajectory of Dogecoin, the new meme token project, Meme Kombat, could be a smarter buy for investors. Like the rest of the megacap cryptocurrency sector, DOGE price has endured significant downward price action in the past month. However, the miners’ $22.6 selling trend analyzed above indicates the bears look set to gain even more ground in the coming weeks.
Both meme token ecosystems have remained closely interlinked since inception. Dogecoin surpassed a $1 billion market capitalization for the first time in the crypto bull run of 2017 to 2018. His father https://cryptolisting.org/ Phil was the owner of the team that fielded the original Dogecoin-sponsored car in 2014. The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.
Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency established in 2013. Originally created as somewhat of a joke about cryptocurrency, the token became fairly popular with cryptocurrency fans. The community and developer humor included in the project adds to its appeal and is probably what has made it last longer than many other cryptocurrencies. At its heart, Dogecoin is the accidental crypto movement that makes people smile! More than this, though, is the ethos of Dogecoin, summarised in the
Dogecoin Manifesto
, and its amazing, vibrant community made up of friendly folks just like you!
choose your wallet
Initially, they used a randomized block mining reward, but that was changed to a static reward in March 2014. Dogecoin uses Litecoin’s Scrypt technology and uses proof-of-work (PoW) on its blockchain. Dogecoin started with a supply limit of Ð100 billion, which would have been far more coins than the top digital currencies were then allowing.
Mining parameters
Many different types of businesses accept DOGE including Elon Musk’s SpaceX and the Dallas Mavericks. Many Dogecoin holders use their DOGE to tip content creators on Reddit and other social media platforms. There doesn’t appear to be any other Dogecoin uses as of (December 2023) besides blockchain fees, which are very low compared to Bitcoin’s and Ethereum’s. A list of resources created by shibes that can be useful to work with Dogecoin and to research it. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party.
With price momentum negative, DOGE could test support around $0.074 over the coming days if buying interest fails to return. An open-source peer-to-peer digital currency, favoured by
Shiba Inus worldwide.
Dogecoin miners’ current trading activity could see the price correlation decouple from SHIB in February. However, Dogecoin miners’ and mining pool’s recent trading disposition could dogebear coin see DOGE price fall behind SHIB in the weeks ahead. With a market capitalization of 11.4 billion and 5.3 billion respectively, Dogecoin and Shiba Inu are the two largest memecoin.