No matter what you are, Dogecoins have been making serious news in the mainstream media. Now you must be wondering, does it even come close to compete with Bitcoins? Stay tuned to find out.
For starters, Dogecoin is an altcoin. It is a peer to peer encrypted and is an open-source cryptocurrency. Investors often make fun of this coin. You can already spot a ton of memes circulating in the crypto network on Dogecoin.
Even though Dogecoin ends up being the butt of all sorts of crypto jokes but the fact remains, it uses blockchain technology, which means it definitely has some merits.
It was founded in 2013 by Jackson Palmer. It was a part of the fun that he wanted to enjoy. Only in the last 2017 did it gain some sort of validation in the crypto industry.
When the market of cryptocurrencies crashed in the year 2018, Dogecoins, too, lost all their value. Investors kept it alive by doing minor trading every now and then and posting about it on Twitter and Reddit.
Dogecoin has basically no use in this modern-day and age. But if you want to buy it so badly, you can get them at any normal crypto exchange.
What Made Dogecoin So Popular?
The stakeholder of dogecoins heavily promoted it by advertising it as a ‘fun’ version of Bitcoin. To invest in Bitcoins, visit the immediate-edge.co to create your account. The logo of Dogecoin was that of a Japanese Shibu Inu Dog.
Dogecoins gained popularity among millennials as back in the day, it was apparently cool to own dogecoins. It lacked the basic feature of a cryptocurrency, which was limited mining. Dogecoins could be mined in unlimited amounts.
Thus there was a trend of inflation in Dogecoin. This feature irritated a few of the crypto investors because normally, cryptocurrencies are deflationary. In Fact, the reason why people invest in cryptocurrencies is that they want to avoid inflation that is possible while using fiat currencies. You must know the process of Bitcoin halving. Where the reward earned after mining Bitcoin reduces every four years.
Back in 2014, the community of investors holding dogecoins gifted 27 million Dogecoins bobsled teams in the Winter Olympics. At that time, the value of 27 million Dogecoins were only $30,000.
Condition of Dogecoins after the Crypto Bubble
If Dogecoin was a person, he was having the time of his life. Like all the other cryptocurrencies, it too reached an all-time high. And then the prices fell disastrously like another cryptocurrency.
However, in late 2019, Dogecoin gained back some of its lost momenta. As it again saw a rise in the value. The supporters of these unique cryptocurrencies have a lot of preconceived notions.
They feel that Dogecoin has the capability to overtake Bitcoins in the foreseeable future, and the funniest part is that the Dogecoins somehow think that Elon Musk, the CEO of Tesla, uses Dogecoin just because of one of his crazy tweets, which insinuated the support for Dogecoins.
Dogecoin in 2021?
Sorry to disappoint, to be honest, there is not much in store for Dogecoin in 2021. It performed pretty badly in 2020 in all aspects. Even the stakeholders of Dogecoin did not expect that it would perform the way it performed in 2018, the time when it hit its peak.
However, there are still a handful of Dogecoin supporters in 2021. They pretty much try to make every attempt to keep Dogecoin well and alive. But for now, things do not look so good.
Final Verdict on Dogecoin
After investing for all these years and with whatever knowledge I have of cryptocurrencies, I can assure you that Dogecoin is nowhere close to even compete with Bitcoins. Currently, Dogecoin is placed at number 43rd and has a market capital value of $620 million.