It’s no secret that Dogecoin (DOGE) is a popular investment. Perhaps it’s the lovable face of the Dogecoin charm, a Japanese Shiba Inu strain canine named Doge. Or perhaps it’s the ringing countersign of billionaire Elon Musk, who seems to prefer Dogecoin to Bitcoin (BTC). Whatever the reason, the sky has been the limit for the Dogecoin price, which has been known to climb as important as in as snappily as a month.
Overall, DOGE has also achieved internet meme coin status, meaning that it’s suitable to trade on its social prowess rather than solid fundamentals. But as its use cases as a payment system and environmentally friendly investment multiply, DOGE will decreasingly begin to trade on its own graces.
Numerous investors have ridden the DOGE surge without giving too important study to what value Dogecoin actually brings to the table.
Historically, Dogecoin is a chopstick of a coin called Luckycoin, which itself is a chopstick of Litecoin, which is also a chopstick of the Bitcoin blockchain network. While Dogecoin’s law updates are many and far between, it’s deposited to ride on the coattails of Litecoin’s upgrades. Dogecoin’s last major software update was in 2019, though minor updates have happed since also.
For all intents and purposes, Dogecoin wasn’t meant to be a good investment. Not only did it start out as a joke in 2013, but itsco-founders, software masterminds Jackson Palmer and Billy Markus, created the coin in a many days by copying Bitcoin’s source law. They tweaked the dereliction fountain expressions to Ridiculous Sans, which has been associated with the brand ever ago.
Dogecoin was a good enough investment forco-founder Markus to ring the register on his effects to buy a Honda Civic in 2015. Still, still, it could have come a much better investment for him once the coin’s request cap surpassed$ 1 billion, If he’d held onto his DOGE.
Neither Palmer nor Markus are directly associated with the design any longer. That right there could be a sign that Dogecoin is an unstable investment, but the design took on a life of its own thanks to the devoted core development platoon and the Dogecoin community. As a result, Dogecoin as an investment has defied the odds so far. Some say Dogecoin is a bubble that’s staying to burst, but they’ve yet to be proven right.
Very use case, much currency
One way to tell if a Dogecoin investment is right for you is to explore the use cases of the coin. The stronger the use case argument, the lesser the chances that the coin will be in demand. Dogecoin’s primary use case in the early days was to award the DOGE community for entertaining commentary via tilting. The use cases have expanded since also, though tilting remains one of the features of the design.
Dogecoin’s use cases have increased over the times to the point where it’s considered a medium of exchange. For case, Dogecoin can be used to make charitable donations or as a payment system for NBA tickets and wares. One day you might indeed be suitable to buy a Tesla with DOGE, if Elon Musk’s tweets are any suggestion. Dogecoin was also the digital currency that was raised to get the Jamaican bobsled platoon to the Sochi Winter Olympics in 2014.
Very inflation, much coin
While Bitcoin has a finite force of 21 million coins that will ever be booby-trapped, Dogecoin has no similar ceiling. The force is indefinite and, thus, Dogecoin qualifies as an inflationary cryptocurrency rather than a deflationary one like Bitcoin.
In fact, Dogecoins are created every nanosecond, which translates to 14 million coins each day. There’s a limit on the number of Dogecoins that can be booby-trapped per time, which is limited at 5 billion.