Dogecoin news is currently a mainstay of the crypto space, with skyrocketing prices launching straight into the limelight and attracting some big-money personalities.
From relative obscurity, the digital asset has climbed the charts to rank among the top 10 largest in the market with a market cap of nearly $10 billion. It's a remarkable rise for a cryptocurrency that only had a valuation of $756 million at the start of 2021.
And what's more? Today, you cannot talk about DOGE without mentioning Elon Musk- the Tesla CEO who has also bought $1.5 billion worth of Bitcoin. Billionaire investor Mark Cuban has bought DOGE, while California-based rapper SNOOP DOGG is also a supporter of the coin.
And behind these celebrities is an army of Dogecoin believers and holdlers.
What's this cryptocurrency that is seemingly attracting so many people? Here is what you might not know about this phenomenon.
Dogecoin is a meme cryptocurrency that uses a Scrypt-based consensus algorithm similar to Litecoin's. It features the "doge" meme with a Shiba Inu dog. Though not having any particular use case, it has an extensive base of followers and supporters even among celebrities and influencers like Elon Musk.
It was created by Billy Markus and Jackson Palmer in 2013. Markus was a software engineer at IBM while Palmer worked with Adobe. Noteworthy in the history of Dogecoin is that the two software engineers had never met before.
Currently, as of August 2021, Dogecoin has its market at $36,193,893,334. With its drastic price surge earlier in May 2021, DOGE became a popular investment option. No wonder - even Elon Musk is seeing his SpaceX to the Moon with DOGE!
One reason Dogecoin became so popular was how easy it made it for the community to mine, earn a reward as well as access online transactions.
Before February 2014, miners earned a random block reward for adding blocks and helping secure the network. But with the supply cap changed from 100 billion to unlimited, the developer team announced miners would earn a fixed block reward of 10,000 dogecoins starting with block 600,001.
The barrier of entry for producing dogecoins via mining is minimal compared with what you'd need for other currencies. Profitability has shot in 2021 after DOGE prices skyrocketed.
The Dogecoin value is a vital part of why the currency is popular. The minimal price makes it easier for people to access.
As of February 2021, DOGE has a value of $0.07401. The currency has a market cap of about $9.97 billion, with an average of $6 billion in DOGE traded daily for the past month.
The Dogecoin price is likely to increase as more people begin to use it, with recent support from Tesla CEO Elon Musk a big factor over the past few weeks. Such remarks and other regular Dogecoin news could significantly influence sentiment and thus value.
Apart from Elon Musk's tweets, a Reddit group called SatoshiStreetBets has emerged as a crypto-focused version of WallStreetBets. The Redditors are looking to pump crypto, including Dogecoin. It's more like WSB and what it did for Wall Street's GameStop (GME).
Another part of what makes Dogecoin popular is that it has one of the lowest transaction fees. An average transaction for the currency is good for one token. The minimal value of the currency and its lightweight design makes it easier for the currency to be transferred without charging lots of money.
You can buy Dogecoin from several crypto exchanges and trading platforms. Always ensure that you take time to find out how the market works and what you should know before acquiring the currency.
One of the easiest ways to get DOGE is to exchange it for another cryptocurrency. The great news is you can do this quickly and hassle-free via Swapzone.
Here is how to use Swapzone to exchange bitcoin to DOGE in moments.
If you’re a visual learner and want to have a better understanding of how to get Dogecoin on Swapzone with no hassle, check out our step-by-step video tutorial:
Dogecoin's popularity didn't start in 2021. As early as 2013, the meme cryptocurrency was attracting huge attention. For example, just a month after its creation, unique visitors on the official dogecoin.com website hit one million.
Dogecoin also became an instant hit on Reddit, the same platform that recently shot into the limelight after helping DOGE price rally 800% in hours.
The virtual currency built a reputation for itself as a "tipping," currency on the internet. Today, even after surging from $0.007 to highs of $0.089, it's still one of the most tipped currencies.