Dogecoin Phenomenon: Created as a Joke and Reaching Heights Nowadays. How to convert DOGE?

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.

What is Dogecoin?

Dogecoin 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.

But in 2013, two things were an internet sensation that saw the birth of one of crypto's most exciting digital currencies: The first was Bitcoin that had just had its first bull market to surge from $200 to over $1100 per BTC. The other was the "doge" meme that featured a Shiba Inu dog. What followed is what we have today as Dogecoin.

Dogecoin uses a Scrypt-based consensus algorithm similar to Litecoin's. It is a block time of 1 minute and no supply cap- there are 128 billion dogecoins in circulation as of February 2021.

Why do people use Dogecoin?

Dogecoin can work as an online currency. But most people who use Dogecoin utilize it as a tipping currency. People can tip others with some tokens for when they create or share quality content while online.

DOGE has also been widely used for charity donations. A great example of the use of the coin in donations was in 2014 when holders contributed $50,000 in Dogecoin towards a Jamaican team to the 2014 Winter Olympics.

Dogecoin mining reward

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.

Dogecoin value

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).

What is the Dogecoin transaction fee?

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.

Buy Dogecoin (DOGE)

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.

  1. Visit Swapzone
  2. Enter in the Bitcoin currency in the Send section on the left-hand part of the screen.
  3. Select DOGE from the Get Up To option. The move will automatically adjust the offers on the screen to show a BTC to DOGE transaction.
  4. Review the offers available for your transaction. You can sort the offers based on the best rate available, the fastest time for moving the currency, and the best rating from prior reviews.
  5. Select your offer and then enter in the wallet that will receive the Dogecoin currency.
  6. Add details on the ghost wallet that will take in the bitcoin.
  7. Click to confirm the transaction. It will be ready in about the time that the site says it will support.

Conclusion

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.