Dogecoin, DOGE, is an open-source peer to peer cryptocurrency. It is a meme and altcoin. The coin’s logo is a Shiba Inu. It started off as a joke, but today its blockchain has some merit. The basis of its technology is the cryptocurrency Litecoin. Its most attractive features, powered by a scrypt code, are its ultimate supply and low price.
How Dogecoin Became What It Is Today
Dogecoin got off as huge joke, but gained some popularity with time. Towards the end of 2017, it started participating in the cryptocurrency space, which set its price and that of many other coins up. However, after 2018, the coin lost a lot of value, although its till has a lot of supporters who use it is tip scales.
The Origin Of Dogecoin
Jackson Palmer, adobe’s product manager for Australia in 2013, came up with Dogecoin with the intention to ridicule the excitement around cryptocurrencies. Officially, the coin was launched on the 19th of December, 2013. Immediately it hit the market, its value rose 300 percent because China forbade its banks from trading in the coin.
Dogecoin’s Rise From A Fun Coin
The cryptocurrency started off as a fun version of the crypto Bitcoin. Its logo was the picture of the Japanese breed Shiba Inu. Its casual launch was in line with the mood of its fans. Also, the scrypt code that drove it facilitated faster, adaptable and user-friendly performance.
Unlike bitcoin, Dogecoin is an inflationary coin. There’s no limit, yet, as to how many coins can be generated and placed on the market.
Controversy Mires Dogecoin’s Fun Rise
The fun the Dogecoin had enjoyed for a while disappeared two years after its launch as its fans began showing some seriousness. The first, and perhaps serious indication, that things had taken a turn for the worse was the departure of the coin’s founder Jackson Palmer. He stated that a toxic fan base had formed around the coin and the money it had generated.
The toxicity in reference was Alex Green, a Brit who came up with Moolah, a Dogecoin exchange. He managed to get the community to donate and fund the exchange, but it was later discovered that he used the money to buy $1.5m worth of bitcoin that he used to fund his lifestyle.
Dogecoin’s Highs And Lows During The 2017 -2019 Bubble
The crypto’s value rose significantly, as did that of various other coins, during the last bubble, but fell a year later, in 2019, it rose again. Currently, dogecoin is worth $0.2594 at a market capitalization of $32.5 bn.
Dogecoin’s future prospects look promising. The current average panel, which places the coin at 42 cents by end of 2021, projects Dogecoin will hit $1.25 in the next four years, and $3.60 by close of 2030. However, experts can’t seem to agree as some feel it may soon crash to nothing while other say it may hit as high as $10 in the coming years.