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Hello LBI folks,
Today on the first day that the LBI token will be sold for the new price of 1.10 LEO each, I congratulate you all on the increased value of your LBI holdings. Keep hodling strong and watch the project continue to grow. Of course also a very sincere “Thank you” to all buyers of LBI. We are all making this project together!
Go along with a hype today
Now that that is back from my heart… continue with the weekly crypto analysis of a token. And sorry, but sometimes you have to join a hype. Sometimes you have to go along with events. And as I grabbed Bitcoin to transfer a few weeks ago when Bitcoin managed to climb to USD 40,000. For example, I cannot ignore it for a week to hook up on “DE DOGECOIN HYPE” in crypto. And even in crypto, things are needed for “FUN”. Whether you should take Dogecoin seriously, there are, as with any project, different opinions about it. Whether Dogecoin is a serious investment… I don't have a clear answer to that today. The fact is that Dogecoin has suddenly become very much in the picture due to the #wallstreetbets. Even though I won't go into more detail about the reason behind that, it is at least reason enough to dive into one of the oldest coins that still exist today AND have a daily trading volume. Which has risen extremely since the last days. Whether this will be permanent, and whether the goal will be achieved, Dogecoin to $1? Only time will tell, but it will certainly not be an easy task. On the other hand ... when Bitcoin started, few people believed in Bitcoin, and Bitcoin was only worth 1 cent.
Fork of Litecoin
Now of course I know that Bitcoin and Dogecoin are certainly not comparable. But it will surprise you that Dogecoin owns much of the same technology that Bitcoin and Litecoin have. And we all know that Bitcoin is the mother of all crypto, and that Litecoin is Bitcoin's first official fork. And Dogecoin is a fork of Litecoin!
Okay, let's dive deeper into Dogecoin. How did Dogecoin originate?
Dogecoin started in 2013 as a parody of the Bitcoin. The image they use for the coin is based on a meme from the internet. This meme is about the Shiba Inu dog breed. There was a Japanese person in 2010 who posted pictures of her dog on her blog. In those pictures the dog posed with raised eyebrows and this was very noticeable. Before she knew it, the photos went viral and began to take on a life of its own on the internet. Everyone made their own meme of it and on websites like 9GAG you can no longer ignore the dog. Because of this craze, someone eventually came up with the idea of turning it into a cryptocurrency.
As a dog lover I have always found Dogecoin funny. Not least because of the Shiba Inu that is used as the logo for the Dogecoin.
From joke to reality
After its creation, the Dogecoin was mainly used as a means of payment on social media platforms such as Reddit and Twitter. The maker, AND the serious crypto investors didn't actually take the coin seriously itself, but people thought otherwise, and as we know, it is up to the people to determine the value of a coin. So it could happen that around the end of 2017 this Dogecoin suddenly started to rise very fast and it almost touched the 2 billion dollar market capitalization. For something that actually started as a joke, this is a huge achievement!
You can actually pay with Dogecoin!
And that's not all. Companies also hooked up on the Dogecoin, and there are now also companies where you can actually pay with Dogecoins!
Here you will find the list of Dogecoin acceptors, this list varies from donut shops to game websites. In addition to this, it is possible to transfer money to anyone in the world with the currency. You can donate 10 cents to someone who makes a good Twitter post or give 10 euros for the book your American friend gave you. Very handy, such a digital joke!
Comparison with Bitcoin
Apart from the algorithm, Dogecoin has exactly the same characteristics as Bitcoin. It is also a decentralized currency with which you can easily conduct global transactions. The difference is in the amount of Dogecoins that are in circulation. This is a lot more than the number of Bitcoins to be released. As a result, the price is also lower and the Dogecoin is widely used for small payments and donations.
Dogecoin is also seen as the ideal crypto for beginners. Due to the low value, it won't hurt if you make an incorrect transfer once, unless of course you send a lot of them. Due to the minimal transaction costs, you can learn a little playfully how to master the operation of cryptocurrency in that way.
Technically the altcoin with very little slippage
But there is another reason why Dogecoin gained massive popularity nonetheless. Dogecoin is one of the few altcoins that are in dollar or euro value not great at all. Even though this Dogecoin makes enormous fluctuations in percentage terms, so that it can still yield a lot of return or loss. The reason Dogecoin is so popular is different. If you forget the dollar / euro price of Dogecoin, and put the price in satoshis. Then you see a graph that mainly moves sideways. And this makes it very interesting for Bitcoin owners to trade their Bitcoin with the Dogecoin. The moment Bitcoin makes a huge fall, they convert their Bitcoins into Doge, they lose little satoshis on this because Dogecoin mainly moves sideways compared to Bitcoin. In the days when most exchanges weren't able to trade with fiat (and that is not too long ago), this was the way for Bitcoin owners to avoid having to pay the high fees every time for moving their Bitcoins. Also in a trade it costs much less for the big whales to trade with the pair BTC / Doge than they do with another trading pair.
The slippage of a trade transaction with Doge may cost them 1 or 2 satoshis and that is technically not possible with any other altcoin. This makes Dogecoin extremely popular with many Bitcoin owners. And I say very honestly, it would be popular for me, for that reason too if I were a major Bitcoin owner.
Shibetoshi Nakamoto?
Dogecoin was founded by Jackson Palmer, who long ago pulled his hands off it and now works at Adobe. And also Billy Markus who also uses the name Shibetoshi Nakamoto. Another parody of Bitcoins Satoshi Nakamoto.
No whitepaper could be found
A clear white paper of Dogecoin cannot be found, and there have been no real updates about the Dogecoin for a long time, but nevertheless it remains a popular currency among many people. And now with the recent pump of #wallstreetbets, the Dogecoin has been treading. How long will this last? No one can tell, but the fact is that the Shiba Inu Dogecoin moment serves as a protest coin for many people to make a statement that many people are completely tired of the traditional fiat world.
Price History
The price history of Dogecoin starts in 2013. Then you could buy 1 Dogecoin for 0.000188 USD. In 2014, the Dogecoin experienced its first spike up to 0.001155 USD. After that, Dogecoin dropped back again. In 2017, prior to the Bitcoin bull run, Dogecoin experienced a real spike again, only to fall back a long way in 2018 when the Bearmarket started. And then we don't come across many special mentions for a long time. Until the moment last week when the Dogecoin was pumped by more than 400% in a day to approximately 8 cents. In the meantime, Dogecoin has fallen back again, but now seems to be able to stabilize itself between 2/3 cents per Doge, which is still a significant difference from the half cent that Doge had for this pump.
No technical review, this week is just for fun!
Yes I know, no technical review this week, no real description of a technology that could be groundbreaking. Not a coin that may have a lot of potential to rise. Nothing more or less than a coin that is currently being hyped, and of which a group of people have decided to get this coin to 1 dollar. Given that there are at least 116 billion Dogecoins in circulation, that doesn't seem very likely to me yet… but we've seen stranger things. And why this week the Dogecoin ...
All eyes on Dogecoin
As you know, the coin described in this post is also the coin that may be followed in terms of price for the contest. Now I don't believe there are very many people who would normally include Dogecoin in their portfolio as an investment. It is currently a coin where heavy price fluctuations are going on. And because I am a dog lover, I chose the Dogecoin and not the XRP to write about today.
Thumbs up for you!
Thumbs up if you've read this post to the end. And maybe I told you something you didn't know yet. And in any case, I have tried to avoid repeatedly emphasizing that Elon Musk is a supporter of the Dogecoin.
The contest tomorrow ... and I wonder if there are people who find these price increases of the Dogecoin as interesting as I find them. Anyway, I managed to take my win on Doge.
Have a great day