Today will be a special day, a different episode of the “Token Review” series. As probably have you already read from the title, we will talk about one of the most famous “meme-token”, Dogecoin (DOGE)!
In the last review, I talked about Statera, If you missed my last review, you can recover it here and here
One of the most talked-about cryptocurrencies is Dogecoin, or DOGE, the “meme-token” that in a short time has reached a market capitalization exceeding $8 billion. The cryptocurrency is based on the famous Shiba Inu dog meme that has been raging on social media for years, and its story is very peculiar. But while it may have initially seemed like a joke, over time the project has become very serious, falling among the most successful cryptocurrencies.i
The cryptocurrency Dogecoin (DOGE) was born as a joke in 2013 from an idea of Billy Markus, a programmer from Oregon. Markus' intention was to create a fun and humorous coin associated with the famous meme, not thinking that it would soon become one of the most important meme coins in existence. In fact, in a short time the cryptocurrency reached a market capitalization of $60 million, which grew larger and larger. In fact, in 2022 it has a capitalization of $8 billion, entering the top 10 cryptocurrencies by capitalization.
Its growth is deeply linked to the role Tesla CEO Elon Musk has played in making it his cryptocurrency of choice. His tweets urging investment in DOGE led to unstoppable growth of the meme coin, so much so that Dogecoin elected Musk as its honorary CEO. This cryptocurrency is exclusively for making payments, buying and selling goods and services through a decentralized payment method.
Dogecoin is a minable cryptocurrency, based on Proof-of-Work, but it does not use the same algorithm as Bitcoin. In fact, similarly to Litecoin it uses scrypt, which is a mining algorithm that requires different equipment and software, and this allows Dogecoin miners to also mine LTC.
On average, a new block is mined every minute or so, with a prize of 10,000 DOGE for the miner who manages to validate a block. Equipment with high computing power such as ASICs is not required to mine DOGE. There are now more than 132 billion DOGE in circulation, and they are increasing at a rate of about 4 billion per year. There is no upper limit to its supply, so this is inflationary in nature.
Given the significantly lower difficulty compared to Bitcoin mining, Dogecoin willingly can be mined on its own. Moreover, given that as many as nearly 1,500 blocks can be mined in a day, it is more likely to be able to mine one block than it is for BTC. However, given the concentration of hashpower in relatively few large pools, it still takes a lot of computing power to be able to succeed in mining alone.
In this case therefore dedicated hardware is needed (GPUs and ASICs). In addition, you need appropriate software, such as Pooler's cpuminer, EasyMiner for mining with GPUs, or CGMiner or MutliMiner for mining with ASICs. In the event, however, that you do not have a lot of computing power, you can participate in a mining pool. In this way you pool your computing power together with that of other miners, and you share any proceeds in proportion to the computing power made available.
Stay with as, now will start with new details about Dogecoin!
In the OVERVIEW section, I introduced you Dogecoin (DOGE) and I said that is the “meme-token” that in a short time has reached a market capitalization exceeding $8 billion. The cryptocurrency is based on the famous Shiba Inu dog meme that has been raging on social media for years, and its story is very peculiar. But while it may have initially seemed like a joke, over time the project has become very serious, falling among the most successful cryptocurrencies
Dogecoin is used to avoid the expensive fees charged by cryptocurrency exchanges. For example, if someone wants to withdraw money from an exchange, it will be an expensive transaction if Bitcoins are chosen. Therefore, traders may decide to exchange their Bitcoins with Dogecoin first and then withdraw their money with this currency. Most impressive is the fact that Dogecoin is also a favorite of cryptocurrency exchanges, with numerous possibilities on some of the best services in the world that guarantee this activity.
As mentioned earlier, some of Dogecoin's main advantages involve lower fees and its transaction speed. It has a high trading volume as it is one of the most popular cryptocurrencies around. It is usually one of the best choices for newcomers to cryptocurrency investing, mainly due to its ease of use. Over its lifetime, Dogecoin has proven to be one of the best coins on the market and is usually associated with nonprofit organizations. The digital currency has probably the most devoted and responsible user community. Dogecoin has to do with promoting charity.
Some cons of Dogecoin are: the fact that its supply is endless, supporters of Dogecoin could change their focus in a short time and shift their attentions to another cryptocurrency, causing its collapse and if Dogecoin does not become for all intents and purposes a currency used for purchases, it will always have a very erratic performance in the markets.
DOGE is trading around 0.06-0.07$ range. It reached an ATH of 0.73$ in May 2021. The current CoinMarketCap ranking is #10, with a live market cap of $8.968.292.311 USD. It has a circulating supply of 132.670.764.300 DOGE coins.
To use Dogecoin you must synchronize your wallet with the blockchain. MultiDoge is a "lightweight" wallet. It can synchronize with the blockchain through "skimming" (a partial read of the blockchain), allowing fast synchronization times. Dogecoin Core, on the other hand, is an integral wallet, which requires downloading the entire blockchain. This is why Dogecoin Core is considered the most secure and reliable wallet.
Dogecoin is supported by both Ledger and Trezor. Digital wallets for DOGE include Exodus (desktop/mobile) and Atomic Wallet (desktop/mobile).
What do you think about DOGE?
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