Top Things You Should Know About Dogecoin (DOGE)

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27 Mar 2024

Hey guys, I’m back with another comprehensive Q&A piece, this time for everybody’s favorite meme coin – Dogecoin (DOGE).
Dogecoin is the friendly open-source peer-to-peer digital currency, favored by people with a likeness of the Shiba Inu dog from the "Doge" internet meme. It’s an OG cryptocurrency that’s loved by everyone.
Now, before we dive in, the following piece is similar to my latest articles on Filecoin (FIL), Origin Protocol (OGN), and BarnBridge (BOND), so if you haven’t already seen those, be sure to check them out as well.
Hope you enjoy!
The list of Q&A is kind of long so first comes the list of questions that I have prepared the answers to:

What is DogeCoin?
Who and When Created DogeCoin?
What Can You Do With $DOGE?
How to Naturally Get Doge Coins?
What are some notable DogeCoin Achievements?
Is Dogecoin worth investing in 2020 & 2021?
Where to Store $DOGE?
Where to Buy & Sell $DOGE?

1. What is DogeCoin?

Dogecoin website homepage

Dogecoin is an open-source peer-to-peer digital currency, like Bitcoin, but not so serious. It started off as a “joke currency” in December 2013 and became widely popularized due to its logo of the Shiba Inu dog from the "Doge" internet meme.
There’s nothing technically special about Dogecoin, it’s essentially a fork of Bitcoin but with some minor changes to its proof-of-work hashing algorithm and total supply.
Dogecoin was built with a shorter block time (1 minute as opposed to Bitcoin’s 10 minutes), an inflationary supply (currently 126,893,902,775 DOGE), and very small transaction fees (1 DOGE per 1000 bytes of transaction size).
That said, Dogecoin is a viable cryptocurrency for the simple usage of small transactions over the internet.
For this reason, $DOGE became widely adopted by OG cryptocurrency enthusiasts for tipping and playing around with on the internet. Well that, and the fact that Dogecoin adopted the cute Shiba Inu dog as its logo and all of the memes surrounding it.
Everybody loves the Shiba Inu dog popularized by the online internet meme, which is in part why Dogecoin is so successful and still around today.
In fact, Dogecoin has a massively loyal community that calls themselves “shibes” and they are generally very positive, friendly, and welcoming.
Dogecoin makes people smile, laugh, and brings joy to others. It’s a cryptocurrency about fun and not just about money, which is why it’s likely to always have a place among the broader cryptocurrency community.

2. Who and When Created DogeCoin?

Former CEO of Dogecoin, Elon Musk

Dogecoin was introduced as a “joke currency” on December 6, 2013, by two entrepreneurs Billy Markus and Jackson Palmer.
Or so that’s what people were led to believe...
Now, however, we all know that the real creator of Dogecoin is the one and only, Elon Musk.
As per Musk’s Twitter profile shown in the picture above, he once proclaimed to be the former CEO of Dogecoin and now the community graciously accepts Elon Musk as the currency’s founder.
However, Elon was obviously joking as he changed his profile to this on April fools day. Nevertheless, Elon Musk does have a profound appreciation for Dogecoin and has tweeted about it on multiple occasions.
In the tweet below, he replied to a tweet asking him to be the Dogecoin CEO:

In this next tweet, Elon posted a popular Dogecoin meme proclaiming Dogecoin’s inevitability in taking over the global financial system:

But all jokes aside, Dogecoin was actually created by Billy Markus and Jackson Palmer, both programmers, entrepreneurs, and early Bitcoin adopters who wanted to create a cryptocurrency that would be about fun and not just about money.

3. What Can You Do With $DOGE?

$DOGE is the native cryptocurrency of the Dogecoin blockchain and is primarily used for tipping and small transactions over the internet. It’s a meme coin used by the lighthearted and fun Dogecoin community and is primarily transacted among those involved in the community.
For instance, Dogecoin lovers are notorious for creating cute and funny memes featuring the lovable Shiba Inu dog and sometimes receive tips in $DOGE for creating and sharing their memes.
Since the price of DOGE is so low ($0.002577 at the time of writing), people have no issue transacting large amounts of DOGE with one another and sending it as tips for various things.
In fact, the vast majority of the Dogecoin community doesn’t care about its price, to them 1 DOGE = 1 DOGE, always.
However, DOGE is a cryptocurrency and it can be volatile at times, which is when its primary use case turns into pure speculation over everything else.
There are some massive Dogecoin whales out there that push up its price hundreds of percent over a short amount of time, only to send it crashing back down later. This speculative use case has put Dogecoin in the spotlight time and time again and will likely remain as a key use for $DOGE.

4. How to Naturally Get Doge Coins?

Cute Shiba Inu Doggos

Dogecoins (DOGE) can be acquired in a few different ways besides buying them from an exchange:

Get tipped Dogecoin by participating in the community
Get Dogecoin by participating in a faucet, Dogefaucet.com or InDogeWeTrust.com
Mine Dogecoin with your computer or mining rig
Adopt a Shiba Inu doggo and post pictures with it to receive $DOGE tips (jokes)

Out of all the mentioned methods to receive Dogecoin, the most natural method is mining. Natural because you’ll receive freshly minted $DOGE from mining blocks on the Dogecoin blockchain.
Here’s how mining $DOGE works:
You must download the Dogecoin mining software which can be used to mine $DOGE with your own personal computer or mining rig. The stronger hardware you have, the faster your miner will search for and confirm blocks.
In today’s day and age, if you have sophisticated mining rigs with powerful hardware, you may still be able to solo mine Dogecoin for a profit. If you only mine with your computer and graphics cards, you probably want to team up with other shibes and join a pool.
When you team up with other shibes in a pool you all split the rewards and are more likely to find and confirm blocks so that you get consistent and frequent payouts.
Dogecoin blocks payout 10,000 DOGE per block and blocks are mined every 1 minute.

5. What are some notable DogeCoin Achievements?

Dogecoin started out as a “joke currency” or as a “meme coin”, but has since evolved to be much more than that.
The community behind $DOGE established a nonprofit organization called The Dogecoin Foundation with a goal “to facilitate the use of Dogecoin through goodwill, promotional and charitable endeavors.”
Shortly after the foundation was established, its community managed to successfully raise $50,000 in DOGE for the Jamaican bobsled team to compete in the Sochi Winter Olympics:

(Source)

Another major accomplishment from Dogecoin was the sponsorship of NASCAR driver Josh Wise who raced with his car covered in a Dogecoin sponsored paint scheme at the 2014 Aaron's 499 at Talladega Superspeedway.
The Dogecoin community was able to raise 67.8 million DOGE (around $55,000 at the time) to make this sponsorship possible:

(Source)

Perhaps a more meaningful accomplishment of The Dogecoin Foundation was the building of a well in the Tena river basin in Kenya. The community raised 40 million DOGE ($30,000 at the time), collected from more than 4,000 donations.
As for Dogecoin’s most recent accomplishment, the community has raised enough money to send a physical representation of a Dogecoin to the actual Moon. The initiative is set for launch in Q2 2021 and is in collaboration with Astrobotic.

6. Is Dogecoin worth investing in 2020 & 2021?

(not financial advice)

The short answer is yes, Dogecoin is worth investing in, in 2020 & 2021.
Let me explain.

(Source)

The price chart above shows the entire price history of $DOGE from its inception in 2013 to where we are now in 2020. As you can see, throughout Dogecoins history the price pumps and then dumps, pumps and then dumps, pumps and then dumps, over and over again.
Now look at where we’re at now:

(1-year price chart)

The price chart above shows the last year of price data for $DOGE and as you can see, $DOGE has been making higher lows after a pretty major price pump.
You know what comes next right?
After some sideways movement, you can expect $DOGE to see another massive upwards spike which will probable come sometime in 2021.
That said, as a huge Dogecoin fan, I strongly believe that Dogecoin adoption is inevitable and $DOGE as a top 10 coin is a matter of when not if.

7. Where to Store $DOGE?

Official Dogecoin (DOGE) Wallet (Source)

Dogecoin (DOGE) is the native cryptocurrency of Dogecoin and resides on top of its own blockchain rather than on the Ethereum blockchain, like most other cryptocurrencies out there.
That said, $DOGE still has plenty of support on a wide array of reputable crypto wallets because the coin has been around for a long time and is loved by many.
But the best wallet for storing $DOGE if you’re a diehard Dogecoin supporter is the Official Dogecoin Wallet. The desktop version is a core wallet that allows you to download the entire blockchain and help secure the network and the lite version is a mobile wallet that allows you to easily store, send, and receive $DOGE.

Popular Dogecoin (DOGE) Wallets:

Ledger Nano S (hardware)
Guarda Wallet (desktop, mobile, web)
Atomic Wallet (desktop)
Jaxx (desktop, mobile, web)
Coinomi (web)

In addition to the above-listed wallets, Dogecoin (DOGE) can be stored on a wide variety of other reputable wallets supporting.

8. Where to Buy & Sell $DOGE?

Dogecoin (DOGE) can be bought and sold on a peer-to-peer (P2P) basis but the most popular way to buy, sell, or trade $DOGE is through centralized cryptocurrency exchanges.
You can buy and sell DOGE with cryptocurrency or fiat currency at the following top exchanges. In most cases, you will be able to buy DOGE with BTC, ETH, or stablecoins.

Binance - BTC,USDT, BUSD, USD
Huobi Global - BTC, USDT, ETH, HUSD
Kraken - USD, EUR, XBT
Gate.io - BTC, USDT
Bittrex - BTC, USDT, ETH, USD

In addition to the exchanges listed above, Dogecoin (DOGE) is also traded on a wide variety of other exchanges and platforms that enable people to buy, sell, or trade cryptocurrencies.
Hope you enjoyed that read , Let me know if I have missed something in the comments.
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