This era is all about turning digital and e-currency. We all have heard about the powerful Bitcoin, but along other currencies are also rising in the market. One of them is the Doge Coin which is the center of attention of crypto-enthusiasts recently. To know about dogecoin, find more here.
What is Doge Coin:
Dogecoin is a cryptocurrency that was built by its founders Billy Markus and Jackson Palmer, in just 3 hours for fun. Dogecoin is also known as dog coin or meme coin. Dogecoin stands out from other digital currencies because of its great, lively community, which is made up of people who care. In 2013, Dogecoin (DOGE) was founded as a fun alternative to existing cryptocurrencies such as Bitcoin. The Shiba Inu emblem and moniker are based on a meme. Unlike Bitcoin, which was created with a limited quantity in mind, Dogecoin is supposed to be plentiful, with 10,000 new coins produced every minute and no cap on the total amount.
Value and Market of Dogecoin:
Before, when the Dogecoin was first brought in the market, it was considered as a fun meme currency which had minimal value and most of the investors avoided investing in doge coin. However, everything changed for the doge coin in April 2021 when the Doge Coin Price climbed to no one’s expectations. The Doge Coin made its place in the list of top 10 cryptocurrencies in the world with a market cap of $50 Billion. It just happened due to the abundunce of the currency everywhere and 10000 coins are made by the miners every 60 seconds.
Fast-rising DOGE prices in 2021 drew a lot of media attention (as well as social media posts), which for a while produced a loop that attracted new investors and drove up prices even further. FOMO (or “fear of missing out”) attracts a slew of new traders whenever an asset experiences such spectacular increases. DOGE, on the other hand, remains a very volatile cryptocurrency, and there is no assurance that it will rise or fall in value in the future, just like any other investment.
Is Doge Coin a worthy investment?
Yes and no at the same time according to some experts. As the value of Doge is extremely less than the other currencies out there like Bitcoin, people would suggest to not invest in Doge. However, it’s all about risk and the currency ha a positive rise over the time so it would be beneficial to invest. The current value of Doge coin is $0.14, which may rise to $1 in the year 2023.