Dogecoin is an open-source peer-to-peer digital currency. It consists of a community of many friendly people. Even with its satirical nature, many people have been investing in it. It is one of the most popular meme coins available in the market. It has a Shiba Inu as a mascot, Shiba Inu is a Japanese dog breed. If you are thinking of investing in Dogecoin, you have come to the right place.
What is Dogecoin?
Dogecoin is a cryptocurrency of satirical nature, yet a good point of investment. It is a meme coin with a dog as its mascot. Dogecoin is both the first meme coin as well as dog coin. It is based on a scrypt algorithm. Its official website can be reached through dogecoin.
It was released on December 6, 2013. Dogecoin was developed by Billy Markus, Michi Lumin, and Ross Nicoll. This coin was first created as a joke and troll towards other cryptocurrencies. It was targeted as a joke towards the many types of cryptocurrencies available. Its picture representation is popular in social media, among meme lovers. It reached a high peak on May 5, 2021. People gained interest in it due to Elon Musk, who promoted dogecoin.
Price of Dogecoin
The current price of Dogecoin is 0.1523 USD, which is 2.31 percent down. The highest price to be recorded was 0.6890 on May 7, 2021. And the lowest price was during April 2020, which was 0.0020. There is currently a supply of 132,670,764,299.894 coins. Its market capital is 0.74 Billion$. It ranks in the number 12 position among all the popular cryptocurrencies. It has a market dominance of 1.02%.
Where to buy Dogecoin?
There are three major ways you can purchase a dogecoin doge. They are as follows:
- Buying it through Bank transfer.
- Trading it with other cryptos.
- Buying it through a credit card.
You can perform any of these mentioned transactions through Binance. You can purchase any stable coin in the Binance and trade it for Dogecoin. But, if you already own crypto you can also use it to exchange. Binance supports many types of cryptos available. So, you can use it to exchange with Dogecoin. And, lastly, you can also use your credit or debit card to make the purchase as well.
Uses of Dogecoin:
Here are some uses of Dogecoin.
Store/Hold the coins
Users can just buy the dogecoin and hold it to gain profit. You can just store it in your wallet and wait for its price to hike. Once, there is a hike in the price you can sell it to get a profit.
Trading or spending the coins
You can trade the dogecoin for many other coins available. There are many pairs of exchange you can make. You can perform this trading process according to your need. You can also spend it to buy goods and services. The number of vendors accepting dogecoin is constantly increasing.
Earn through Dogecoin
You can easily earn many rewards by staking these coins. Holders can maximize their holding by staking them. You can stake the coins to make lots of profit from coins that would be ideally sitting on your wallet. You not only earn more crypto through it but also get a huge amount of interest.
Is Dogecoin worth investing in?
Dogecoin might be a great place to invest. Mainly for the people that are new to the crypto world. Beginners can learn all about crypto staking and holding. Not only that, It is the first meme coin and ranks on the top 12th. And it is predicted to have a positive trend in the future. By 2025, it is believed to reach at least 1 USD.
How to mine dogecoin?
There are two different ways miners can mine dogecoins. The first one is solo and the other is through a mining pool. The advantage of mining through a pool is there is a higher chance of winning. But, the disadvantage is the reward is distributed among all the people involved. Hence, you only receive a small portion of these rewards.
You only require a computer with Windows, OS X, or Linux operating system and a stable internet connection. And you will require a full wallet to store your coins on. It is better to use a software or hardware wallet instead of an online wallet. Now, you can mine dogecoin by using different hardware and software. You can use CPU< GPU, A Scrypt ASIC Miner, etc. After this, you can choose to join a pool. It is better to choose multicurrency pools.
In conclusion, dogecoin could be a great future investment. It has lots of benefits but mining is not very profitable. Since it has a very low cost, you might spend more on getting the setup fixed. And, the result may not be very successful. But, mining can be a very fun experience. Rather than mining it, Investors should trade it or stake it. It is very popular among people due to less transaction time, good service and low prices.
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