What is Dogecoin? – Trotons Tech Magazine

What Is Dogecoin?  – Trotons Tech Magazine

Buying cryptocurrency to sell it at a higher price has become an attractive idea to make a profit in the cryptocurrency market. However, not all digital assets have growth prospects. Here we want to talk about a popular cryptocurrency – Dogecoin.

Dogecoin was developed playfully by software engineers Billy Markus and Jackson Palmer, and they even named it after a popular meme, “Doge”. Even though at first it was just a meme coin, with nothing serious behind it, it received huge popularity and skyrocketed over 5000% over time. The market capitalization of Doge cryptocurrency exceeded $88 billion in 2022.

Dogecoin works similarly to Bitcoin and Litecoin, based on the Proof of Work algorithm. The PoW algorithm allows Dogecoin mining.

As the asset became popular, many online companies decided to accept this cryptocurrency as payment: Tesla, SpaceX (offer to buy branded goods), Dallas Mavericks and Kessler Collection.

The price of Doge Crypto

The first issue was 100 billion coins. There are now over 130 billion coins in circulation. Doge is an inflationary currency because there is no limit to its issuance. It is one of the main reasons why it is priced lower than other deflationary currencies. It is important to mention that this asset was never innovative, as it does not bring anything new to the sector and has no innovative purpose. It was never meant to address any specific gap in the cryptocurrency market. For this reason, it does not receive updates as often as other cryptographic assets.

The current rate for Doge cryptocurrency is $0.056; this is the average price of the DOGE USDT pair on the cryptocurrency exchange. You can look at the Dogecoin charts on one of the popular crypto platforms and see how the price has changed from its inception until now.

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