![]() ![]() According to the foundation’s website, it aims to provide: The foundation was later dissolved, but it relaunched in 2021 as the coin attracted new investors and the price soared. The Dogecoin Foundation was launched in 2014 to provide a governance and support framework for the project’s community development. Musk tapped into the social media hype around the coin, tweeting that it was “the people’s crypto”. The dogecoin price took off in 2021 as cryptocurrency markets rallied, gaining popularity on social media and prompting the launch of other shiba inu dog-themed coins.Īs the project took on a life of its own, building up a large community, Markus and Palmer left the project and there was no development on the protocol. Luckycoin was a hard fork, or spin-off, from the litecoin ( LTC) cryptocurrency, which in turn was a hard fork from bitcoin.Īlthough DOGE started as a joke it soon gained popularity among crypto users, as its low value, launching at $0.000232, made it convenient for small online transactions, such as tipping content creators on social media platforms. Markus and Palmer based the Dogecoin blockchain protocol on the open-source coding of the now-defunct luckycoin cryptocurrency. The cryptocurrency tapped into the popular Doge meme featuring a shiba inu dog, which became the coin's namesake and logo. The first of the dog-themed meme coins, DOGE was originally launched in 2013 by software engineers Billy Markus and Jackson Palmer, who worked at IBM ( IBM) and Adobe ( ADBE), respectively, as a satire on the proliferation of competitor coins, known as altcoins, attempting to capitalise on the success of bitcoin ( BTC). The dogecoin price skyrocketed by 1,234% from April 2021 to peak at an all-time high of $0.7376 the following month. The $258bn lawsuit was filed in June by investors who have lost money on the token, arguing that the defendants “profited tens of billions of dollars” while knowing that the value of dogecoin “depended solely on marketing”. Any investments in Dogecoin will certainly not be profitable then.įor now, people can evaluate the decision to back Dogecoin or not, as they deem fit.DOGE returned to the headlines in September 2022 as an amended lawsuit against Tesla ( TSLA) CEO Elon Musk filed in a New York court added seven new investors as plaintiffs, as well as six new defendants, accusing them of racketeering. In a major move that has been hinted at for since long, the centre might impose an outright ban on cryptocurrency trading in the country, as it has done once before. As long as the currency stands for such purposes, its follower community is enough to stabilise the crypto in the market.Īs for investing in Dogecoin, another big reason for not doing so in India is the impending decisions by the Indian government around cryptocurrencies. People tend to donate to organisations and causes through Dogecoin. That being said, the Dogecoin community has made extensive use of the currency for philanthropic purposes. On the other hand, a lot of people would just want to bet and be a part of it for fun and get the 'gamblers rush' That is completely your choice!” Suggesting against putting your money into it, he said, “I would not recommend allocating funds here for the long term. Hence it is extremely volatile and susceptible to random market movements." We reached out to an expert on cryptocurrencies for some insights into this.Įdul Patel, CEO and Co-founder, Mudrex - a crypto trading platform - said, "Doge is literally a meme coin, built out of the intent to mock the concept of bitcoin. The downfall was even more shocking than the rise, as it left many confused about what to expect from the cryptocurrency. This is one of the biggest pluses of the digital currency. An example of this is the fast transaction speed associated with Dogecoin, that too at very low transaction fees. It is only when you understand its use case that you get to know its pros and cons. In short, the technical aspect of it.Īt the surface, Dogecoin is just another cryptocurrency. But before you can grasp the answer, you should know how the cryptocurrency works vis-a-vis other cryptocurrencies out there. That is probably also why you are reading this article. ![]() People began to start asking about Dogecoin and whether to invest in it or not. Several and periodic tweets by the Tesla CEO hailing Dogecoin as the best ever cryptocurrency sent everyone related to the crypto market in a frenzy. The numbers, however, could not make Dogecoin as famous as Musk did. The currency was not taken seriously until around 2018 when it briefly touched a market cap of $2 billion during the crypto surge. The mutual thought was the inclusion of a just-for-fun currency in the crypto market that can enthrall very simple transactions such as online tipping or possibly donations. ![]()
0 Comments
Leave a Reply. |