The rise of Dogecoin
What started out as a meme coin has now skyrocketed to the moon
What is the similarity between a dog, a cryptocurrency and a meme? You guessed it, dogecoin. Dodgecoin is a virtual cryptocurrency that is named after the meme of a Shiba Inu dog that the online world named “doge”. It was introduced on December 8th, 2013.
The Portland based software engineer who created the coin, wanted to create a new system of payment that was free from traditional banks, as well as being instant and maybe most important, fun. What started out as a meme has now become a highly successful cryptocurrency. There were over a million visitors at dogecoin.com the first 30 days, today the crypto currency is marked as one of the top 10 most highly valued digital assets this year.
What are Cryptocurrencies
A cryptocurrency is a form of digital payment that can be exchanged for services and goods. It uses a technology called blockchain that manages and record transactions and makes it more secure. Cryptocurrencies are, as mentioned, online, which means that it does not operate with physical coins and notes. The currency itself is legal but is often associated with illegal acts. Now it can be used for paying in online casinos all over the world. You can use it to gamble and try your luck with good Kasinotarjoukset.
The value of cryptocurrencies is determined by supply and demand, in the same way as other currencies. One difference is that there is no central bank or financial institute that affects the value of cryptocurrencies as it does with other currencies. In addition, this currency fluctuates a lot in value compared to more established currencies such as the Euros and the British pound. In other words, how much a bitcoin is worth depends on how much people are willing to spend on it.
The Value of Dogecoin
As of May 5th, the cryptocurrency has boosted year-to-date gains of more than 14,000% and charging hands at 67 cents. This is an increase of 37% in 24 hours and is up about 14,180% in this year so far. This increase and its rising popularity have led to many brokers wanting to trade dogecoin on their exchanges. This makes it more available for everyone to buy and might be a good investment considering its highly increased value the last years.
What’s the ‘hype’?
Many investors buy dogecoin to stay relevant and be a part of the hype, which is one of the reasons why the cryptocurrency is so popular. It also received a lot of positive attention when Tesla billionaire Elon Musk who stated that dogecoin is his favorite cryptocurrency. There are now 130 million dogecoin in circulation combined, which makes up about $12 billion. It is still not as valuable and popular as the famous Bitcoin with a market capitalsation of almost $1.2 trillion, but who knows? Its future seems to be bright.
There is no doubt that the world of cryptocurrency trading and exchange is both popular and exciting, especially when a simple meme can become one of the world’s most valued digital asset.
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