The Dogecoin crypto is a story of success and potential, first becoming a mainstream meme coin at the start of 2021. Since then it has mooned and then comes back down from $0.73 on 8th May to $0.20 on 28th of July 2021. If you consider the price of Dogecoin this time last year was $0.00253, proves that this coin offers huge potential for long term investors.
Dogecoin is a first-generation coin that promises, even more, twists and turns in the years ahead. Unlike so many other coins making waves in the crypto world, Dogecoin is backed by some high profile individuals and investors.
We have all heard the stories of Dogecoin being a joke coin. But, jokes aside Dogecoin has opened up the gates to so many many meme tokens all riding off the back of Dogecoins success.
How To Buy Dogecoin?
Dogecoin is the only meme coin that is available on all major crypto exchanges such as Coinbase, Binance, Kraken, Etoro, Moolah and many more. You can purchase with fiat money and swap/traded for other cryptocurrencies you might hold within these exchanges.
Mining Or Digging
Another way to acquire Dogecoin is through mining/digging, this is when a user with the right setup completes blocks/nodes/transactions. The miner receives Dogecoin once you complete a block, similar to Bitcoin. But, restricted to FPGA and ASIC devices which use less power making it more environmentally friendly.
Does Dogecoin Have Potentual?
Yes, Dogecoin has a future in the crypto world. But, how much the coin rises depends on news, utility, investors and the price of Bitcoin. Like all major coins and tokens, they are generally tied to the price of Bitcoin.
Unless Dogecoin can improve utility/acceptance then the price would always rise and fall with Bitcoin. But, if certain companies started to accept this coin as a payment method then you could see Dogecoin move away from the ups and downs of Bitcoin.
Another potential for Dogecoin would be smart contracts, this is when a user can create a token running on the dogecoin network, similar to Ethereum and BNB. Although this is not an
The Utility/Benefit Of Dogecoin
Offering secure and fast payments to anyone around the world with the correct crypto wallet. All peer to peer payments are secure, fast and anonymous. With more and more vendors taking up the coin as a payment option for their customers. Over the last year, the owners of Dogecoin have improved the network for security and speed making it the preferred choice for many crypto enthusiasts all over the world.
Dogecoin And The Total Supply
Currently, there are around 100 billion coins either sold or sitting on exchanges ready to be purchased. 100 billion is a lot of coins, with 5 billion coins being released each year for mining rewards. If they do not pay their miners then your transactions will not be completed. Buy because it was initally created as a joke, the owners of Dogecoin never reserved any for the miners and just held billions in their own wallets for the future pump.
Will this extra 5 billion coins a year make the value decrease?
Yes, adding or minting new coins will put a strain on the overall price for each Dogecoin by increasing the supply. Considering they are increasing the amount by 5% each year could make long-term investors look elsewhere.
The Dogecoin Breakdown
- Holders of Dogecoin: not known
- Biggest holder: 36.7 billion – 28%
- The current supply of coins: 100 billion
- Minting new coins: Yes @5billion per year
- Whale warning: High
- Owners revealed: Yes
- Our Trust Score: 5/10
Is Dogecoin A Scam?
No, Dogecoin is not a scam, honey pot or rug pull, it has huge backing with many high-profile investors. Although we have noticed many whales holding billions of Dogecoin. This will mean “A LOT” of resistance when the price starts to spike towards $1 and the whales start dumping because they have met their targets.
Final Thoughts and Review Of Dogecoin
The Dogecoin could be the start of a huge coin that is already ranked 7th with a huge 27.3b market value. For the coin to reach $1 it would need a market of $100 billion + $5 billion each year for newly minted coins. This would make it the number one cryptocurrency in current volumes.
On the downside, huge whales are sitting on billions of DOGECOIN, which could take any profits you might be seeking once the coin starts to rise to the May 2021 highs.