The Best Exchanges to buy and invest in Dogecoin
Do you want to buy and sell Dogecoin? Now you are looking for an exchange to invest in Dogecoin tokens?
Check out the 3 best exchanges to invest in Dogecoin today.
| Best Exchanges to buy and invest in Dogecoin | Description |
|---|---|
| 1. Bybit | Bybit offers stablecoin-margined Options contracts to help you expand trading opportunities, and Portfolio Margin to help you maximize capital efficiency. |
| 2. Binance | The largest Cryptocurrency exchange in the world. Buy, trade, and hold 600+ cryptocurrencies on Binance |
| 3. Huobi | Huobi, a Leading Digital Asset Trading Platform. A wide array of digital asset trading and management services to satisfy diverse trading needs. |
| 4. BitMEX | Supporting more than 30 Cryptocurrencies. Get crypto’s most advanced trading platform on your device. |
Dogecoin is an ‘open source peer-to-peer digital currency preferred by Shiba Inus worldwide’. This is a cryptocurrency created as a joke with the image of a sabi dog, a popular meme mascot on the Internet.
With the advent of newer and more popular initiatives, over the years DOGE has traded at a fairly static level and pushed further away from the cryptocurrency rankings, entering the top 10 on January 29, 2021, for the first time since 2015. The WallStreetBets Redditors group made global headlines after orchestrating a series of historical price pumps across a range of assets.
Origin of Dogecoin
Dogecoin was created in 2013 by Billy Markus and Jackson Palmer. The two wanted to create a cryptocurrency with a wider appeal than existing digital assets, and decided to create a currency based on the Shiba Inu, which caused a viral craze in 2013. Memes usually contain pictures of Japanese Shiba Inu surrounded by texts like ‘much wow’ in Comic Sans font.
Marcus and Palmer decided to adopt a popular meme with cryptocurrency. They forked Dogecoin from Luckycoin, now outdated, but themselves forked from Litecoin. So although it is a PoW blockchain, Dogecoin does not use the SHA-256 mining algorithm like Bitcoin and its several forks. In other words, you cannot mine with Bitcoin ASIC mining equipment. Dogecoin and Litecoin use the Scrypt algorithm, so miners use dedicated script mining hardware.
Bitcoin VS Dogecoin
There are other differences between Bitcoin and Dogecoin. Another notable of these is that a few months after launch, the Dogecoin developers decided to remove the monetary policy capping the total maximum supply of 100 million DOGE. Eventually, DOGE mining was merged with Litecoin mining as inflationary supply prevented miners from participating in the Dogecoin network.
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The Early success of Dogecoin
Dogecoin had significant early success from its launch until the 2017 bull market. Dogecoin’s Genesis block was mined in early December 2013 and grew by 300% within a few weeks. It achieved a market cap of $20 million within a year of its launch and was a huge hit with a large and active community around it.
- In 2014, the Dogecoin Community Supports Philanthropy – DOGE Donation of Over $30,000 to the Jamaican Bobsled Team to Participate in the 2014 Winter Olympics in Sochi, Russia.
- In 2014, a Twitter user donated $11,000 worth of DOGE to the Dog4Water initiative, which aims to provide clean drinking water to rural Kenyans.
- Dogecoin users are crowdfunding $50,000 to support American Stock Car Racing Association driver Josh Wise.
These things led Dogecoin to a reputation as the internet’s tip cryptocurrency.
Elon Musk and Dogecoin
The price of Dogecoin fluctuates dramatically with a single tweet from Tesla CEO Elon Musk. Musk’s enthusiastic support has boosted the Dogecoin price tremendously in 2021. After that, whenever Elon Musk commented on Dogecoin on his Twitter, the price continued to fluctuate.
In January 2022, Tesla announced on its official website that “Tesla accepts Dogecoin (DOGE) payments among cryptocurrencies.” As big companies like Tesla accept crypto as a payment method, other companies seem to be keeping an eye on them as well.
As you know, Elon Musk seems to have a big impact on the cryptocurrency market.
2021 – The rise of Wall Street Bet
DOGE probably maintained its current trading level. As the rankings drop further and new investors focus on upcoming projects. It’s also something we’ve been doing for the past 5 years.
However, in the third week of January 2021, when a trader participating in the Wall Street Betting subreddit turned the market upside down, all bets were stopped. The story began at the end of 2019 when a lone trader and editor learned that Wall Street hedge funds were betting on offline gaming retailer GameStop.
Despite the company with a relatively healthy balance sheet, institutional traders have lowered GameStop’s stock price to $2-4 per share, with short-term interest rates many times higher than floating stock levels.
About a year later, other editors started noticing the situation, and existing traders were holding long positions with the conviction that GameStop was a viable concern. As more Reddit traders joined, GameStop’s stock surged and Wall Street hedge funds were forced to short squeegee.
The situation culminated on January 28, when Robinhood and other retail exchanges halted GameStop trading. The move was almost universally condemned on social media, and surprisingly, both Democrat and Republican politicians in the United States shared the same condemnation.
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DOGE’s Historical Price Pump
At this point, Dogecoin comes into the story. When GameStop stock could no longer be traded smoothly, Wall Street Bet editors began to look for other assets and embarked on DOGE. If you bought Dogecoin at an all-time low in May 2015, you would have no choice but to cheer. Thanks to the Wall Street bet pump and another support from Elon Musk, the coin reached an all-time high of $0.078. This represents a profit of over 39,000% at ATL. If you had bought DOGE on January 27th and sold it for the highest price, you would have earned almost 900%.
Perhaps the biggest question here is, will this pump last? At the time of writing, the same questions apply to GameStop stocks and silver prices. Wall Street Bet doesn’t seem to show any signs of getting bored of pumping out their favorite assets.
Ultimately, however, there appears to be no long-term bullish case for DOGE. Current prices may be good for a while, but the foundation of the project has not changed. Arguably, the price pump has introduced Dogecoin to a whole new global audience. However, it seems unlikely that the coin will continue to be adopted beyond the current influx of price speculators who want to profit from the pump.
Nevertheless, Dogecoin’s lifespan is impressive given that it started as a joke. The commitment of our loyal community has shown that anything is possible in the world of cryptocurrency.
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Comment by Hans
April 24, 2024
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