What is Dogecoin? Here's how 'joke currency' defied digital-trading rules and made Internet say 'LET'S GET RICH'

After DOGE started to trend, hundreds of cryptocurrency users took to Twitter to share their excitement and how much they can reportedly earn if the value of DOGE reaches $1.00


                            What is Dogecoin? Here's how 'joke currency' defied digital-trading rules and made Internet say 'LET'S GET RICH'
A visual representation of the digital currency Bitcoin (Getty Images)

After a long break, Dogecoin has finally re-appeared on social media trends when it went up 72 percent. Hundreds of cryptocurrency users are currently heavily trading on Dogecoin, hoping to cross the $1 mark. If somehow it goes up one dollar or beyond, then whoever has invested into it will reportedly make a profit.

What is Dogecoin?

Before we get into how one can make thousands by just spending a small amount, let’s understand the concept of Dogecoin. This cryptocurrency is usually coined as a “joke cryptocurrency” by bitcoin users. It was initially founded in 2013 by Billy Markus and Jackson Palmer in the hope of teasing the sudden increase in altcoins.

Markus based Dogecoin’s code on Luckycoin and initially used a randomized reward for block mining. The duo launched the coin on December 6, 2013. Two weeks later, the value of Dogecoin jumped 300 percent.

Photo illustration of the ethereum, ripple and litecoin cryptocurrency 'altcoins' (Getty Images)

What started as a joke quickly turned into a whopping $60 million market. Dogecoin, or simply DOGE, is a peer-to-peer, open-source cryptocurrency based on Litecoin and has the same technology behind its proof-of-work. Users can buy or sell Dogecoin on digital currency exchange or opt to store their Dogecoin on an exchange or in a Dogecoin wallet.

Like any other real currency, the actual value of Dogecoin comes from its growing GDP. On January 28, 2021, the Market Capital was at $1,378,300,439, and Dogecoin is at $0.01108 — with the High at $0.013183 and low at $0.007294. The cryptocurrency industry has grown substantially since Satoshi Nakamoto published the original Bitcoin whitepaper in 2008.

More than a decade later, people invest hundreds of dollars to buy or sell cryptocurrency. Given the current value of DOGE and the rise in its value, if a cryptocurrency user invests a substantial amount and it reaches the one dollar mark, it can reportedly return lumpsum money.

Photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' (Getty Images)

Nothing concrete can be said about digital currencies and it is always advisable to only invest if one has proper guidance and understanding.

Dogecoin's ardent community

After DOGE started to trend, hundreds of cryptocurrency users took to Twitter to share their excitement and how much they can reportedly earn if the value of DOGE reaches $1.00.

One user wrote, "RT if you got in with #dogecoin $DOGE it’s our time to shine." Another wrote, "Look, you sell now, yeah you make a few bucks.if you hold though, you'll make hundreds if not thousands." A user added, "everyone go buy $100 worth of dodgecoin. If it were to hit just $1 you would make over 9k back! LET GET RICH. IMAGINE IT HITTING $5." Another wrote, "But before I go to bed. Invest in #Dogecoin while you can. This can definitely set you up for life."



 



 



 



 

Based on the recent Twitter reactions and previous philanthropic works, one must say that Dogecoin has a loyal community of supporters who trade the cryptocurrency and use it as a tipping currency for social media content.

In 2014, the community donated somewhere around 27 million Dogecoins (worth $30,000) to fund the Jamaican bobsled team’s trip to the Sochi Winter Olympic Games. Later the same year, the community donated $55,000 to sponsor NASCAR driver Josh Wise.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online

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