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Dogecoin represents the lighter side of cryptocurrency that has grown into a formidable force capable of challenging Bitcoin. In 2013, Jackson Palmer, a software engineer at Adobe created a website and appended the Dogecoin logo on it. Another software engineer at IBM, Billy Markus, jumped on board and helped to create the first Dogecoin protocol. The foundation of the protocol was forked from Litecoin.

In the beginning, Dogecoin was nothing but a quirky meme. The founders designed the coin to work as a means for tipping Twitter and Reddit users. Recently, the coin has achieved incredible growth as its popularity grows. 

Where to Buy Dogecoin?

Dogecoin is no longer a meme and the Shiba Inu dog that makes the coin’s logo now represents a serious crypto project. All this is thanks to the growing demand for digital currency. But where can you buy Dogecoin? Well, the first thing to consider is an outlet (such as a broker) that has the authority to offer Buy/Sell services. This way, you can avoid being made a joke by swindlers. 

A Brief History on the Price of Dogecoin

Dogecoin has come a long way from being a ‘meme coin’ and now it is attracting massive interest from the masses. Here is an account of its chequered history: 

Key News for Dogecoin

The highlight of Dogecoin’s history is the coin’s origin. Its creators chose a dog meme to represent the coin at a time when memes were ruling the internet. Consequently, many internet users fell in love with the digital currency and even formed the online Dogecoin Army. 

Now, the Dogecoin Army has launched an all-out assault on the Dogecoin price aiming to reach $1 per coin as soon as possible. The Wall Street Journal reported that online forums have christened Tuesday of every week as “Doge Day”, a day when they pile pressure on the coin in a bid to notch the price higher. Although the frenzy is loosely organised, according to The Journal, it seems to be working because the coin has registered 8,642.47% in year-to-date returns and it is still climbing in value.

On Twitter, the #DogeDay hashtag has been trending lately especially after Elon Musk – the Tesla CEO and Chief Engineer – gave it a shoutout. The online community is pushing for record highs for Dogecoin on April 20 (4/20), which also happens to be a Tuesday. 

The Dogecoin frenzy is getting the attention of the right ears, especially after Coinbase successfully went public in mid-April.  Institutional investors and moneyed banks such as Goldman Sachs are finally seeing opportunities in the crypto sector. This fact could inject more fervour into the Dogecoin frenzy and perhaps push the coin past $1 before end-month.

Dogecoin Timeline

  • December 6, 2013 

The Dogecoin.com website goes live. At this point, all that existed was the website together with an idea for a cryptocurrency that would offer a less controversial option for people looking for exposure to the world of digital currencies. Soon after Billy Markus joins the project and the Dogecoin protocol is developed, many more people gain interest in the coin. No information about the coin’s price exists at this point.

  • December 17, 2013

Dogecoin (DOGE) launches on CoinMarketCap at midday at $0.000267 per coin. Three days later, DOGE records a 267.8% price jump to $0.000982 without much trading activity recorded. The price jump comes as a result of investors looking for alternative coins after Bitcoin and other major altcoins come under fire from Chinese authorities. 

  • December 23, 2013

Miners notice that the small computing power required to mine DOGE can be exploited to amass the coin. This leads to a DOGE price crash by 67.9% to $0.000315. 

  • December 25, 2013

Dogewallet, the official storage for Dogecoin is hacked during Christmas, which results in a loss of DOGE equivalent to $12,000. However, the hack does not impact the price of DOGE. (DOGE remains stable at $0.00059). 

  • January 2014

AltQuick.co establishes the first DOGE/USD exchange services. Other exchanges such as Vault of Satoshi (based in Canada), and four other Canada-based exchanges start offering DOGE/CAD and DOGE/USD. Soon the services extend to the UK, Hong Kong, South Korea, and Indonesia. (DOGE clocks $0.001544 and achieves a daily trading volume of $5,259,004).

  • February 2014

The first DOGE ATM starts operating in Vancouver. Shortly after, more ATMs open in other countries, such as the one that opened in Tijuana, Mexico on March 17, 2014. Dogecoin’s trading volume momentarily surpasses bitcoin. (The 24-hour trading volume hits $4,715,232 at the price of $0.001549).

  • April 2015

Citing too much toxicity in the cryptocurrency environment, Jackson Palmer takes an extended leave of absence from the Dogecoin core team. (DOGE price collapses 87.7% to 0.00009 compared to the same period in 2014).

  • January 2018

The cryptocurrency bubble reaches its peak. Dogecoin and many other cryptocurrencies reach record prices. (DOGE closes trading on January 8 at a record $0.0162, and a 24-hour trading volume of $287,628,256).

  • June - July 2020

Reddit users attack the DOGE price in July in a bid to raise it to $1. The SatoshiStreetBets subreddit members use the same approach as those of the WallStreetBets subreddit who swarmed the GameStop stock to achieve a record valuation. A month earlier, TikTok users had attempted to spawn a frenzy into DOGE but it was not successful. (DOGE closes July 28th trading at $0.003155, not much different from the same period in 2019 ($0.002837). However, the 24-hour trading volume is almost triple).

  • January 2021

Reddit users strike again and in 24 hours, the coin reaches $0.07, a growth of 800%. 

  • February 2021

Elon Musk joins the Reddit ‘mob’ in singing praises for Dogecoin. On February 4, Musk fired off two tweets shining a positive light on Dogecoin. “Dogecoin is the people’s crypto,” the first tweet read. The second tweet included a doctored image of Elon Musk lifting the Shiba Inu dog high up in the sky as if presenting the coin to the people with the caption, “ur welcome.” (On February 8, 2.59 AM GMT, DOGE price hits a record $0.0826).

  • March 2021

Mark Cuban, the owner of Dallas Mavericks, announces that his team will start accepting DOGE as a means of purchasing tickets and other merchandise. (DOGE closes the month of March 34.4% lower at $0.0542, compared to the February peak).

  • April 2021

Coinbase carries out a successful direct listing on NASDAQ, becoming the first cryptocurrency exchange to do so. The IPO sent cryptocurrency prices soaring, even those such as Dogecoin that are not listed on Coinbase. (DOGE was $0.3985 at press time with a market capitalisation of $51.20 billion).

Compare Dogecoin With Fiat Currencies, Commodities, and Crypto

The journey for Dogecoin from a quirky meme to a serious medium for transactions has been eventful. Now, the digital coin presents a strong case when juxtaposed against fiat currencies, commodities, and other cryptos. 

Compare Dogecoin With Bitcoin

Bitcoin is the father of cryptocurrencies. Naturally, the coin commands the bulk of attention that goes into the cryptoverse. However, Dogecoin is among the many altcoins whose recent performance might worry the Bitcoin core team. 

The past year has been good for cryptocurrencies in general. Most coins posted price gains in the order of hundreds. Bitcoin, for instance, has seen its price expand 93.23% year-to-date. The Bitcoin price rally has added great buying pressure to Dogecoin and other altcoins. In April so far, Dogecoin’s price has expanded by 456.8% and the buying pressure is not letting up.

Although Dogecoin is much inferior in terms of price and market capitalisation, DOGE has shown great potential for a brighter future, especially when focusing on the ROI. DOGE’s ROI is 69,307.44%, while Bitcoin has managed 41,242.7% so far, according to CoinMarketCap figures.

Compare Dogecoin With Ethereum

Bitcoin might have opened the door to the cryptoverse but Ethereum has expanded the scope of opportunities for crypto-related projects. The Ethereum blockchain network introduced the concept of smart contracts, which is powering the decentralised finance (DeFi) ecosystem. 

Ethereum blockchain’s significance in the future direction of the cryptoverse is fuelling demand for the Ether token (ETH). ETH is now one of the most sought-after cryptocurrencies and it has so far returned 76,599.62% to its owners since inception. Dogecoin, on the other hand, does not boast as much usefulness as ETH but it is competing well in terms of returns and demand. 

Compare Dogecoin With USD

The US dollar is the standard currency for global trade. Also, the currency represents the biggest economy in the world. The dollar’s significance goes beyond economics as it has been used to apply political pressure on US rivals. Yet, for the past year, Dogecoin has floored the greenback in terms of value growth.

While the world has been dealing with a global pandemic, economies ground to a sudden stop, which hurt global trade immensely. To buoy demand in the economy, the US Fed pumped trillions of dollars into the global markets. Fears of dollar inflation have suppressed the value of the greenback, with the US dollar index (DXY) continuously trading on the bear side of the market for the better part of the past year. The DXY performance for the past year is -9.12%, compared to more than 450% for DOGE.

Compare Dogecoin With Gold

Gold is the go-to asset when economic headwinds gather pace. In a recession such as the Covid-induced one, investors rush into gold and other safe-haven assets to protect their value against inflation. One would expect, therefore, that gold would stack up favourably against a barely known asset such as Dogecoin.

On the contrary, Dogecoin has floored gold in year-to-date performance. Since 2021 began, gold has declined 8.95% in value. In relative terms, DOGE is up 6,856.48%. Considering that one unit of DOGE is merely 4 cents, the cryptocurrency appears to be an ideal investment relative to the precious metal.

Dogecoin Future Price Predictions

There is no doubt that 2020-2021 has been the year of cryptocurrencies. Many economies have danced at the brink of total collapse as trade halted and fiat currencies almost became valueless. Cryptocurrencies, on the other hand, have seen an immense expansion in value as more investors searched for alternative assets. Nevertheless, cryptocurrencies continue to exhibit volatility levels that make it difficult to predict future prices. 

Yet, we cannot throw our hands in their air in celebration, because volatility is an integral part of the cryptoverse. Instead, we can put a finger on the pulse of the cryptocurrency prices simply by watching and analysing the fundamentals of each coin, as well as trends in the broader cryptocurrency market. 

Some of the factors that will be examined in this section include the adoption of Dogecoin, the coin’s usefulness besides offering a means for online tipping, and the place for the cryptoverse in the financial market of the future.

Dogecoin Price for 2020

The cryptocurrency market has had two cycles so far, the first one being late 2017 to early 2018, and the ongoing one, which started in early 2020. Most people were forced to stay at home for the better part of 2020 and economic activity was at a minimum. Investors began to worry about the value of fiat, particularly if the bond-buying efforts of governments to manage the recession could lead to hyperinflation. Suddenly, cryptocurrencies such as Bitcoin emerged as strong candidates for inflation-hedging.

Bitcoin invited many investors into the cryptoverse and the attention soon shifted to lesser coins such as Dogecoin. By the last day of December 2020, one DOGE token was worth $0.0049, about 50% higher than it was mid-year.

Dogecoin Price Predictions for 2021 

2021 is cruising towards the half-year mark and Dogecoin is benefiting from a frenzy that started in January. CoinMarketCap data shows that Dogecoin’s value has been growing faster than Ethereum and Bitcoin, the two most important digital coins. For instance, the DOGE price has grown 1,163% between December 31, 2020, and April 13, 2021. Meanwhile, Bitcoin managed 104% while Ethereum achieved a 193% growth. 

To anticipate DOGE’s price for the rest of the year, it is prudent that we examine the drivers of the growth so far. As earlier discussed, Dogecoin has benefitted from a frenzy on online platforms such as Reddit and Twitter. We noted that Elon Musk and other personalities have encouraged people to acquire the token because it is “the people’s coin.”

The frenzy has been successful so far because people, especially in the US, have plenty of cash on their hands because of the COVID stimulus package. The US Fed has made it clear that it will keep injecting cash into the economy until the crisis passes. This means more money could be available to hold out the frenzy for much of 2021. Consequently, there is a possibility that the DOGE price could touch $1 before the end-year of 2021.

Beyond 2021 for Dogecoin

Dogecoin, as do other altcoins, has benefited immensely from the general growth in value of the crypto market. Certain developments such as Coinbase’s IPO should direct even more money in Dogecoins and other cryptocurrencies’ direction. Coinbase has convinced more sceptics that cryptocurrency could be an ideal business model after all.

Let it be known that any price surge that is driven by a frenzy never holds for long. For this reason, investors might want to re-evaluate their interest in Dogecoin. Nevertheless, Dogecoin is still a strong candidate for a profitable asset even without the frenzy. Consider various companies, such as the Dallas Mavericks basketball team, that have started accepting Dogecoin for transactions. If this trend continues, the upward spiral of DOGE price could carry on unabated. 

Dogecoin Price Conclusion

Dogecoin is one of those cryptocurrencies whose price moves are so sudden that no one can make an accurate prediction. For example, could anyone predict that the DOGE price would climb by about 500% in just one week in April 2021? 

Fortunately, there is a huge opportunity in this kind of volatility. Price shifts present an opportunity for investors to earn an income. Trading price movements is more lucrative when the asset’s price fluctuates more often, and by substantial margins. If you are looking for a low-cost coin with huge profit potential for 2021, Dogecoin is your token. 

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Frequently Asked Questions

  1. Dogecoin is a digital currency that could be used to exchange value among peers. The founders created the coin mainly to facilitate tipping on the internet. The digital currency derives its value, like all forms of money, from the consensus that people can acquire the things they need using Dogecoin.

  2. Dogecoin can be used for tipping on various websites but Reddit is where the practice is common. To tip on Reddit, you need to open a wallet with the DogeTipBot, which is linked to your Reddit account. You only need to give the bot instructions and it will send DOGE to other Reddit users as tips. You send instructions by commenting on a post by the person you wish to tip.

  3. Dogecoin is a widely accepted digital currency, and one that is cheap to acquire. Using the coin to settle transactions is cheaper simply because the coin itself is low-cost. Dogecoin is easy to send over the internet because it does not require third parties such as banks. Ultimately, the cost of settling transactions with DOGE is almost negligible relative to fiat currencies.

  4. The first and most popular way of getting DOGE is to mine them. Secondly, you can obtain the tokens by trading fiat currency for Dogecoin through reputable cryptocurrency brokers and exchanges. Thirdly, you can sell your services/goods on the internet in exchange for DOGE, and lastly, you can receive tips from DOGE owners.

  5. You can mine Dogecoins using powerful graphic cards connected to your computer or using application-specific integrated circuits (ASICs). Alternatively, you could join a mining pool where people crowdsource computing power to solve complex mathematical problems.

  6. Dogecoin (DOGE) is a popular cryptocurrency right now, especially because of support from personalities such as Elon Musk. There is a frenzy on Twitter and Reddit where users want to push the coin to $1 and above as soon as possible. If more buyers join the ranks of these enthusiasts, it is very possible that DOGE will reach $1.

  7. Yes. Firms such as the Dallas Mavericks are accepting DOGE as a means for settling transactions.

  8. To answer this question, we should first offer several clarifications. First, crypto-related assets are volatile, and predicting their prices is a difficult exercise. Secondly, the future value of a crypto-related project such as Dogecoin largely depends on how it obtains its value. In this light, whether an investment in Dogecoin can be profitable depends on how the coin performs in regard to the aforementioned factors.

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