What is Dogecoin?
Dogecoin was born in December 2013. It's often referred to as the ‘meme’ crypto and for good reason. Doge was created as Bitcoin started to be taken seriously and got valuable.
The creators of Doge thought that crypto should be a laugh and not so uptight. So they came up with an alternative coin whose goal was to make the industry fun again.
The face of Dogecoin is a Shiba Inu dog.
Dogecoin took the community spirit of crypto to new levels. Followers of Dogecoin call themselves Shibes. They even have their own Shibe language made up of funny broken English phrases like, “such amazing”, “much grateful” and “many works”.
You could argue Dogecoin was created as a joke - but the crypto has a huge following and community members ‘tip’ each other Doge for content.
What are the Dogecoin's goals?
The developers of Dogecoin haven’t made any changes to the crypto since 2015. There are three developers who work as part-time volunteers. Apart from security updates, the core code remains the same
The goal is to become the defacto standard fun cryptocurrency with a strong community. Elon Musk says Dogecoin is his favorite crypto.
Simply put, like most assets, Dogecoin derives its value from how much people are willing to pay for it. Since Dogecoin is stored and transferred online, the price is determined globally. It’s the same wherever you are. Any price differences between exchanges are soon arbitraged out by traders.
How much Doge is on the open market?
There are 125,297,665,179 Doge tokens on the open market, but supply is unlimited.
What the bears are saying
- Unlimited supply: If a currency has unlimited supply then in theory it can never materially rise in value.
- Dogecoin founder is bearish: Jackson Palmer has said he thinks there is too much hype and that alone underpins Dogecoin’s value.
- It was created as a ‘Joke’ coin: Never designed to solve problems or become the next Bitcoin. There’s no roadmap with lofty ambitions. So why would you invest?
What the bulls are saying
- High profile: Even now, when you think of cryptocurrencies you can name and that your kids know because they’ve seen the memes - Dogecoin is up there. Could its high profile and celebrity fans woo developers and lead to something useful.
- Cost of entry: Doge costs less than a cent. Speculators like to see the potential for plenty of upside.
How to buy Dogecoin
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
May not be available in all jurisdictions.
This content is correct as of October 2020
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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