Dogecoin Price (DOGE)

All About Dogecoin Price! 

Dogecoin is one of the most widely known cryptocurrencies today and one that started as a meme. It was created back in 2013 by Billy Markus and Jackson Palmer and was inspired by the popular Shiba Inu meme. While coin started as a meme, today it has gained immense popularity and some utility as it’s being used for rewarding content creators, donations, and microtransaction. Apart from that, it operates based on an unlimited supply which leads to continuous availability and this can impact the Dogecoin price. 

In comparison to other cryptos, Dogecoin stands out for its having lower transaction fees and faster processing times. Both of these contribute to the crypto’s utilization of small payments and daily transactions. As far as the Dogecoin price is concerned, various fluctuations have prevailed over the years. These fluctuations are oftentimes influenced by social media trends or endorsements from high-profile figures like Elon Musk. In addition, it has drawn both casual investors and professional traders to itself because of its popularity which leads to price surges from time to time. 

Dogecoin’s network relies on a proof-of-work mechanism similar to Bitcoin. However, its complexity is comparatively lower and this leads to faster block generation. This is one of the many factors that make it an attractive option for users seeking accessible cryptos. While its long-term vitality remains a hot debate topic, the coin, nonetheless, has managed to be a key player in the crypto industry.  

History Of Dogecoin 

Before we dive into the utilization of crypto, the Dogecoin price, and more, let’s first cover its humble and humorous origins. Its origins can be traced back to 2013 when it was created as a joke by Billy Markus and Jackson Palmer. Both of its founders thought that the crypto wasn’t too serious and wasn’t much fun and decided to create Doge. 

During the initial years of the meme coin Jackson created the Dogecoin.com website and was the face of the crypto for a while. Meanwhile, his co-founder Billy was the one who worked solely on the development of the first four releases. The inspiration for the coin was an image of a Shiba Inu dog meme with multi-colored text as its thought bubbles.

Traces of that meme date back to a 2010 photograph of a Japanese female Shiba Inu dog called Kabosu that a Japanese kindergarten teacher had adopted from an animal shelter back in 2008. With its first launch taking place on December 6th, 2013 the coin gained popularity and gained instant success on platforms like Reddit where it was used as a tipping currency. 

After only two weeks, Dogecoin had reached more daily transactions than Bitcoin, and within the first month over a million unique website visitors. The following year, both founders sidelined themselves from development efforts, and a core development team was formed. While the coin initially started as a joke, it began to gain popularity, credibility, and market legitimacy rather quickly. 

The current circulating supply of DOGE stands at 148.67 billion and one Dogecoin price is $0.1740. Throughout its entire lifespan, the lowest-ever price of DOGE was $0.00008 which was recorded in May 2015. This was around two years after the DOGE was launched. However, the Dogecoin price began surging in late 2020 and reached an all-time high of $0.58 in May 2021. 

How Does Dogecoin Work?  

Similar to Bitcoin, DOGE also works on a decentralized, open-source blockchain. However, it has some key differences which make it a faster and more suitable option for smaller transactions. The network relies on a Proof-of-Work (PoW) consensus mechanism. What this basically means is that miners validate the transactions and secure the blockchain by solving complex mathematical puzzles. 

Although the Dogecoin blockchain is structured in a similar way to that of Bitcoin, it has a faster block time of just one minute, whereas the block time for Bitcoin is ten minutes. The faster block times are a key contributor to faster transaction validation which makes DOGE a more practical option for daily transactions. Apart from that, miners are crucial when it comes to maintaining the network as they verify transactions and add them to the blockchain for DOGE rewards. 

In addition, the faster block time also contributes to Dogecoin’s unlimited supply as it ensures that 10,000 new coins are minted every minute. While this reduces the possibility of long-term scarcity, it ensures that transaction fees are kept low. This along with the transaction speed is one of the biggest advantages of DOGE. It helps make sure that Dogecoin remains affordable and efficient as other major cryptos become congested. 

Apart from all this, one of the most significant aspects of the DOGE’s functionality is the Dogechain. This is a blockchain network that brings together smart contracts, DeFi applications, and NFTs for the coin holders. It operates separately from Dogecoin’s main blockchain but is connected to it through a cross-chain bridge. It basically allows users to lock their Dogecoin blockchain and get a wrapped $DOGE token ($wDOGE).

This token can then be used for decentralized applications on the Dogchain. What this does for Dogecoin holders is that it allows them to participate in the broader ecosystem but without leaving the Doge community. The Dogechain uses a Proof-of-Stake (POS) mechanism. While being different from the Dogecoin mechanism, it makes the overall functionalities more energy efficient. It also supports Ethereum-compatible smart contracts which allows developers to build decentralized applications using the DOGE token.

What Is The Utility Of The Doge Token?  

Doge Token (DOGET) was built on the Stellar blockchain and benefits from features like fast transactions and low fees the blockchain has to offer. Although both DOGE and DOGET are inspired by the same meme, each of them has distinct use cases with DOGET primarily being used for things like:  

1. Simple App Development – Among many other use cases, DOGET serves as a simple and effective method for creating apps that use simple smart contracts. 
2. Attack Prevention – Given that it functions based on the Stellar blockchain, it’s inherently protected from 51% of attacks which makes it a suitable option for developers and online users.
3. Microtransactions – DOGET, similar to DOGE, offers fast processing speed and low costs and both these make it a suitable option for microtransactions on a frequent basis. 
4. Trade – DOGET can be accessed through a variety of different Stellar platforms that include Stellarport, Stellarterm, and Lobstr making it a useful option for trading. 

How Do You Mine Dogecoin? 

Mining Dogecoin is a simple process that’s divided into various steps like setting up a wallet, choosing a mining rig, and more. Provided below is a step-by-step breakdown for you on how you can mine Dogecoin: 

1. Setting Up A Crypto Wallet 

When it comes to mining DOGE, the first thing you need to do is set up a crypto wallet. Options like Trust Wallet or the official Dogecoin Core Wallet are great options for easy access and quick transactions however, they face online security risks. 

But for this, you have options like Ledger or Trezor that offer enhanced security which makes them suitable for long-term holding. When choosing a wallet you should assess your needs and decide on an option accordingly. 

2. Choosing Mining Hardware 

As far as the mining hardware for Dogecoin is concerned, you need to have a powerful ASIC or GPU setup. Top options for ASIC include Bitmain Antminer L7 (9.16 Gh/s) and Goldshell Mini DOGE (185 Mh/s). 

Whereas, options worth considering for GPUs include the NVIDIA RTX 3080 or AMD RX 6800 XT. In addition, your mining rig should also include cooling fans, a reliable power supply, and a stable internet connection.

3. Deciding A Mining Strategy 

Deciding on the right mining strategy is crucial as it can impact risk, profitability, and other technical requirements. Three of the most common mining strategies for DOGE include: 

• Solo – Miners run an independent operation for full block rewards but need more technical expertise and computing power.
• Pool – Miners join a group and use shared resources. The generated rewards are shared among group members. It offers steady income and lower hardware requirements, you have to pay pool fees. 
• Cloud – Miners with limited technical knowledge can rent mining power. However, they have to pay hosting fees and trust third-party operations.

4. Setting Up Mining Software

The next step is to set up mining software and, for this, some of the most popular options worth considering and using include CGMiner and EasyMiner. While GCMiner has more flexibility and features, EasyMiner comes with a simple interface and is suitable for beginners.

5. Collecting Rewards 

Once your mining rig and software are up and running all that’s left to do is collect rewards. Remember that if you’re working as a solo miner, you’ll receive the full block rewards, but less frequently. However, with pool mining, the rewards will be more frequent, but smaller. 

What Can Dogecoin Be Used For?    

DOGE was initially introduced as a meme coin. However, as time went on, its standout aspects like fast processing, low transaction cost, unlimited supply, and more have significantly improved its utilization. Today Dogecoin is used for a variety of purposes. Some of the key aspects of its utility initiatives include: 

1. Tipping 

One of the most significant aspects of DOGE’s appeal is its tipping culture. Nowadays it has become a popular way of rewarding content creators and users often use it as a tip to appreciate their favorite Twitch streamers, YouTubers, and more. It’s suitable for this initiative because of its low transaction fees given that tips are usually small amounts and using other cryptos is not practical for this purpose. 

Platforms like Reddit have seen huge success with DOGE being used for tipping as users reward others for sharing helpful information online. Apart from this, Dogecoin being used for tipping has also added a layer of generosity to its perceived image, making it quite a popular reward option among online communities.

2. For The Greater Good 

Another utility of Dogecoin is its use for charitable causes. Be it campaigns for the Olympics or raising funds required for relief efforts directed towards those struck by natural calamity, DOGE communities have demonstrated that the meme coin can be used to make a positive difference in the world. 

Apart from the coin itself, The Dogecoin Foundation has played a key role in this initiative to ensure that users have a reliable platform for creating charitable events and that the donations raised using these events are used responsibly. In addition to the Dogecoin price, things like its processing and low costs also help in raising funds.

Overall, Dogecoin being used as a tool for philanthropic efforts shows the importance of community-driven initiatives in crypto. In addition, this utility also serves as the cornerstone when it comes to developing tokenomics that can lead to success. 

3. For Daily Payments 

Dogecoin’s use as a payment method started to gain traction back in 2021 when Tesla announced it would accept the crypto as a payment for certain products. This move was initially met with skepticism, but it highlighted the economic potential that meme coin has. 

It serves as a viable daily payment option for businesses and individuals because of its faster processing times and comparatively lower transaction fees. Regardless of whether it’s buying merchandise or paying for digital service Dogecoin is being actively used for micro-transactions making it a valuable asset for its users. 

What Is Dogecoin’s Libdogecoin?

Libdogecoin is expected to be a complete implementation of Dogecoin protocols as a C library. It basically allows developers to create Dogecoin-compliant apps without them having extensive knowledge of crypto functionalities. Apart from the C library, Libdogecoin also binds various other programming languages which makes integration easier.

It focuses specifically on offering callable functionalities that developers can integrate into their projects. It’s important to know that Libdogecoin does not function on its own, but relies on the host application’s network for blockchain interactions. In addition, it comes with various CLI tools that include:

• such – CLI app allowing developers to perform all Essential address and transaction operations with prompts as a guide.
• sendtx – used for handling transaction broadcasting and pushing them to the blockchain. 
• spvnode –  enables user interaction with the Dogecoin network and transaction verification. 

By offering these features and others similar to them, Libdogecoin simplifies the process of developing Dogecoin-compliant apps which makes the crypto more accessible and can help increase user base.

Elon Musk And Dogecoin

Elon Musk, the richest man in the world, has played a key role when it comes to the prominence and popularity of Dogecoin. Overtime, his comments and tweets regarding the crypto have been nothing short of promotions that have helped DOGE gain market traction. In recent years, Musk has referred to DOGE as his favorite crypto and given positive remarks.

Every time he speaks about it, the Dogecoin price goes up which allows the coin to be more valuable to those who hold it and also increases its market demand. However, his comments on DOGE have not come without controversy. He has been accused of using his social media to comment on the crypto resulting in the Dogecoin price increasing and crashing overtime. 

In fact, such controversies even turned into a $258 billion lawsuit where investors accused Musk of using tweets and the thought influence he has to manipulate the Dogecoin price. However, the investors ended up dropping the charges against him. Apart from that, Elon has been one of the first to accept DOGE as a payment method for certain Tesla products which amped up the crypto’s utilization, demand, and the Dogecoin price. 

In addition, his recent appointment in the US government as the leader of the Department Of Government Efficiency, aka DOGE, also contributed positively to the crypto’s image and the Dogecoin price. Given all this, it can be stated that Musk, despite the criticism he received, has contributed greatly towards the Dogecoin price and popularity. 

Dogecoin Foundation And Board of Advisors

The Dogecoin Foundation is a non-profit group that was created in 2014 to support Dogecoin, a popular cryptocurrency. It helps with things like development, spreading the word about Dogecoin, and protecting its trademark. 

After being inactive for a while, the Foundation came back in 2021 with new goals to grow and improve the Dogecoin ecosystem. The Dogecoin Board of Advisors include:  

• Jens Wiechers – Executive Director, Dogecoin Foundation – With over ten years of experience in data analysis and design focused on user needs, he brings valuable expertise to the Dogecoin Foundation. In his advisory role, he will help House of Doge grow its presence in the retail market.
• Doug Wall – Managing Partner, Shadow Partners – He has deep knowledge of crypto investment trends and forming strong partnerships, which helps achieve success in investment portfolios. He will offer advice on raising capital to gain support from larger institutions for Dogecoin’s growth at House of Doge.
• Roger Rai – Vice Chairman, Toronto Blue Jays – With a background in sports marketing and working with different groups, he focuses on creating new experiences for customers. He will use Dogecoin’s strong community spirit to help House of Doge enter the sports and entertainment industries.

Companies That Accept Dogecoin

Over the years, DOGE has transitioned from being a meme coin into one with widespread utility and is accepted by global companies like Tesla. While crypto is still not being used as a mainstream currency, it does have acceptance from a number of companies in different sectors web hosting, hospitality, sports, travel and more. Investors can stay updated by using DOGE resources to learn more about companies that accept Dogecoin as payment. 

Frequently Asked Questions (FAQs)