The world of internet jokes and memes is a vast sphere in the online realm in the everyday world. Whoever thought that memes and cryptocurrencies could not be merged thought wrong. Perhaps you have already heard of Dogecoin. If not, you will be pleasantly surprised.
The internet is saturated with searches for the best cryptocurrencies, crypto trends as well as marketplaces, local cryptos, and possible new investments. DogeCoin is no exception, an open-source cryptocurrency that unexpectedly made waves and attracted global attention.
This interesting meme coin came as a creation of two engineers, named Billy Markus and Jackson Palmer, featuring the now widely recognizable Shina Inu dog. Nine years ago, this merely appeared as a well-executed joke, only to develop beyond imagination years later.
What Is DogeCoin (DOGE)?
What first started as a joke made to be an alternative to well-established cryptocurrencies eventually became a serious competitor and a new investment opportunity. Established in December 2013, this altcoin (alternative coin) features a Japanese dog as its logo.
It demonstrated remarkable success back in late 2017 when its value skyrocketed. Despite a notable loss one year later, it continues to exist as one of the more popular coins in the world of crypto. By now, it has become somewhat of a mainstream choice.
Unlike Bitcoin, this particular choice has no maximum supply, and approximately 10,000 new coins come into existence every minute. You see, the idea behind this cryptocurrency is not to be limited in supply like some other one, but rather to be extremely abundant.
The DogeCoin Supply
As mentioned, this meme coin does not have a maximum limited supply. Due to this reason, it is called an inflationary coin, unlike Bitcoin which is considered to be a deflationary one.
Effectively speaking, Dogecoins are unlimited in supply, with over 14 million that are minted per day. This means there is no cap on the coin. Each block of transactions yields 10,000 DOGE. This 10,000 is mined every single minute. That makes over 5 billion DOGE per year.
With globally renowned and highly influential figures like Elon Musk, Tesla founder and Twitter owner, as well as Mark Cuban, Shark Tank investor, said to have also joined the DOGE ownership list, this cryptocurrency further skyrocketed into fame and success.
Is DogeCoin A Good Investment?
When talking about cryptocurrencies, investments are not risk-free but that element is given. In reality, very few things can be considered risk-free investments – if any at all.
These investments usually involve a lot of patience and long-term investing, as well as timely knowledge on when to get out if the market gets too volatile for your liking. This option is the top meme coin to own and a lot of its developments are yet to come in upcoming years.
It is also estimated that this particular cryptocurrency has a lot of lucrative benefits if you can get your hands on it during a market spiral. The price of DOGE reached massive heights in recent years, while it also subsequently dropped, giving time windows for low purchases.
DogeCoin Price Prediction
DogeCoin turned heads during its May 2021 peak, when the price reached the value of $0.7376. To compare, in January 2018, the value sat at $0.0194, reaching a low of $0.0013 in March 2020. The price in November of 2022 sat at $0.1554.
This does prove that the price can be volatile frequently. However, price volatility is not reserved only for the crypto world. With that being said, this coin still has a long way to go, and the best thing if you do get a hand on it is to sit on it without expecting a quick return.
Bearing in mind its PoW (what is known as proof-of-work) protocol and the transactional speed that currencies such as Bitcoin can only dream of, there is a lot of potential for DogeCoin other than being used just to transfer value between two individuals. Its more common uses also include tipping, paying for goods, as well as paying for services.
The maximum prediction in the last month of 2022 is that the value of 1 DOGE will sit at $0.1213. When it comes to the end of next year, the minimum expected price is expected to sit at $0.83, while the maximum is expected to hit $1.02. By the end of 2024, the price is expected to reach a staggering $3.34, and a staggering $8.03 in December 2025.