Dogecoin (DOGE) Crypto Review 2024: The Complete Guide by TOK

€ 0.1803

-1.3503382872
Last updated 17:04:05 UTC
Market Cap
€ 25,932,147,158.07
Fully Diluted Market Cap
€ 25,932,147,158.07
Volume
€ 1,024,922,716.31
Circulating Supply
143.84B DOGE

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Among the most popular crypto-currencies in this universe for several months, Dogecoin has enjoyed a new level of notoriety since Elon Musk became infatuated with the asset (DOGE). Yet Dogecoin’s success dates back more than ten years since this crypto-currency was created in 2013. Initially based on a meme, this crypto quickly became one of those with the highest market capitalization in the world. Logically, then, it may intrigue you, and thanks to this Dogecoin guide, we present everything you need to know in 2024.

What is Dogecoin Crypto?

Dogecoin is based on an open-source model with a currency-issued peer-to-peer, as is customary in this crypto world and as is the case with the famous Bitcoin or Ethereum. We’ll come back to this later, but Dogecoin is closely linked to the Shiba Inu dog breed for both historical and ironic reasons. Indeed, the asset’s official website reminds us that it’s this breed’s favorite digital currency!

For many, Dogecoin is a derivative of Bitcoin since it uses the same principle and is based on the same open-source protocol. However, its technical development is less complex, and the mining protocol, in particular, is more accessible.

Today, although it has lost value in recent months – like many other assets – (DOGE) remains a benchmark in the crypto world.

This success, however, was only sometimes foreseeable in the project’s early days since this asset’s creation was initially based on a meme and, therefore, a joke. This makes the story of Dogecoin all the more compelling and its evolution all the more impressive.

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The history of Dogecoin (DOGE)

To some uninformed people, cryptocurrencies all look alike. Yet their histories are often very different, and this ambivalence makes for a surprising ecosystem. How about the story of Dogecoin?

When it was created in 2013, Dogecoin was officially the first asset directly inspired by a meme, a recurring joke on the Internet. Like many people at the time, engineers Billy Markus and Jackson Palmer fell for the Doge phenomenon after the owner of a Shiba Inu almost unwittingly panicked the web with photos of her dog in 2010.

dogecoin crypto

Palmer is the original instigator of what would become one of the most popular assets in the crypto world. Still, to go along with this online joke, his first action wasn’t necessarily aimed at creating a token. On his way home from work, Palmer just had “fun” buying the Internet domain name dogecoin.com and creating a logo with the famous dog’s head.

His friend Billy Markus (Dogecoin founder) then took the reins and used the opportunity to continue the development of a similar project since he was creating a currency linked to the Animal Crossing game.

As the duo’s ambitions grew, thanks to various Internet initiatives, DOGE gradually evolved into a cryptocurrency with great potential, even though it initially appeared to be nothing more than a joke. Subsequently, technical developments have made this asset very promising.

Why was Dogecoin created?

It wasn’t until Elon Musk took on a role as Dogecoin’s fancy salesman that this virtual currency began to rise and possess a fundamental development objective. Of course, the beginnings of this story remain thin and based on a meme, but the two founders then chose to continue on this principle to develop a serious model.

The creators envisaged Dogecoin as a relatively “good-natured” crypto to differentiate itself from Bitcoin, which was already booming at the time and considered inaccessible or, above all, unattractive beyond its value. Dogecoin was created with the idea of being an accessible and familiar cryptocurrency, taking advantage of its visuals and its focus on the famous dog.

The rest of the development was more common, aiming to make the virtual currency viable and gradually consider it a real alternative to fiat currencies. What about Dogecoin forecast? Today, this cryptocurrency sees itself as a practical, customizable, welcoming, and dependable currency, with a prosperous future ahead!

dogecoin value

How does Dogecoin work?

As described above, Dogecoin is indirectly based on Bitcoin, the precursor in the cryptocurrency field. However, it was technically created as a hard fork of the older crypto, Luckycoin, derived from Litecoin (LTC).

As such, Dogecoin borrowed a Scrypt-based consensus mechanism from that crypto. This is primarily why many observers note that Dogecoin shares many similarities with Bitcoin. Scrypt is then used within Dogecoin’s proof-of-work (PoW) protocol to prevent miners from using ASICs, i.e., the object specifically designed to mine Bitcoin.

Participants in the Dogecoin blockchain network leverage their computing power to secure the chain’s overall network and thus continue to create blocks. The technical aspect of this method is far more accessible than Bitcoin’s, and the significant advantage lies in much faster transaction processing. Each time a new block is generated, miners are awarded 10,000 DOGE.

Beyond this classic operating principle, the ecosystem has several things to consider. For example, there is no maximum registered demand within the blockchain. This means that the new alternative DOGE tokens produced daily are sold on the market or held in miners’ wallets.

Logically, crypto is based on a principle of decentralization, and most of the DOGEs in circulation are owned by just a few investors. Eventually, this quasi-monopoly could jeopardize market liquidity and lead to major fluctuations in value (also Dogecoin value).

Where can I buy Dogecoin?

Since the DOGE token is considered one of the most important cryptocurrency assets, it goes without saying that many cryptocurrency trading platforms offer Dogecoin for purchase, sale, or exchange. On its website, the company doesn’t necessarily highlight any particular platform but provides several tips for choosing a storage wallet for investors who want to keep their DOGE safe. In this regard, you can find our various reviews of wallets designed for asset storage.

In the meantime, many platforms are suitable for buying and selling Dogecoin blockchain. These include:

  • Binance, which is one of the leading players in the cryptocurrency world, offering over 350 cryptos for trading and DOGE.
  • KuCoin, which is an increasingly important player offering a straightforward, accessible interface for neophytes and experts alike.

What’s more, there’s the option of obtaining Dogecoin staking from eToro, considered by many specialists to be one of the best platforms of its kind. We list what you must do to buy or sell Dogecoin on eToro.

Join eToro

As with any platform, if you still need to do so, you’ll need to open an eToro account to trade DOGE. The eToro process is straightforward, with a username, email, and password.

You’ll then need to secure your account using eToro’s double authentication system. In addition to your password, you’ll need a code sent to you by SMS.

Account verification then takes place, requiring certain supporting documents as part of a KYC protocol. This includes, for example, proof of address and identity.

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Deposit funds

Once your registration has been validated on eToro, you can deposit funds to get started trading. With this platform, you can deposit cryptocurrencies already stored elsewhere or proceed with a real money deposit, always converted into dollars (Dogecoin to USD) with a minimum deposit of $50.

Trading

Now, all you have to do is jump in! Search for the asset (DOGE) and Dogecoin chart in the markets tab and initiate a transaction, and always keep in mind Dogecoin price in USD, it will help you! Once you’ve selected the value and amount, you’ll have the opportunity to validate or cancel the transaction, which will also display the fees incurred.

Dogecoin Fear and Greed Index

Updated: 11 April 2024

Now: 52 Greed

Now: 52 Greed

Yesterday: 54 Greed

Last Week: 58 Greed

Being the original memecoin, Dogecoin (DOGE) has experienced significant price fluctuations, especially due to the influence of figures like Elon Musk. This makes it crucial for investors to gauge market sentiment accurately and anticipate future price movements.

Thus, the Fear and Greed Index for DOGE operates on the principle that extreme emotions can lead to market imbalances. When fear dominates, the index tends to be low, signaling potential buying opportunities as prices may be oversold. On the other hand, heightened levels of greed could indicate an overbought market, suggesting a need for caution.

For investors eyeing DOGE, the Fear and Greed Index becomes a compass, helping them navigate through volatile price movements. By understanding the prevailing sentiment, investors can make more informed decisions, whether it involves seizing buying opportunities during fearful periods or exercising caution during times of excessive greed.

In conclusion, the Fear and Greed Index for DOGE serves as a valuable guide for investors, allowing them to capitalize on market sentiment to identify potential trading opportunities in this unique and often unpredictable cryptocurrency.

As with any other investment strategy, combining the insights from the index with additional technical research remains essential for successful decision-making in the ever-evolving world of cryptocurrency.

Is Dogecoin a good investment in 2024?

Since its arrival on the market at the end of 2013, Dogecoin has enjoyed a long period of calm and relative stability. In 2021, it has undergone a significant advance in its price and, in terms of popularity and media presence – as evidenced by Elon Musk’s almost omnibus appearance on the subject – Dogecoin is becoming increasingly popular. Today, Dogecoin is one of the most valuable cryptos in the world, less than two years after its relative explosion when it almost reached 50 euro cents in price by July 2021. Since then, it has returned to the levels seen just before this explosion, which can be partly explained by the fall in many assets.

Today, buying Dogecoin may seem an exciting investment for the future. It remains much higher today than before 2021, and whether you like the man or not, Elon Musk’s love of this asset makes it an exciting speculative asset. The Tesla and SpaceX boss has no ties with the company, but lately, the latter’s assets have benefited.

Will Dogecoin go up? The answer is absolutely yes. The adaptation of DOGE is developing strongly, and Dogecoin’s predictions are more than positive as it should be guaranteed to increase the price, and thus inherently the capitalization, of Dogecoin.

As with any cryptocurrency purchase, it’s important to bear in mind the high volatility of certain assets and that this is an investment that it’s important to sound out first.

Our final opinion on Dogecoin

Will Dogecoin recover? Starting as a joke, Dogecoin became one of the most popular cryptocurrencies. Today, it’s impossible to think of this token as a “joke coin” again, such as its impressive emergence. Returns of almost 5000% in 2021 have propelled this coin to new heights, and everything suggests that the same will be confirmed in the coming weeks.

With a prominent and perfectly established development process by the two founders still at the helm and accompanied by a much larger team than in the past, Dogecoin is seeing its user community explode over time. It’s simple to use, and (DOGE) has all the resources needed to become a benchmark currency in cryptocurrency use.

It’s worth noting that many factors influence Dogecoin’s stock price, but according to several specialists, the project’s development is one of the most exciting that could exist in the crypto world.

Undeniably, we think that Dogecoin future is more than bright, with a virtual currency and ecosystem that have evolved and show great potential for the future.

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Questions you might have about Dogecoin

Can Dogecoin be used as a speculative investment?

The frequent variation in the price of this token makes it interesting for speculation.

Why is the Dogecoin logo a dog?

Initially based on a “joke coin”, Dogecoin takes the head of a Shiba Inu, the breed of dog that was the source of an Internet joke in the 2010s.

What year was Dogecoin founded?

Dogecoin started out as a joke in 2013. Today, it became one of the most popular cryptocurrencies in the world.