Dogecoin what do you know about it

CNN Business published a report about the "Dogecoin" currency, a competitor to Bitcoin, which is one of the most powerful cryptocurrencies.

 

The total value of the currency in circulation is about $ 50 billion, and this is "not a bad thing for the digital currency that started as a joke."

 

It is the No. 5 "most valuable" cryptocurrency in the market, according to CoinMarketCap, and has increased by more than 6,000% this year.

 

The price of Dogecoin doubled again last Friday after Tesla CEO Elon Musk tweeted about it. Demand for it rose this week, and it briefly affected the cryptocurrency trading system in the "Robin Hood".

 

Like all cryptocurrencies, Dogecoin is a digital currency that can be bought and sold as an investment, and spent like money.

 

Although each cryptocurrency has its own characteristics, it shares some characteristics with each other, and its programming is similar to "Litecoin", but with some major differences.

 

Unlike Bitcoin, which has identified 21 million as a "limited amount" for the digital currency, Dogecoin has 129 billion coins in circulation and will continue to have the opportunity to "mine" each year. This is one of the reasons why Bitcoin has a higher value.

 

Although cryptocurrencies are gaining more acceptance as a currency to buy goods, Dogecoin is not used much and has fewer market opportunities.

 

Dog Queen was created on December 6, 2013 by two software engineers "as a joke," including Billy Marcus, a programmer at IBM from Portland, Oregon, USA.

 

Osman Chauhan, an economist at the University of New South Wales Business School, said, "Marcus distinguished his cryptocurrency from the Bitcoin currency, which was mired in mystery due to its unknown origin, and at that time it attracted a small and specialized group of mining practitioners, and Marcus wanted to be his currency." Encrypted open to the masses. "

 

Marcus looked for help to make his dream a reality, and found Jackson Palmer who worked at Adobe, and Palmer bought dogecoin.com on the Internet.

 

Dogecoin is no longer a joke and its popularity has skyrocketed this year, supported in part by the start of Bitcoin and other cryptocurrencies being adopted in the buying and selling process.

 

 

 

 

But Elon Musk is the biggest supporter of Dogecoin, and one tweet from him can increase the price of the cryptocurrency, and this is what happened last Friday.

 

Questions remain about the feasibility of investing in these currencies, and while Bitcoin is being traded more actively and has become widely accepted, on the other hand, Bitcoin can collapse like a Dogecoin as well without warning, but its rise this year was amazing.