Deciding on what to pick between bitcoin, with the highest value and limited supply, and Dogecoin, with unlimited quantities but not even close to its relative value, was raised by many.
With the current situation, the market is now facing another stage where the crypto world is starting to weigh the economic equations when explaining supply and demand.
The current comparisons do not appear to have a reasonable standup.
Elon Musk’s numerous tweets about Doge have led people to assume that he is the creator of the coin. However, contrary to the existing popular belief, Musk is not the founder. The announcement that Dogefather and self-proclaimed owner of SpaceX, Elon Musk, has approved Dogecoin to launch satellites to the moon is a real boon for investors and meme-based cryptocurrency processors.
Journey of Dogecoin
Dogecoin was created on December 13 by Jackson Palmer and Billy Marcus. At that time, the crypto was formed by the founder’s self-interest. The means of transaction they created were based on a joke. The market in those days ridicules it because of that.
It all starts with a tweet from Palmer in 2013. Palmer is a well-known software engineer.He tweeted that, by investing in Dogecoin, he is convinced this will create a huge impact. Regardless of whether it’s a sarcastic meme or not, Dogecoin is continuously making great progress in the cryptocurrency world.
Given the fact that cryptocurrencies are extremely volatile, It gives an indication that the price of Dogecoin will be unpredictable. However, by January 2018, it had a market cap of over $1 billion.
Shibes plays as the currency’s very active and supportive community members. On which, I have participated in numerous social and fundraising events.
The open-end source, Dogecoin, sells worth 118 billion since its initial supply of 100 billion coins, which happened in 2015. Given that Bitcoin’s output is 21 million, the numbers alone could be a sign of the turning point for Dogecoin’s future.
The followers of Doge say that investing in it, especially when it’s in a good spot, can be very rewarding.
Dogecoin’s Large User Base and Stability
Its existing large user base acts as a currency, not an asset. Accumulating Dogecoin is not as difficult as some others in terms of investing. For that reason, Dogecoin has more distribution than any other cryptocurrency. For serious and larger holders, Dogecoin can certainly be an investment with certain revenues.
Support and feedback from celebrities such as Elon Musk, Mark Cuban, and rapper Lil Yachty have greatly boosted Dogecoin’s popularity. However, following Musk’s other remarks that Dogecoin’s popularity exploded, his fame has declined slightly, but it didn’t last long. The situation proves that Dogecoin is going nowhere.
The chairman of Wallstreet Bets posted a tweet of hope, asking if the Doge ever hides behind a dollar. Despite that, backers will be at ease if Dogecoin reaches the value of $1. Still, none of the market owner’s tweets had a lasting impact on Dogecoin’s popularity. It asserts that it is the most stable coin in terms of value and flow.
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