Many of you have probably heard of Dogecoin or at least seen the famous dog-faced logo. It is currently the thirty-third largest cryptocurrency on CoinMarketCap with a $219 million market cap.
That should inform you that despite some of the bad press you may have received in the past, this is something worth considering. Today we will explore how this coin was created, its growth over time, and how it might perform in 2020 given the current pandemic lunacy.
Dogecoin (DOGE) was created in 2013 and has experienced its ups and downs. We have divided it into anyone unfamiliar with this fascinating coin into sections.
December 2013: $1,083.14 per BTC where the world was starting to notice digital money’s rapid rise in value. Unlike most investors, Billy Markus and Jackson Palmer thought digital money was overrated. They thought crypto would be more than just an investment. So they made their coin.
Jackson Palmer is an Australian investor and digital marketing interested in bitcoin. Surprisingly, he discovered a humorous way to mock their reality. He would take the famous Shiba Inu dog image ‘Doge’ to create a coin logo.
After a bad day, he mock-reality tweeted about “DOGE” being the next best crypto to happen to humanity. It drew the attention of the digital money sector and sparked interest in the coin.
The Good
The coin’s value has dazzled financial specialists. Thus, DOGE has designed a provocative graphic to quell the hysteria. Its users aren’t as greedy as the gold rushers who sought and mined other digital currencies at the time. So, underneath all the new tech jargon of blockchain, mining, and wallets, DOGE has a more liberal and social mindset. Sharing and tipping is more fun than making money, according to DOGE.
The Bad
But the currency has had some major hiccups along the road, making the journey not entirely smooth. DOGE went live on December 6th, but by December 25th, calamity hit. With the help of a hacker, 30 million DOGE coins worth $18,000 were stolen from Dogewallet and Instadoge file systems.
The Ugly
Sadly, this openness led to the darkest period in DOGE’s history. The Moolah episode is the most renowned. Ryan Kennedy (aka Green) joined the DOGE community in 2014. His generous DOGE gifts made him a client favorite. He started the $55,000 fundraising campaign for NASCAR driver Josh Wise. Kennedy used his influence to urge the network to invest in Moolah, a DOGE-friendly crypto exchange. Kennedy raised nearly $750,000 for his idea.
2020 Price Forecasts
This year will see significant revisions and enhancements to several coins. While BTC and its split versions go through reward halving, Ethereum finally moves to Ethereum 2.0. Since 2015, DOGE has made no progress. Not five years ago. Despite this, the coin is ranked 33rd, ahead of projects like Steem, Theta, Nexo, and others. It is due to the still-active community driving demand for the currency.
Another issue is that DOGE is deflationary and will never hit $1. Developers and users don’t care about pricing, but investors do, improving liquidity and value. As a result, major institutional investors are unlikely to invest in DOGE.
While DOGE has several drawbacks, it also has many advantages. The major one is the coin’s and community’s tenacity. One would have thought the currency would have died following the 2013 Christmas hack. Investors were on edge when Mt Gox collapsed due to a hack. The community saved the statue. The DOGE community is still active, indicating a need for a long time.
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