Everyone has heard of Doge Shiba Inu and everyone has widely accepted this meme, making it into an iconic internet joke. But, it wasn’t only Doge meme hitting the mainstream waters – DogeCoin, originally patented as joke coin and created by Billy Markus has recently hit the mainstream waters, climbing onto the list of top popular and most wanted cryptocurrencies currently available on the market.
This joke coin surely seized with being a joke as it is one of the most stabile cryptocurrencies that is collecting even more interest than Bitcoin in the current days; and even though the revolution and dizzy increase of Bitcoin stopped, DogeCoin seemed to keep going! But what’s behind the scenes anyways and how come this joke coin managed to reach such proportions when it comes to value increase?
To find out the answer, we will have to go through a couple of traits that DogeCoin has that makes this digital currency one of the most promising among the cryptocurrencies currently available on the market.
Much Wow! Doge Approved
The reason behind DogeCoin stability in the first place is probably this massively adored and globally accepted meme of Ishiba Inu, known as Doge. Fans were most possibly the first to start with investing in this digital currency four years back when this joke coin was launched, causing this coin’s value to gradually grow although it is only now, four years after it was launched, that this cryptocurrency is worth over a penny.
Another reason for having DogeCoin around for 4 years and still have it on top 50 digital currencies list although its value is not jumping as high as LiteCoin or Bitcoin is that DogeCoin is user friendly and very suitable for people who are yet to learn how to handle cryptocurrencies. That means that if you are thinking about investing in digital currencies but you still don’t fully understand how cryptocurrencies and blockchains work, investing in DogeCoin would be a great idea.
But, what people are most giving attention to when it comes to DogeCoin is actually the community they are a part of. If you decide to do a little research on DogeCoin, you will see that people who work with DogeCoin and use this coin for transactions claim that it doesn’t matter how much “real money” is DogeCoin worth. That is why if you decide to go to subreddit, you will see live posts with claims such as “1 DOGE = 1 DOGE”, although the daily price chart would say 1 DOGE = 0.1$.
They have a point there, though; because not any kind of money would be a worth a thing if there wasn’t for the general acceptance and majority up votes for using money for trading – before that it was goods for goods, natural trading that involved only things of material value, but it wasn’t very cost-effective or easy either having to transport large amounts of wheat or meat to the opposite side of the world just so you could buy a couple of fancy dresses. Then, someone thought about producing a paper of value that would be used for purchasing and trading – more efficient and far more economic. Here and now, we are witnessing another stage of progress having our transactions made even easier without third parties and with maximum security that protects both parties, all based on extra safe blockchain technology that also enables currency production through mining.
DogeCoin is one of such currencies, accepted and valued by its community itself and people who support the cause of having decentralized systems meant for trading and transactions. Even if DogeCoin wasn’t breaking through the top list and having its value increased, this coin would still be valued within DOGE communities.
Is DogeCoin here to stay?
When you take into consideration that this digital currency is being supported by DOGE communities and increasing number of supporters and fans, adding the fact that along all that time DogeCoin remained stable and survived, making it to the top 50 to 40 digital currencies currently active on the cryptocurrency market.
The last month of the following year 2017 was specifically benevolent for digital currencies where we had Bitcoin reaching a magical value of over 15.000 dollars per one BTC, also having dozens of different “small” digital currencies experiencing value increase of over 500% and higher during the past month. But, in the last few days of this year we were able to see that although all these coins had an amazing boost of value, many of them suddenly and almost immediately after the increase, started to drop in value, while DogeCoin managed to preserve stability and reach the highest price this cryptocurrency has ever had, reaching the value of one penny per one DogeCoin. Lurking and on the run investors and traders have also given attention to this strongly supported digital currency with faithful community, so as more people are investing, consequently the value of this coin is experiencing increased value, altogether gaining on even stronger stability.
It took it some time to end up where it is today, but if you take a glance at the past, focusing on 2008 when Bitcoin was first launched, this coin was not much of a deal and was worth under a penny. Nine years later and this coin is 15.000 dollars heavier. But, if predictions for DogeCoin are true, this currency should very soon reach a very flattering value.
So, when you go through all the promising clues revolving around DogeCoin, blueprinting the progress of this digital currency, this joke coin is everything but a joke. As faithful users, supporters and members of Doge community are there to stay, this coin seems to have a bright future in stall. The following year would then most possibly be even better for good old joke coin, promising additional value increases and fan-proofed stability.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Aranami via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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