We all know that Cryptocurrency is booming now. The word “Dogecoin” has been heard again and again in recent days. Just a tweet from Elon Musk changed the total status of it. It became a top 10 Cryptocurrency list in a short period of time.
Dogecoin was introduced on December 6, 2013, features the face of the “Shiba Inu” dog from the Doge meme as its logo by the software Engineers Billy Markus and Jackson Palmer who decided to create a payment system as a joke. But some consider it as a legitimate investment prospect.
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1. How many Dogecoins are there?
Dogecoin was developed without any expectations or plans. It only took about 3 hours to make. Despite this, it quickly developed its own online community, now the market cap is $39.76 billion in May 2021 according to Coinmarketcap.
There are currently 129.81 billion coins in circulation as of May 2021. It is inflammatory, said Demiror. More Doge is printed every minute of a day, giving doge a potentially infinite supply.
Note: This number changes every 10 minutes when new blocks are mined.
This means, for example, every minute on day 10,000 new coins are issued. That equates to nearly 15 million coins per day or over 5 billion doges per year.
2. What Is Dogecoin Price Now?
The current stock price, dogecoin to USD is $0.306295 with a 24-hour trading volume of 3.16 billion. According to prediction, it is hard to reach $1 because there are around 130 billion coins in circulation, and each year 5 billion new coins will be added to the network by miners.
Mostly Dogecoin values are determined by the power and influence on social media by influencers. Therefore the values are certainly volatile and unpredictable.
3. What Are The Best Crypto Wallets?
The wallet is a software application in which you store your digital coins. If you decide to sell, buy or transfer digital coins, secure wallets are most important. The following are also taken from Reddit’s best crypto wallets. Let’s see the top 6 wallets below.
To get detailed information of each wallet in Thebalance.com
4. How To Do Dogecoin Mining?
Dogecoin uses Scrypt hashing algorithms. There are two ways to mine, Solo (by yourself) or in a Dogecoin Mining Pool.
- Dogecoin Pool
a. Dogecoin Pool
Fees must be paid when mining as part of a Dogecoin pool. Furthermore, you will only earn a small percentage of the entire payout when the pool mines a block. Pools, on the other hand, mine blocks more often than solo miners. As a result, your chances of getting a reward (even if it is split) are improved. This will ensure that you have a consistent supply of coins.
If you choose to mine alone, you risk having to wait a long period for a transaction to be confirmed due to the high level of competition. It could take weeks, and months, to mine your first block! When you do win, though, you will receive the entire prize. You will not be required to share it or to pay any costs.
Just a PC with an internet connection is enough to start mining. And as mentioned before you need a secure wallet to store the mined coins.
Note: Online wallets are not recommended.
Despite GPUs (Graphical Cards) being more recommended than using normal CPUs for mining. Because normal CPUs can overheat which causes damage to your PC. Get a complete mining guide in Bitdegree.
5. Dogecoin Prediction By Experts
The number of businesses that accept Dogecoin as payment is growing. The Dallas Mavericks NBA franchise, The Kessler Collection luxury resort company and Latvian airline airBaltic have added DOGE to their payment methods in March 2021.
Its volatility makes it very hard to predict that what will happen. The rapid growth to become a superpower in a short period of time, with many experts arguing it is not sustainable.
Tesla and SpaceX CEO Elon Musk is a big supporter of Dogecoin. His recent tweet makes it more trending. Elon Musk has tweeted about it frequently in 2021, His active Social Media “Twitter” post has even bosted value of it.
6. Elon Musk About Dogecoin
Elon Musk - The Tesla and Space X CEO
In January 2021, Doge went up over 800% in 24 hours attaining a price of $0.07. As a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop Short Squeeze.
On May 8, 2021, despite, or perhaps because of expectations of a surge in interest in Dogecoin resulting from Elon Musk’s appearance on Saturday night live, the coin dropped 34% from $0.711 at the opening of the show to below $0.470 45 minutes later.
On May 9, 2021, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. Elon Musk confirmed this news via Twitter.
7. Is Dogecoin Investment Good In The Future?
According to Ashish Singhal, CEO and co-founder Coinswitch Kuber calls this totally a subjective decision. Dogecoin investments, like any other cryptocurrency, should only be made up to an amount that one is ready to lose.
According to Kumar Gaurav, founder and CEO-Cashaa, Dogecoin has been in the market for over 7 years hence in terms of its legitimacy. When a person invests in a coin, he or she is essentially participating in a positive endeavor that will result in a profitable investment.
Note: Therefore, Gaurav adds that this is only his personal opinion and shouldn’t be taken as any financial advice.
The real reason for the growth of Dogecoin is its low value, which is also helpful to teach new investors to get a clear view and idea about Cryptocurrency.
Despite all, it’s your own choice to think twice before investing in Dogecoin
Also Read: Earn Crypto Without Doing Anything.
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