- Dogecoin is a firm favorite among the cryptocurrency community
- Begun as a joke project, the token now has a multi-billion dollar market cap
- Why is DOGE loved so much, and just what does it do?
There is no denying that Bitcoin is the king of cryptos. Commanding headlines and shaking the world of banking to its core, what Bitcoin will mean for the future of financial services can’t be understated. However, it isn’t just Bitcoin that’s giving the cryptocurrency market life. The world’s leading digital currency – through its record-breaking pumps and recent passionate following by Tesla CEO Elon Musk – has paved the way for a number of other cryptos to gain traction.
Ushering in the day of the dog – or should we say DOGE – Dogecoin has transformed from a “joke currency” into one of the most recognized cryptocurrencies in the world. From one of the world’s richest men continually tweeting about it to crypto casino players using it to play slots with, DOGE has combined use case with a fanatical backing to become everyone’s favorite altcoin.
What is Dogecoin?
Its name is anything but serious, as Dogecoin – with its Shiba Inu dog logo – was intended to be something silly when it first launched. This peer-to-peer cryptocurrency was born out of an Internet meme and is “meant for Doge lovers”, so it’s safe to say that it wasn’t something that was taken particularly seriously.
The team behind DOGE shouldn’t be labeled as jokers however, as they’ve impressed with how they’ve marketed it to the masses. Taking on an innovative guerrilla marketing campaign using the characteristics of the Doge meme, their approach put DOGE in front of thousands of traders, investors, and crypto fans. Partnering images of the famous Shiba Inu with text like “much something”, “very something”, “such something”, and “wow”, you can see that this cryptocurrency combines funny and functional as one.
Speed and Silly Combine
Given the silly backstory of DOGE, many have asked what the actual purpose of this cryptocurrency is. Over time we’ve seen DOGE come into its own because of its impressive transaction speeds and low transaction costs. With Bitcoin becoming slower and more expensive – even if the Lightning Network is improving Bitcoin performance – room in the market has emerged for other cryptos that offer a little more fast-paced firepower. Emerging out of Bitcoin’s massive shadow, DOGE is now considered a viable digital currency, as its low transaction costs and fast transaction times make it a pretty appealing crypto option.
A Comedic Departure From Bitcoin
Every crypto is going to be compared to Bitcoin and DOGE is no different. Both have similar mining algorithms, with the key difference coming about through the level of supply. As you’re probably already aware, Bitcoin has a finite supply, so its blocks will shrink over time, to the point where the coin supply will run dry. Dubbed digital gold for a reason, you can see that Bitcoin’s finite nature is lending itself to its insane price growth.
DOGE is different, as it doesn’t have the threat of a finite supply of coins to battle against. Effectively infinite, the developers decided to not cap the number of mineable coins, a fact that is an integral part of the DOGE joke.
The DOGE creators have also thrown huge rewards behind the mining process. After 100,000,000,000 have been mined, the block reward will be 10,000 coins – forever. This makes it more viable to mine DOGE over the long-run, as the potential for rewards isn’t going anywhere. DOGE isn’t Bitcoin and it isn’t ever going to reach the same level. But, there is no denying that it still has the potential to be just as viable – especially when it comes to things like purchases and online casino play.
More Uses Than You Think
If you’re after the “next Bitcoin” or want a crypto that’s going generate a huge long-term profit, DOGE probably isn’t what you are looking for. There are simply better coins on the market for this, which offer a higher quality commodity and thus have greater potential. Plus, DOGE is what it was designed to be – a fun project that never had any serious designs to challenge the top dogs. This irreverence is perhaps what attracted Tesla CEO Elon Musk to the project, who in 2021 went through a spell of tweeting constantly about DOGE in a positive manner, making national news.
DOGE was never meant to be a market-dominating crypto that will shoot up to tens of thousands in value in a matter of months. In fact, you can argue that DOGE was never meant to experience any growth at all, with its $7 billion market cap being a pretty shocking development in its own right. If you’re looking to turn a small amount of DOGE into something bigger, online casinos like BitStarz are where you’re going to want to be spending your DOGE.
DOGE is also accepted at a surprisingly large number of online retailers, with gift card sites like eGifter and Bitrefill also accepting it. DOGE has also become an excellent crypto for donations purposes – DOGE donations were used to help fund the Jamaican bobsled team who made it to the 2014 Sochi Winter Olympics. $80,000 was needed for the cause, with DOGE donations making up nearly $30,000 of that figure.
Keep An Eye on the DOGE
There are many reasons why Dogecoin has become many people’s favorite altcoin – its conception, design, surprising usability, and the fact that it pumps like crazy have all combined to make it a coin that’s always worth keeping your eye on.