DOGECOIN, THE NEW TREND, AND ELON MUSK.
What is Dogecoin?
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The world today is witnessing the death of cash. Cryptocurrency is the new form of payment that is widely adopted in the virtual world for the interchange of goods and services. Indeed the majority of most companies are launching their digital coins (currencies), often called tokens. Therefore, these tokens are for the trading of services and goods. Thus, people are increasingly using this new form of trading more often than cash in order to access the goods and services they need.
Cryptocurrencies work by using blockchain technology. First, to make it safer and more reliable for their users, and second to manage and record transactions. Among the many benefits of blockchain, it is an unhackable system.
There is more than 2000 cryptocurrency in the market cap, Dogecoin is one of these cryptocurrencies, like Bitcoin, Ethereum; or Tron. Dogecoin was created as a joke fun in 2013. It reached its highest in 2021, up to 0,03 Dollars from 0,0019 Dollars two weeks earlier. It took its name from the popular memes. Although Dogecoin's story is different from other coins, it gained wide attention and has become the fifth-largest cryptocurrency by market cap.
The market value of Dogecoin is 51 billion dollars according to CoinGecko.That's more than the market capitalization of large corporations in the world like auto giant Nissan, for example.
Difference between Bitcoin and Dogecoin? Both Bitcoin and Dogecoin are in Blockchain cryptocurrencies.
Bitcoin is taken seriously and is seen as a currency that could gain worldwide adoption whereas Dogecoin has a very lighthearted take on cryptocurrency. Moreover, Dogecoin is a proof of work that uses script language that makes it a GPU mining coin instead of ASIIC mining. In contrast, Bitcoin miners need separate computers to mine Dogecoin. Moreover, The laws of supply and demand push Bitcoin up in value while dogecoins will always be cheap because there are so many of them. For this reason, Bitcoin is worth 56677.70 Dollars and Dogecoin is worth $0.50
Is it worth investing in Dogecoin? As is claimed by many experts in Cryptocurrency, Dogecoin raised because of its low value. "Dogecoin investments, like any other cryptocurrency, can only be made up to a sum that one is willing to lose."
_Because a vast portion of people are joining the market cap every day and investing a small amount of money in digital coins, the value of Dogecoin is estimated to grow gradually over time. Even though it is at a low price right now, it is more likely to grow gradually to reach one dollar by the end of 2022.
_The way that cryptocurrency works go up and down is still mysterious even to most tech-savvy investors. It’s not under the control of any bank, government, or corporation. The majority of people still know little or even nothing about crypto even though it has the highest shares in the marketplace. Actually , most people are putting their money in Crypto because of Bitcoin raise and other coins.
With all that being said, it is recommended for beginners '' NOT To Put all eggs in one Basket''. In other words, investors should invest in many Cryptocurrencies. People ought to invest first in their time to go and learn about Blockchain and how it works before ant further step. it requires immersion in learning Dogecoin now before investing a single dollar in an imaginary coin with a picture of a smiling dog.