Dogecoin (DOGE) Is one of the world’s most valuable cryptocurrencies today. The currency as we know it today started initially as a joke. Dogecoin started when two software engineers by name of Billy Markus and Jackson Palmer. The coin was created when these two software engineers decided to create a payment system as a joke making fun of while speculation at the time.
Dogecoin is simply an open-source peer-peer digital currency, this was initiated by Shiba Inus worldwide. It is quite different from other digital currencies with amazing, and working platforms for business-minded people like you, and I
Dogecoin (DOGE) – Will Dogecoin reach $1?
The truth is that no one is certain if Dogecoin will reach one dollar or not. It could be up to one dollar in the next one week, one month, one year but no one’s certain. It could even drop below its current price. Long story cut short, the coin is not at a fixed price and no one knows what’s going to happen
Currently, the price of Doge is not consistent as it decreases and increases respectively. We hope that will price of a dogecoin hopefully before the need of the year will rise to 1dollar, but presently the market price of a dogecoin is NGN 83.99
In the same year, the Dogecoin community collectively donated over $170,000 in DOGE to more than a dozen charitable causes, including a Kenyan clean water charity and an organization that supplied service dogs to blind children.
In 2015, Palmer and Markus stepped away from Dogecoin, calling the community “toxic” and criticizing it for being “white male-dominated” and marred by “buzzword-filled business ideas.” More recently, Markus said the dogecoin market has fallen foul to “Pump and dumping, rampant greed,” as well as “hype without research”.
The project was left in the hands of volunteer developers from the dogecoin community, who infrequently update the underlying code.
By January 2018, Dogecoin’s market capitalization broke the $1 billion milestone. But it wasn’t until 2021 that dogecoin’s popularity went to a completely different level.
Dogecoin price prediction
Due to what is happening around in the business world, the price of Dogecoin is not consistent, it was observed in January 2021, the price of Dogecoin spiked up over 800% in 24 hours. Attaining a price of $0.07, as a result of attention from Reddit users, this was encouraged by Elon Musk and the GameStop short squeeze.
Dogecoin (DOGE) mining
Dogecoin’s mining code was initially copied from a project called LuckyCoin. LuckyCoin – a fork of Litecoin, which is a fork of Bitcoin – featured a completely random block reward schedule where miners could receive zero or potentially thousands of free coins for producing new blocks. Palmer and Markus believed the randomness would irritate dogecoin miners and prevent them from actually using the token long-term.
Palmer and Markus also decided to change this to a fixed block reward schedule similar to bitcoins in March 2014. Blocks created under the new schedule contained 10,000 dogecoins, meaning 5.2 billion dogecoins are mined each year.
Dogecoin’s mining difficulty adjustment (which controls how hard or easy it is to find a block) is tweaked every block, unlike Bitcoin, which adjusts every 2,016 blocks.
In 2014, Litecoin creator Charlie Lee proposed the idea of merge-mining Dogecoin and Litecoin. This idea of “merged mining” meant miners would mine both Dogecoin and Litecoin simultaneously, helping to boost the network security of Dogecoin. Palmer and Markus accepted Lee’s proposal four months later. This resulted in dogecoin producing faster blocks than Bitcoin (1 minute vs. 10 minutes), meaning doge transactions are significantly faster than Bitcoin transactions.
Dogecoin initiation differs from Litecoin by different parameters. The block time for Dogecoin is 1 minute as opposed to Litecoin’s 2.5 minutes.
Several cases of people using their employer’s or universities computers to mine Dogecoin have been discovered.
A wallet is what is used for holding your Dogecoins directly on your android phone or computer. This makes it easy to access
How to invest in dogecoin
Below are the steps to follow:
- Open a Binance account. The first step to buying Dogecoin is creating a Binance account. This is because safemoon is a new and controversial cryptocurrency token. Popular exchange platform like coinbase and Gemini do not yet support the asset on their platform. You can open an account on the binance official site.
- Now you have to download Metamask or Trust Wallet. This is the software wallet you are going to need. Once you download the app on your device, open it and create a software wallet. You will be given a mnemonic code of which you should keep to heart to help recover your account.
- Once your wallet has been created, go to the Binance website and buy binance to your software wallet. Navigate to the browser on the trust wallet or Metamask and search for pancakeswap. On pancakeswap, connect your wallet.
- Now you need to add a Dogecoin wallet to your portfolio. To do this, open the Trust Wallet or Metamask and tap on the add button.
- Once the software wallet has been added, you can go to pancakeswap and purchase the coin. To do this, open pancakeswap, on the second column, enter the contract address 0xba2ae424d960c26247dd6c32edc70b295c744c43. Import the coin and enter the amount you wish to buy. The price will be reflected in bnb. Once so, click on the swap button, approve the swap and enter your password.
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