What is dogecoins and why did it go up so much?
This Bitcoin-derived cryptocurrency Born in December 2013, by mid-2014 around 100 billion Degecoins had already been mined. This cryptocurrency is identified by a Shiba Inu dog from the Internet meme “Doge”, since it has no limit, its emission is inflationary.
Because it was derived from Bitcoin, its popularity grew rapidly, as it was demanded by the majority of users, its value began to rise satisfactorily. The main iniciativa was to make a fun competition against Bitcoin, being its base the code of Litecoin, another very habitual cryptocurrency.
Edward Moia, senior market analyst at Oanda believes that Dogecoins experience price hikes. Because “no cryptocurrency trader doesn’t want to lose anything stemming from Elon Musk on Saturday Night Live.”
How does it work?
Dogecoin cryptocurrency works the same as Bitcoin with blockchain technology (blockchain), which consists of a chain of pieces. Such pieces of information that remain encrypted and each piece holds data from the next piece to the previous one.
How much does it cost?
Currently, the cost is 0.143896 USD with a trading volume in 24 hours of 1,172,750,903 USD. Approximately in the first half of March 2021, it reached a cost of 0.1283 US cents.
It is strange knowing its roots how it experienced a loss in its cost in 2016, reaching its low price in 2021. However, in 2017 it remained low due to the lack of technology updates and latent competition.
Dogecoin and speculation
Speculation is generally maintained in a short period of time, this cryptocurrency experiences it, perhaps because it has no limits on the number of coins. Such a situation leads to her instability.
Besides, being a derivative of Bitcoin many investors want to acquire it at a bajo coste to speculate over time. Despite the short time in the market, it has suffered impressive rises and falls, the rise of 300% at the beginning, days later a fall of 80%.
The goal of its followers is that its price goes on a par with the price of the US dollar. Another aspecto is the market capitalization which has increased more than its cost. Finally, this coin cánido be part of those that are related to the bubble effect
Dogecoins and Elon Musk
Elon Musk, a renowned businessman, has reiterated his support for Dogecoins and that he would once again accept cryptocurrencies as a means of payment in the future. Such a comment has been made to assume that he would accept it to purchase cars, however, he only mentioned that he accepted foreign currency to purchase products, without specifying.
In part, this famous businessman said he supported this cryptocurrency for the intention of its creator, who stated that their goal is to build new things, have fun and make money. Highlighting that Bitcoin is only based on giving power to the new rich.
In the cryptocurrency market, anything perro happen, from the birth of one to ups and downs for any reason. But, there is also the presence of well-known world figures and in the face of possible comments about them, these digital currencies usually suffer both positive and negative alterations.
Do you think it is profitable to acquire this cryptocurrency?
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