A commonly asked question regards a very fun and lighthearted cryptocurrency called Dogecoin. It was created in late 2013 to allow its users to have fun while mining and trading cryptocurrency. Its creator never foresaw the coin being taken seriously… and that’s exactly what happened.
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After a couple years, people started trading Dogecoin for impressive sums of money. I say impressive even though the coins were trading for fractions of one US Penny each. That’s because there are billions and billions of Dogecoin on the market. That was the intention of the creator who wanted to see people sending around tens and hundreds of thousands of coins. The original intention of this coin was more like… playing around with Monopoly money pretending it’s real money.
In late 2017 (on Christmas Day, to be exact) Dogecoin’s price reached the unthinkable … a penny each ($0.01). This was considered by many early adopters to be “moon”, in the phrase “To the Moon!”
What’s Dogecoin’s Purpose Today?
Dogecoin discovered its true purpose as being the perfect introductory cryptocurrency to learn about both mining and spending.
Dogecoin is lighthearted and does not take itself too seriously. The doge character itself (a Shibe Inu dog) is a longstanding meme in online forums. Doge say very childlike statements, including the words: “Very, Much, Such, Many, Wow” and more. This itself is a perfect analogy to how playful this coin is.
What Will Dogecoin’s Future Be Like?
I highly doubt it will ever return to the Top 10 cryptocurrencies (believe it or not, it was position #5 for awhile!) but it may very likely stay in the Top 50 for years to come. (As of writing it’s in the mid-30’s). As the market cap (total worth) of Cryptocurrency increases, so will Doge’s value increase. Some speculate if Dogecoin will ever be worth $0.10 each; it remains a very good possibility, though it would take a lot of time.
With every milestone in Doge’s future, there will be ‘crashes’. After Doge hit 1-cent each in Dec 2017, it quickly returned to $0.008 each, which is still higher than where it was months prior. Likewise, when Doge hits other milestones such as 2, 5, and 10 cents each, it will likely return to a lesser value. (These crashes are not promised, but they have been observed.) Therefore you might take these into consideration when you invest in Doge.