DOGE Coin: A Dubious Speculation
Key Insights:
1. Dogecoin was written in the C++ programming language,
2. Dogecoin was created by Adobe’s Employee Jackson Palmer, Billy Markus
3. Its market capitalization exceeded $1 billion in 2018 and Elon Musk once declared dogecoin his favorite cryptocurrency.
4. It is not even Decentralized and breaks cryptocurrency’s fundamental law of Decentralization
5. Doge has outperformed SPX, NASDAQ, DJI, Nifty 50, Sensex, indices returns Combined. All indices total returns of 1Yr: 251.49% and DOGE Coin stands at 37,678%. Almost 150 times more.
6. And one more ironic math bit: Doge coin is bigger then Infosys and all Top 50 India’s Unicorn startups Combined
What is DOGE Coin?
Dogecoin emerged in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality, as its large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1 minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.
Who created DOGE Coin?
Dogecoin is a parody cryptocurrency created by Adobe Systems employee Jackson Palmer and programmer Billy Markus in 2013. Its name is derived from the “Doge” meme, whose many iterations usually feature a Shiba Inu dog surrounded by Comic Sans text.
The meme gained popularity in 2013 and dogecoin was introduced in December of that year. Palmer has said he wanted dogecoin to draw positive attention to cryptocurrency and to encourage innovations with the technology by making it accessible and appealing to new users.
Who triggered the DOGE tsunami ?
Yes, you’re right its not Elon Musk lol. It is TikTok user @jamezg97. In July 2020, he made a video urging people to invest $25 in dogecoin which went viral on TikTok, pushing its then-price of approximately $0.0028 (as of July 7) to $0.00560 temporarily. As the #TikTokDogecoinChallenge began to trend, interest in buying dogecoin soared, and its trading volume increased 1,900% within two days.
Within hours Doge’s Developers warned the public.
What is DOGE Coin based on?
As mentioned, dogecoin is a fork of the luckycoin blockchain. The developers were able to copy the Luckycoin software because it is an open-source protocol — anyone is free to use, study, change, and share it.
Luckycoin is a fork of litecoin, which itself is a fork of bitcoin. And like bitcoin, dogecoin is an open-source, decentralized peer-to-peer network that utilizes a proof-of-work consensus algorithm. The network therefore relies on miners to validate transactions and secure the network from bad actors who would seek to manipulate the blockchain’s record of transactions.
Unlike bitcoin, however, dogecoin uses the scrypt mining algorithm, which has lower hashrates and uses less energy than bitcoin’s SHA-256 mining algorithm.
Why is DOGE Coin very risky?
- It is a Billionaire Club powered FOMO Based Price rally.
- The 44.41% supply of Doge coin is held by top 10 wallets of Doge Coin. In fact 28.90% by 1st wallet. (One can counter-argue that: yeah, it might be exchanges cold wallet’s but as we are in a world of decentralisation we cannot be assure of that and while investing one should keep in mind that the whales can dump their doge and the entire coin will vanish into the abbys of dark.)
- Musk has openly agreed to buy doge from the top doge wallet helping it to be decentralized. “I will literally pay actual $ if they just void their accounts” Musk said.
Now, how can you make juicy money with DogeCoin?
Honest Answer from the editor of the article. Don’t buy doge you’re too late for the train the coin had pumped 8 times this year alone bring it here. And now it all rest’s in the hands of Daddy Elon if he continues to show interest about doge coin we may see such pumps again. No Financial Advice : )
Hope you liked it, See’ya Later.
K.Patel
(PS: Those who are reading after May 9th, Doge was dumped on SNL, Hahah lol. thanks Maye)
Links for the Genius Learners:
https://www.value.today/headquarters/india
