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Why everyone is talking about Dogecoin

Why everyone is talking about Dogecoin

With the recent news of Elon Musk announcing that Tesla will officially be accepting Dogecoin as a form of currency for some of their merchandise, the coin saw another spike in popularity.

Upon the day of the news, the coin saw the value increase over 23% which was great news for people that have a stake in the coin as the value has dropped starkly since its popularity surge at the beginning of 2021.

With Dogecoin coming back and being in front of so many eyes, let’s take a look at what made it so popular.

Why Dogecoin is Trending

A Quick Look at Dogecoin

Cryptocurrencies are becoming increasingly popular, and Dogecoin is no exception. In fact, it has become so popular in Australia that there are now multiple exchanges for buying and selling Dogecoin. This makes it easier than ever for Australians to get their hands on the polarising currency.

The currency has many benefits, one of which is its low transaction fees. This makes it possible for people to buy and sell Dogecoin without having to worry about spending too much on fees. Vendors and store owners alike can use this to sell merchandise or items that are usually quite a low cost.

Many Australians are interested in the currency because of the innovative technology that makes it more secure than most other cryptocurrencies. There are still some concerns with the currency, but overall it seems like this is a good investment for Australians who want to get in early on something new and exciting.

PS: You can also take an interest in investing in Crypto. Some of the proven methods include Coin staking, DeFi, and Masternoding. 

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What is Dogecoin?

Dogecoin is a cryptocurrency that was created in 2013. It was based on the Doge meme, which became popular on the internet almost a decade ago. The currency quickly gained in popularity and now has a market capitalization of over $22 billion. Dogecoin is often used for tipping online, and it can also be used to purchase relatively inexpensive goods and services online.

Dogecoin is a decentralized currency that was created to make digital transactions easy and fun. It can be used for many different things, such as tipping small amounts of money on the internet. Dogecoin can also be used to buy items like socks and shirts, and users of the coin will rejoice that they will be able to buy Tesla merch with it soon as well.

The coin was created by programmer Billy Markus from Portland, Oregon, and his partner Jackson. Markus saw the potential of cryptocurrencies and wanted to have a fun one that would appeal to a wider demographic than Bitcoin. This is how Dogecoin was born, thanks to a generous donation from Jackson who wanted to see this cryptocurrency become reality. Dogecoin was launched on December 6th, 2013 via an Initial Public Coin Offering (IPCO).

Dogecoin’s Surging 2021

Dogecoin has been growing in popularity and 2021 saw the biggest surge for the coin. It’s a fun and innovative new cryptocurrency that has many benefits, mainly being the low transaction fee. It is also a decentralized currency that was created to make digital transactions easy and fun and not to be taken too seriously.

In 2020, Tesla CEO and billionaire Elon Musk posted tweets and spoke about Dogecoin, bringing a lot of attention to the already skyrocketing coin which pushed up the value of the currency significantly.

DOGE was trading at $0.006 (AUD) at the beginning of 2021 and it reached an all-time high of $0.90 (AUD) in May, thanks to several tweets by Musk and the solid community behind it.

The coin is finishing the year and entering 2022 at a solid position at $0.24 (AUD).

Despite its creators’ intentions not to make it a serious cryptocurrency, Dogecoin gained traction and was listed in some exchanges under the ticker symbol DOGE.

Dogecoin controversy

Dogecoin has been in the news a lot lately due to controversy surrounding it. Some people are concerned that it is a scam, while others think that it could be a good investment. The controversy mainly surrounds the fact that Dogecoin has no real-world value and is only worth what people are willing to pay for it.

Despite this, the coin has seen a surge in popularity recently and has a market capitalization of over $22 billion. This makes it one of the most popular cryptocurrencies in the world.

One popular controversy that is commonly discussed in regards to Dogecoin is the infamous $14 million hack of Dogetipbot in 2016. Dogetipbot was a third-party service that allowed people to tip each other online with Dogecoin, and it was hacked when attackers sent an extremely large amount of data through the server which compromised the system.

Another controversy surrounding Dogecoin is that it has been accused of plagiarising the code of another cryptocurrency, Luckycoin. This came after Jackson Palmer left the company in 2015 to focus on other projects.

Dogecoin currently seems to be finding its feet again and looking towards a bright future. The currency might not ever gain widespread acceptance across major online retailers, but it does have the potential for use by gaming companies to purchase virtual products or games.

The Future of Dogecoin

Dogecoin seems to be on the rise, and its recent growth is rather impressive. At one point, Dogecoin was even outgrowing Bitcoin in terms of the market cap where it held a $2 billion trading volume within 24 hours. The platform’s ability to process transactions quickly has made it popular with many traders that are looking for a fast way to sell things online.

The currency remains strong, and the growing support behind it continues to show just how important a community can be for a cryptocurrency in the modern world.

How can I get started?

The future is Dogecoin

If you are looking to invest in Dogecoin, the first thing you will need to do is open up an account with a digital currency exchange like CoinSpot who offers DOGE trading pairs. You’ll then need to use your account to purchase DOGE with your chosen payment method.

To buy Dogecoin online, you will need:

A DOGE wallet address – CoinSpot can help you create a digital wallet for holding your funds.

An active email address – You will receive important emails regarding your transactions on CoinSpot.

A valid Australian driver’s license or proof of age card – You must be over 18 years old to open an account on CoinSpot.

Once you have these requirements covered, you are ready to start buying Dogecoin!

You should also consider other ways of investing in Crypto. Check out coin staking, DeFi, and Masternoding.

Feel free to drop a comment or email us with any queries.

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