As the name “Dogecoin” indicates, developers wanted to create a cryptocurrency, which in the crowd of the other coins, would be outstanding.
The official statement is: “Dogecoin is a fun and friendly internet currency.”
Jackson Palmera and Billy Markus are developers of the project. Initially, it was supposed to arouse positive emotions and hit a broader audience – even than Bitcoin. The plan was to encourage people who like the digital world (but they are not necessarily investors) – to expand the society. Marketing move is to use this meme fits this scheme.
This cryptocurrency was made to give some entertainment to the world of investments. The creators used the face of the dog which – at that time, was very popular on the Internet and social media. It is a Shiba Inu dog from memes. We have mixed feelings – it can be funny, but also can be construed as a ridiculous.
How did investors react?
Actually, it had a positive influence on the market. Why? Because it caused a rise of many altcoins and broadened community started to be interested in it.
A success of Dogecoin was short, but we have to admit that – quite impressive. In the beginning, people went crazy about it. What’s more, during the first three days, the price raised six-fold. After a month increased even more. Then, as it is with fame, it decreased as fast as it came up. No further ideas led to losing the popularity. Joking style of Dogecoin influences lack of dynamic development of this coin. Furthermore, the internauts admitted that they treat it as a joke.
Dogecoin is very cheap!
For this moment it costs 0.001807$ – comparing with the other cryptocurrencies, it is nothing. What is more, the trend is not promising. A system of this currency is peer-to-peer. The individual attribute is that there is no limit on the number of coins – it is an inflation currency as fiat ones. It may be a reason for such a low price. What’s more, 100 billion of coins has been already mined. Blocks are possible to get every one minute, and the award for digging is 10.000 of DOGE. The algorithm is different than Bitcoin’s one; it is Script.
To sum up, the low costs of getting this coin naturally can attract many buyers. It is available for everyone. Mostly environment and price form the currency. Additionally, Nicoll Ross, a developer of Dogecoin, claims that this currency is not easy to kill. Why? A lot of people use it to learn how to invest, to try their chance on a cryptocurrency market. Besides, users are purchasing digital goods and items on a Steam by using it. The conclusion is easy; it has many positive sides. Professionalism is not one of them, but we respect the idea because it worked, for a while – but yes.
Last modified: December 8, 2017
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