Dogecoin Price

What is Dogecoin?

Dogecoin is a popular cryptocurrency, known for its low price and lack of utility. The project runs on blockchain technology, similar to Bitcoin and Ethereum, but is mainly seen as a joke without real use cases. The project’s native token, DOGE, managed to “meme it’s way to the top” thanks to a large dog-loving community and lots of social media exposure.

Today, Dogecoin is far from a joke. After getting widespread support from Reddit’s WallStreetBets and Elon Musk, it has climbed the ranks of the crypto markets to become an unexpected success. Dogecoin price now is increasing rapidly, as the project’s community is growing at a fast pace, following large exchange listings.

How Dogecoin works

Dogecoin’s primary function is that of an alternative payment system and a potential store of value. Similar to most cryptocurrencies, it is built on distributed blockchain technology, and grows in value through user adoption. 

Getting into more technical details, Dogecoin has a Proof of Work consensus model, which enables miners to earn DOGE by validating transaction blocks, and then sell the coins in the open market. That said, keep in mind that Dogecoin has no capped supply. Each minute, 10.000 new DOGE enter the market, an amount which equals to nearly 15 million coins per day. With this large supply inflation, many wonder if the coin will ever make a reliable store of value.

To counter this issue, many speculate that Dogecoin will eventually migrate or fork into Proof of Stake. When asked about a potential cross-chain interoperability between Ethereum and Dogecoin, Vitalik Buterin mentioned that PoS would be ideal, and Elon Musk later agreed through a tweet. 

Features that affect DOGE price

While Dogecoin isn’t as strong fundamentally as it is in terms of community, there are many features that make it a great investment.

• Low price - DOGE price is the lowest of the list with top cryptocurrencies by marketcap. We have previously seen this feature lead to an increase of demand from retail investors, who wish to acquire larger amounts of coins for lower prices.

• Large community & influencer support - Tech founders like Elon Musk and celebrities from all industries are actively promoting Dogecoin, which results in community growth. And since a cryptocurrency is only as valuable as the people who hold it, this is probably the strongest feature to keep in mind.

• No use case… yet! - While Dogecoin is currently seen as a meme cryptocurrency, there is an active effort to leverage the community behind the coin and scale the project. Use cases today far exceed financial applications so the opportunities are many.

• Dogecoin price performance - The popular cryptocurrency grew by several multiples over the past year and is one of the best performing coins in terms of % growth. While we can’t use this information to predict the future, it certainly has caused a spike in demand.

• Popular for tipping - DOGE is often used to tip content creators on platforms such as Reddit, Twitter and Medium.

Who created Dogecoin?

Dogecoin was developed by software engineers Billy Markus and Jackson Palmer in 2013. In the early days of the altcoin market, the duo spent “about two hours” creating the dog-portraying cryptocurrency as a parody of Bitcoin. 

In a short period of time, the seemingly absurd concept of dog money took off through forums and social media, and the rest is history. Both founders claim to not own part of the initial supply and only hold coins received from donations.

Today, Billy Markus tweets under the name Shibetoshi Nakamoto. The pseudonym combines the name of Bitcoin’s founder (Satoshi Nakamoto) and Shiba Inu, the dog on the logo of Dogecoin.

Dogecoin price today

DOGE price has experienced large volatility over the past year, mainly fueled by sentiment changes linked to influencer promotion. To help you track the changes in the current Dogecoin price, we integrated price charts from several sources. These will help you track the Dogecoin price history and improve your investment decisions.

The Dogecoin price chart has multiple filtering options, allowing you to adjust the data based on your preferences:

• Check the live Dogecoin price as seen on several exchanges and trading platforms.

• Track the performance of Dogecoin price today, or switch to weekly, monthly and annual timeframes.

• Check the Dogecoin price in USD, or choose from 45+ currency options.

• Analyse the Dogecoin price using several variables, including current marketcap, trading volumes, daily range, etc.