Key insights:
- Dogecoin is a fork of Litecoin
- Dogecoin is usually used as a tipping currency for content on Reddit and Twitter
- It’s based on Shiba Inu dog meme
- The maximum supply of Dogecoin is infinite
Dogecoin was a fork of Litecoin and was created by Billy Markus and Jackson Palmer in 2013. It features Shiba Inu on its logo, because Dogecoin is essentially based on Shiba inu meme.
However, even thought it started as a joke, Dogecoin is just like Bitcoin.
It is a digital currency that you can use to send payments to anyone in the world.
One of its “fans” is Elon Musk — the man who got bullied in his youth and later founded Tesla and SpaceX — who tweeted several times about Dogecoin.
Whether he is trolling or not, you cannot deny that Dogecoin has its own appeal. So, let’s dig deeper whether this cryptocurrency is a shitcoin or a good coin.
Why Doge is a Shitcoin
Listen.
Some of you might think that Dogecoin is a shitcoin. No internal value. Just pure memecoin.
Furthermore, if you go to the website of Dogecoin, there’s not much to see there. It’s basically telling you what Dogecoin is, where to get the wallets, and how to get free Dogecoins.
I mean, they are important but —
While the rest of other cryptocurrencies such as Ethereum coming up with Ethereum 2.0, Litecoin with their MimbleWimble, and Cardano with their Shelley hard fork, Dogecoin’s development is stagnant.
The last update was the Dogecoin-Ethereum bridge in 2018.
In addition, from an investor’s standpoint, it’s ridiculous and disastrous to invest in Dogecoin. Why? Because its total supply is uncapped and it’s inflation is as high as the mountain of Everest.
Why Dogecoin is a Good coin
On the other hand, Dogecoin is a good coin.
When Doge wallet was hacked with a total of 21 million doge (worth $12,000 that time) on December 2014, the Dogecoin community raised a total of $13,000 to refund the users who lost their doges.
Furthermore, while others are busy with the developments, Dogecoin just exists. It doesn’t panic.
It serves to continue as a lighthearted coin. People continue to contribute free Dogecoins, so others can have some. That makes it friendly to noobs in cryptocurrency.
Dogecoin also has a defined audience too and not just based on hype. If you buy Dogecoins, you know you really want it; it’s not to get rich.
Although, who would have thought that from an all time low of $0.00008690 it went as high as $0.01758609?
Hence, there is still a chance for you to gain some profits.
What makes it even more special?
Well, guess what you can also use doge for tipping content instantly than just some worthless likes or upvotes.
How can it do so?
Well, Dogecoin is scrypt based or based on a password key, so it can process quick payments to anyone, anywhere across the globe. It’s faster than Bitcoin and Litecoin.
Furthermore, Dogecoin might have started as a memecoin, yet it’s managed to climb up to a 34th rank out of 100 cryptocurrencies and tokens in Coinmarketcap at the moment of writing.
And the much awesomeness doesn’t stop.
You can use your doge as well to purchase something.
Dogecoin Average Transaction Fee
Moreover, in processing transactions on Dogecoin blockchain, transaction fee is calculated depending on the bytes and not the quantity of doge. So it doesn’t necessarily mean that when you send 100,000 doge, you’ll be paying more.
Whether it’s a Shitcoin or Good coin, it’s on you
Honestly, I believe that majority of altcoins are shitcoins and that’s on me.
But not Dogecoin.
And that’s on me too.
What I like about Dogecoin is that it is for everyone. It’s transaction cost is low. It’s community-based. It’s relaxed. It’s the zencoin!
I have much confidence that Dogecoin will continue to stay so long as the Doge communities won’t die.
And I think it’s not dying anytime soon.
Matter of factly, Dogecoin recently surged in price because of a viral Tiktok challenge making it “a valuable joke cryptocurrency.”
P.S: I like doge but not Tiktok okay. Much cringe.
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