Dogecoin began as a joke. However, it has grown to become one of the most popular online currencies.
Many Dogecoin or DOGE fans buy and hold it until they can sell it at a huge profit.
But is that all? Is becoming rich with Dogecoin that simple?
You are about to find out.
History of Dogecoin
Bitcoin, the first cryptocurrency, was open source. Everyone was free to copy it—and people did. Clones like Peercoin and Litecoin popped up all over.
Dogecoin was created in 2013 by Jackson Palmer and Billy Markus. It is a copy of Litecoin which is very similar to Bitcoin.
People always refer to Dogecoin using silly language relating to the moon and dogs. (The coin features the Shiba Inu dog).
From the beginning, Dogecoin gained a devoted fanbase. Its fans are mainly people who like dogs and those who want to participate in crypto trading without being serious about it.
Most people don’t get it. One of Dogecoin founders, Palmer, even washed his hands. He said that the cryptocurrency market is overheated and that the crazy rise of Dogecoin was a clear indication of that. The Crypto market crashed several days after that statement.
Dogecoin, however, survived.
Is Dogecoin Technically Sound?
Not exactly. Dogecoin copied Litecoin which is technically sound.
One user can send and receive DOGE in a permissionless way on the cryptographically protected network.
It works but it is not as decentralized or as secure as Bitcoin—not even close.
Dogecoin is not innovative, it has never been from the beginning. Its block time may be shorter than Litecoin’s and its supply unlimited, unlike Bitcoin; but Dogecoin is not regularly updated. Sometimes it takes years for a new version to be launched.
Dogecoin is like Bitcoin’s carefree and silly cousin.
Elon Musk Loves Dogecoin
Elon Musk is a fan of silly stuff. So, his love for Dogecoin doesn’t come as a surprise. He tweets about the cryptocurrency occasionally on Twitter—which causes the price to rise dramatically.
In an interview, Musk said that it would be ironic and entertaining to see Dogecoin become Earth’s currency in the future.
But Musk seems to prefer Bitcoin when it comes to business. Tesla bought about $1.5 billion worth of Bitcoin recently.
Other celebrities like Gene Simmons and Snoop Dog have also endorsed Dogecoin.
Should You Buy Dogecoin? If Yes, How Do You Buy It?
Most major exchanges like Binance support Dogecoin.
DOGE works like any other online currency. You can transfer the coins to your wallet or keep them on the exchange.
Will Dogecoin Get to $1?
Dogecoin may have the support of rich celebrities and a dedicated fanbase but it is not technically interesting.
In a year, the price of Dogecoin has risen 13000% and its market cap is currently at $34.5 billion. Proponents seem positive that the coin will hit $1 one day. It is not impossible, but you also do not know how far the joke can go.
Tread carefully, especially if you are not a seasoned trader.
In a short period, Cardano (ADA) has made it to the list of top 10 online currencies by market capitalization. It is currently at number seven and has a market capitalization of more than $41 billion. It represents about 2% of the cryptocurrency market globally. It attained an all-time high ($1.5) on April 14, according to CoinGecko.
Charles Hokinson, co-founder of Ethereum blockchain and founder of Cardano leads the IOHK. He posted a video on his YouTube channel titled “Some Musings About the Roadmap”. In the video, he talked about Cardano’s roadmap over the coming four years.
He said that Cardano developers are busy trying to find a solution for the scalability issue as well as Cardano’s approach. However, he will start focusing on the issue when the Alonzo update is complete. After the Goguen update is done, the Cardano roadmap scalability phase will follow. The name of the phase is Basho, named after a Japanese haiku master of the 17th century.
The Deadalus and Alonzo Upgrade
The Deadalus update was released by Cardano on April 1. It marks the start of native tokens support on the blockchain and the Project Catalyst Fund3 voter registration. With this update began the countdown to the cryptocurrency becoming a totally decentralized blockchain.
The countdown has already reached its realization. A representative from the Cardano Foundation discussed the Deadalus update with Cointelegraph.
They said that a Deadalus user’s wallet can now be used as one unified interface to accept both ADA, in addition to many other tokens on the blockchain. They also talked about Cardano’s journey to becoming a decentralized blockchain.
According to Cardano, the decentralization event has put it on the map as one of the most decentralized blockchains globally. The next and last phase of Goguen is the Alonzo update. This upgrade is expected to provide smart contract functionality. The Plutus platform is responsible for enabling this upgrade’s development.
Additionally, Cardano developers have come up with a method of minting and selling NFT collectibles without the smart contract functionality.
ADA Could Hit $2 Because of DeFi Growth
Over the past 14 days, Cardano’s gains have grown nearly 10%. The important $2 mark is only $0.6 away. Given its current growth rate, the ADA will pass this $2 mark soon.
Something else that could promote growth is another DeFi summer. Going by the 2020 DeFi summer, the DeFi markets may reach new highs this year. As a matter of fact, ADA’s one-year gains are currently at 3,490.8%.
One expert believes that the Goguen phase’s final stages will introduce a number of existing DeFi trends onto the network. These include automated market makers as well as lending market.
With Cardano’s use cases and its Alonzo update, the cryptocurrency may well become an alternative platform to Ethereum. Ethereum has always been the king in the DeFi ecosystem. Cardano is choosing to take a positive approach as far as this narrative is concerned. They say they are more interested in offering world-class components and less interested in market share competition.