Hello and welcome back to Crypto Lion today We'll be taking a look at Dogecoin
Is it the new thing? Should you buy it now? Don't forget to like this video and subscribe to our channel for more videos like this one First, what do you know about Dogecoin and its operation? The cryptocurrency Dogecoin was originally created as a joke, but eventually found a purpose as a more friendly, approachable alternative to Bitcoin The Dogecoin community has allowed those to achieve something of a cult following Dogecoin is based on lucky coin, which in turn is based on Bitcoin, it was originally designed to be a more approachable alternative to Bitcoin, Litecoin and other currencies As such, there aren't any groundbreaking features that set Dogecoin apart from the pack
The cryptocurrency hasn't seen any major updates since twenty fifteen, although it is able to benefit from improvements to the Bitcoin code, the true value of Dogecoin lies in the strong and vibrant community that sprung up around it Here's a few interesting facts that you might want to know about Dogecoin It was originally founded as the result of a joke made by Jackson Palmer in November 2013 when he was contacted by programmer Billy Markus from IBM They decided to turn Dogecoin into a reality Its name is derived from the Doge meme, whose many iterations usually feature a Shiba Inu dog surrounded by comic sans text
Dogecoin was designed to be a friendly, more approachable form of cryptocurrency that could reach users put off by the cold complexity of Bitcoin Even its name is taken from a popular Internet meme Dogecoin has one of the largest and most active communities in the cryptocurrency world This community has come together to fund a number of charitable efforts and other projects They even managed to sponsor NASCAR
One of the most common uses for Dogecoin today is as a tipping service Users will tip other users for posts or contributions that they believe deserve recognition It's similar to alike, but with more impact There have been no technical updates or developments since twenty fifteen When Jackson Palmer left the project by declaring that he was going on an extended leave of absence, Dogecoin has come into the spotlight once more as buyers, including Reddit users, pushed the cryptocurrency up to 600 percent
Reddit users have largely contributed to the digital currency success on multiple occasions since it was created seven years ago What started as a joke between two engineers gained popularity quite quickly, even briefly eclipsing Bitcoin But the digital currency has captured public attention once more in the last twenty four hours, driven by the Reddit mania surrounding GameStop, the IBM software engineer Billy Marcus and the Adobe software engineer Jackson Palmer had never even met When they successfully combine two of twenty thirteen greatest phenomena Bitcoin and Doge, it was a product that people started using as soon as it was released Much to the two engineer surprise, over a million unique visitors went to Dogecoin dotcom within the website's first month
The domain name itself gained popularity in twenty thirteen It could be used to express anything from jokes about Knapp's early morning science, even space exploration Before the product was released Palmer, who'd been following developments in the cryptocurrency world, absent mindedly tweeted Investing in Dogecoin Pretty sure it's the next big thing
He got some replies encouraging him to pursue the idea and a week later bought the domain Dogecoin Dotcom, inevitably the idea got picked up on Reddit, a hotbed of Doege activity in 2013 Meanwhile, in Portland, Billy markets have been trying to program his own digital currency that would appeal to a broader demographic than the profiteers who flooded into Bitcoin since the currency was released in 2008 But the project has gone nowhere Then he stumbled across Dogecoin dotcom within a day or two of the site going live Marcus tweeted at Palmer, saying he wanted to go in on the venture and before Palmer even responded, started reconfiguring Bitcoin source code, which was publicly available to turn its user facing elements into the Doge meme
Eventually, Palmer wrote back, and the partnership was formed a little more than a week after Palmer's joke tweet Dogecoin was launched in December of 2013 The currency was derived from the open source software project Bitcoin Unlike Bitcoin, Dogecoin does not have a limit to the number of coins that can be produced in the system Dogecoin in a market value of about nine billion dollars on Friday, becoming ranked as one of the top ten digital currencies The digital coins rally much like GameStop, Australia that was in part driven by Reddit users from Wall Street bets has been fueled by the of Satoshi Street bets, where users plan to send the currency to the moon, or at least to their goal of one dollar per coin
Dogecoin saw similar efforts in July when an unsuccessful Tick-Tock trend called for forcing the coin to equal the US dollar Creditors have a long way to go before the coins price is equivalent to a dollar since Dogecoin jumped Friday The coin is currently worth about seven cents after Dogecoin stock surged, with the other volatile stocks like GameStop and AMC Robinhood temporarily restricted crypto trading Friday as Bitcoin rose with Dogecoin Public figures have also gotten in on the action promoting the currency
Thursday night, Tesla CEO Elon Musk, who has referred to Dogecoin as his favorite currency, tweeted about the market moves using a mock Vogue cover dubbed dog Dogecoin as one of the original alt coins Cryptocurrency is released in the few years after the Synonomous Satoshi Nakamoto first released Bitcoin to the wild From a technical perspective, Dogecoin isn't very innovative Like many early gold coins, it's based on the original source code of Bitcoin, or more technically, it's based on Bitcoin, which in turn was based on Bitcoin, but with some small modifications, such as faster transactions and the removal of the supply cap But Dogecoin is much more interesting when seen through a cultural lens
Now, Dogecoin has outlasted almost all the early derivatives gold coins and has a thriving community of investors in twenty thirteen dogecoin Holder sponsored the Jamaican bobsled team soon after they sponsored a NASCAR driver But Dogecoin is best thought of as a culture product rather than a financial asset The reality is few cryptocurrency users hold it as a serious investment or to use in regular transactions Instead, to own dogecoin is to participate in a culture
Some people participate in financial markets as a form of consumption, meaning for entertainment, leisure and to experience community just as much as they do for investment Cultural assets such as Dogecoin are hard to systematically value and compare it to financial assets a bit like we don't have a fundamental theorem for pricing art Almost by definition, the demand for a meme coin will fluctuate as wildly as Internet culture itself does Turning cultural bubbles into financial bubbles are MIT professor and crypto ethnographer Ellie Rennie calls these playful infrastructures by inspecting dogecoin wisely
We can learn a lot about the interplay of technology, culture and economics Moreover, cryptocurrency is are extraordinarily diverse Some are built for small payments or to be resilient holders of value Others protect financial privacy or act as an internal token to manage smart contracts, supply chains or electricity networks under the hood Bitcoin and Dogecoin look almost exactly the same
Their code differs in only a few parameters, but the economic functions are almost entirely opposite Bitcoin is a kind of digital gold adopted as a secure hedge against political and economic uncertainty Dogecoin, on the other hand, is a meme people add to their digital wallet because they think it's funny But in an open digital economy, Meems move markets People buy it because it's fun to have is inherently amusing and comes with a welcoming and enjoyable community experience
If we start thinking of the cryptocurrency as a cultural product, last week's sudden jump in dogecoin price makes sense The boost came just after a meme centric community managed to drive its share price of video game retailer GameStop from twenty dollars to three hundred and fifty dollars in mere days The swarm behavior was unlike anything seen before, and it frightened global financial markets One particularly interesting aspect of the Reddit forum, Wall Street Berts, which coordinated the attack on the hedge fund that had effectively bet on GameStop share price falling was how many users were having fun It's no surprise activity surrounding Dogecoin has a similar vibe
It was designed to be fun right from the start Dogecoin might hover around the two cents mark or the maximum expected price might be around two point eight cents, and the minimum price will be around two point one since it's likely to reach the three cents mark by the end of the year As this is the year of crypto currencies, Dogecoin is likely to pick up as people are realizing its worth and they're getting over it being Meir Krypto joke and a five year time frame, Dogecoin is likely to reach four since it might reach five cents Also, if it doesn't come across any turbulence, Dogecoin price prediction suggests that the dogecoin price is up for a long term gain in the price value of a five year investment
This means that in twenty twenty five, the dogecoin price is forecast to stand around four cents The lowest expected price in twenty twenty five might be 28 cents, and the highest expected price might be four point five cents This is a chart showing the Bollinger bands of squeezed significantly and formed a range between four point two cents and two point four cents The trading volume of DOGES also declined, notably, which indicates a major move is underway
A breakout of a four point two cents would be a significant bullish sign The in out of the money around price shows only one significant resistance area between three point one cents and three point two cents, with eight hundred and eight million dollars and volume crossing above this point can drive Dogecoin price towards four point two cents On the other hand, there is a stronger support range between three cents and three point one cents, with one point seventy four billion dollars of volume Losing this crucial level can push those towards a support level of two point four cents With the information we have about Dogecoin, you could see that it's a great idea to buy as it's promising and you have little to regret, but rather stand a higher chance to gain a lot through it
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