Much like the jester in high school, Dogecoin entered the class, loud and crass, to bring some much-needed entertainment to the otherwise unforgiving environment that is cryptocurrency. Despite its light-hearted nature, in recent years, it has become a source of value.
What is Dogecoin?
DOGE, with its instantly recognisable mascot, the now ironic Shiba Inu, was made as a fun alternate memecoin to “rival” the more well-established cryptocurrencies such as Bitcoin, but with much less capital at risk for the average consumer. Dogecoin, unlike the industry giant, is available in infinite abundance, meaning that it quite literally has no supply limit. In fact, around six hundred thousand coins are mined per hour! Regardless of this, Dogecoin has a diehard and incredibly resilient following across social media platforms and is held by a host of fans.
As perhaps an ode to its meme status and the 90s comedy classic movie Cool Runnings, Doge has been used to facilitate a Jamaican bobsleigh team reaching the Winter Olympics. Dogecoin even has avid celebrity investors, including Snoop Dogg and Elon Musk, who is single-handedly responsible for huge rises in prices from no more than a simple tweet.
Who founded Doge?
Jackson Palmer and Billy Markus are the people responsible for Dogecoin, creating it with the aim of providing a fun way for the next-gen investor to get involved in crypto – which can be daunting to the uninitiated.
DOGE very quickly became more popular than they could ever have imagined, which is fitting considering it was made from the ground up in under two hours! Though there are many who would discredit their achievement by comparing it to the real world use of larger, more well-established cryptos.
Dogecoin (DOGE) prices
From somewhat humble beginnings compared to some of the larger cryptocurrencies available, DOGE has surprisingly found its place among the pioneers with an all-time high of 0.595404 in late 2021. Comparatively, Dogecoin is currently trading at 0.058294p, with a market cap of 8.03 billion and a circulating supply of 139.57. In the last year, it has fallen by around nine percent, but has been relatively volatile, so Dogecoin price predictions are currently not looking too good.
As the fear and greed index theory is showing just over neutral, it’s hard to predict where the price may go, however the general market is bearish as of now, which would suggest it’s in for a larger drop in price.
Can Dogecoin reach one pound?
Algorithms and software have been used to predict that by 2035, DOGE may potentially be worth around £1gbp, but this is nothing more than pure conjecture. The general consensus seems to be that it would be quite difficult for this to happen, although not impossible (if this did occur, the coin itself would have to increase its market cap by almost twenty times). While this is not uncommon in the erratic crypto world, the fact that Doge has an almost cult-like following could see it reaching this far-fetched potential. It still remains to be seen if this Doge will be the leader of the pack, but stranger things have happened – and as fans would say, “to the moon!”