Even if you’re relatively new to the world of cryptocurrencies, you’ve no doubt heard of the name Dogecoin. This meme-based digital asset started as a joke before going on to become a name almost as equally well known as Bitcoin and Ethereum.
Compared to well-established cryptocurrencies, Dogecoin is much younger and has a few crucial differences from conventional crypto. One of the main ones is that it is easier to market to normal people, thus giving it more potential for mainstream use.
It may have started as something of a joke, or a meme coin if you will, but Dogecoin and the enormous community surrounding it have seen this crypto develop itself massively and win a place in the hearts of many loyal fans.
Due to recent price surges providing many savvy investors with a decent return on investment, Dogecoin has become a popular addition to countless investment portfolios worldwide. Today, we’ll dive deeper into this digital coin and discover ten incredible facts about it.
Out of All Digital Currencies, Dogecoin Has One of the Fastest Mining Processes
For those who are actively seeking a crypto asset that is fun, interactive, and straightforward to mine, then Dogecoin is a solid option. Many people are unaware that Dogecoin is one of the fastest coins to mine, and it’s possible to mine almost 100 DOGE per day in some cases!
Dogecoin is so fast to mine because it uses script encryption. This form of encryption has become very popular in recent years and has demonstrated greater speeds than major cryptocurrencies like Bitcoin.
In addition, when it comes to block rates, Dogecoin can boast an incredible one block per minute. There is no limit to the number of blocks a user can mine, and there is no limit to the potential rewards that come with it too.
The King of Tesla, and Now Twitter, Elon Musk, Is an Outspoken Advocate of Dogecoin
The main reason behind one of Dogecoin’s recent price surges was because of the vocal support it received from one of the most successful and controversial entrepreneurs of the 21st century, Elon Musk.
In recent years, Musk has stated that he believes that Dogecoin is the cryptocurrency of the people. When Elon appeared on the world-famous US-based talk show Saturday Night Live and discussed the meme coin positively, its value skyrocketed in response.
Musk’s promotion of Dogecoin doesn’t end there. The entrepreneur famously used his Twitter account to discuss and promote Dogecoin actively. The innovative inventor has been a huge contributor to the popularity of Dogecoin and has actively contributed to its value.
It’s a Little-Known Fact That Lucky Coin Influenced Dogecoin
It’s no secret that Lucky Coin is one of the lesser-known crypto assets. However, it’s also a little-known fact that this cryptocurrency was a major source of inspiration for the team who created Dogecoin.
Lucky Coin allows users to mine blocks that come with big rewards and is centred around an increasingly difficult adjustment algorithm. Dogecoin simply expanded on this design.
The Loyal Dogecoin Community Is Huge, and It’s Growing
Some of the main foundations of the Dogecoin community were Twitter and Reddit. On these social media platforms, Dogecoin was able to develop a loyal following who were passionate about taking this meme coin into the future. In 2022, that popularity is showing no signs of stopping, and the DOGE community is notoriously loyal.
Social media was often alive with excitement, rumours, and news about Dogecoin that kept pushing it further into the future. This caused its value to rise and, in sync, led to a long line of new investors keen to get involved, which inevitably made it even more popular.
The Fascinating History Behind the Dogecoin Name
When it comes to the names of cryptocurrencies, Dogecoin is arguably one of the most unique. The name's origins can be traced back to 2013 when a particular meme called doge was exceptionally popular. Remember “much wow”?
The meme centred around a comical depiction of a small Japanese hunting dog called the Shiba Inu and, naturally, so did Dogecoin. The Shiba dog became the official symbol of DOGE.
It was a marketing dream. This instantly recognisable and relatable symbol made Dogecoin very easy to market. It subsequently rose to become one of the world’s top 5 crypto assets with a formidable market value.
The Supply of Dogecoin Is Unlimited
Whilst Bitcoin has a limited supply of 21 million, which has led to it being branded as “digital gold”, the supply of Dogecoin is unlimited. Currently, there is more than 140 billion DOGE on the crypto market.
Elon Musk Isn’t the Only Famous Person to Back Dogecoin
Whilst the support from Elon Musk was an enormous boost to Dogecoin, it often leads to many people overlooking the other celebrities who have openly backed the meme-based cryptocurrency.
“All I’m saying, Doge.”
From iconic rapper Snoop Dogg to Jonas Brothers member Kevin Jonas, there have been several popular celebrities who have voiced their support for DOGE whether in interviews or on social media.
The involvement of famous people in the promotion of DOGE has contributed massively to its journey into becoming a mainstream investment and a viable currency that can be used in a variety of real-world use cases. And speaking of which!
Dogecoin Is Being Increasingly Used in Business Transactions Worldwide
One of the biggest aspects of a cryptocurrency that can cause its value to skyrocket is its real-world use cases. More specifically, many people are keen to see how many businesses, vendors, and ordinary folk use particular crypto in everyday business transactions.
Around the world, a range of businesses and vendors have decided to accept DOGE as a valid, trusted, and reliable form of payment. The more companies adopt Dogecoin as a payment method, the more its price will stabilize and get stronger.
At present, there are a range of industries currently accepting Dogecoin as a valid payment method, such as online shopping, general investments, e-commerce, trading, and gambling.
Where Do You Buy Dogecoin? (The Right Way)
Dogecoin’s surging popularity and high-profile price increases have earned it a formidable reputation in the crypto sphere in recent years. Naturally, a growing crowd of people is keen to invest in it. However, as with many cryptocurrencies, there is a significant portion of them who don’t know how to begin.
If you’re one of them, don’t worry! Because as we reach the end of this guide to fascinating Dogecoin facts, we’ll share our top tips for investing in DOGE the right way.
Suppose you’re a newcomer to the world of crypto investing. In that case, most market experts recommend you first do your market research and, ideally, seek out the advice of a licensed financial advisor. Then, it’s advisable to opt for a beginner-friendly platform to buy through. Bitcoin Profit, for instance, offers free registration and instant access to reputable broker. A broker could provide you with essential information and tools that can help you understand how crypto trading works and how to minimize its risks.
Before investing, always remember that the crypto market is incredibly volatile and prices can fluctuate wildly. Never invest more than you can afford to lose and always do your research.
Dogecoin Has Major Potential As a Convenient Cryptocurrency
Compared to Bitcoin and Ethereum, both of which can cost thousands for an investor to obtain one whole coin or token, DOGE boasts an exceptionally low entry barrier price. In fact, it’s one of the most affordable crypto assets on the market due to the high number of DOGE currently circulating.
The low entry price of DOGE is another aspect of this meme coin that attracts so many new investors. The price reflects the Dogecoin motto of being “the people’s crypto”.
Dogecoin Is Very Marketable As It’s Easy To Relate To
For many newcomers to the world of crypto, it can be daunting to get to grips and understand some of the biggest assets of others. On the other hand, Dogecoin features a relatable and recognizable meme design and a simple mechanism that’s easy to understand.
All of this, combined with vocal backing from well-known names like Elon Musk, have made DOGE one of the most easily marketable coins out there. It has also been the subject of numerous memes, especially during price surges, which essentially market the coin for itself.
It’s a wild cryptocurrency, right? One look at Dogecoin’s price history means it only gets wilder. If you’re one of the meme fans and a bold investor keen to get involved in DOGE, you’re probably already choosing one of the platforms we recommended to you. Good luck!
Conclusion To “The People’s Crypto”
Since 2009, there have been countless crypto projects that have fallen before they get anywhere. Many people said the same would happen to Dogecoin in the early days. But how wrong they were!
From celebrity endorsement to how easy it is to mine, this article has explored ten fascinating facts about Dogecoin. To sum up, Dogecoin differs from conventional cryptocurrencies like BTC because it is more relatable and easier to market to more people.