Dogecoin (DOGE) Cryptocurrency Market Data and Information

Dogecoin (DOGE) Trust Score
Crypto Center's Dogecoin (DOGE) Trust Score
(High Risk)
(Moderate)
(Low Risk)
Dogecoin (DOGE) Bull/Bear Trend Strength
7 Day Market Momentum
(Strong Sell)
(Sideways)
(Strong Buy)
30 Day Market Momentum
(Strong Sell)
(Sideways)
(Strong Buy)
Dogecoin (DOGE) Latest Market Data
Current Values
- Current Price: $0.2123
- 24h Trading Volume: $1,686,742,498
- Market Cap: $31,870,324,465
- 24h Market Cap Change: ▼($678,529,212)
- Fully Diluted Valuation: $31,871,303,954
Price Changes
- 24 Hour Price Change: ▼ 2.24%
- 7 Day Price Change: ▼ 11.12%
- 30 Day Price Change: ▲33.89%
- 60 Day Price Change: ▲10.59%
- 1 Year Price Change: ▲73.59%
Current Price Relative to Yesterday Open/Close
(No Data)
(No Data)
Current Price Relative to Yesterday High/Low
(No Data)
(No Data)
Current Price Relative to 7 Day Open/Close
(No Data)
(No Data)
Current Price Relative to 7 Day High/Low
(No Data)
(No Data)
Current Price Relative to 30 Day Open/Close
(No Data)
(No Data)
Current Price Relative to 30 Day High/Low
(No Data)
(No Data)
Dogecoin (DOGE) 30 Day Open, High, Low, Close Chart
What is Dogecoin?
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that originated as a lighthearted internet meme in December 2013. Created by software engineers Billy Markus and Jackson Palmer, it features the iconic Shiba Inu “Doge” meme as its logo. This meme, derived from a 2010 photograph of a Shiba Inu named Kabosu, quickly resonated with online communities. Despite its humorous beginnings as a “joke currency,” Dogecoin rapidly evolved into a functional digital currency with a dedicated and active community. Initially designed as a satirical take on the cryptocurrency craze spearheaded by Bitcoin, Dogecoin distinguishes itself through its relaxed community, fast transaction speeds, and low fees. It is a fork of Litecoin and adopts a Proof-of-Work (PoW) consensus mechanism utilizing the Scrypt algorithm. Dogecoin’s early popularity was also fueled by its relatively fast initial coin production schedule. By mid-2015, approximately 100 billion Dogecoins were already in circulation, with a subsequent issuance of 5.256 billion coins each year. This inflationary model differs from Bitcoin’s deflationary model, potentially influencing its usage and adoption.
How Does Dogecoin Work?
Dogecoin operates on a decentralized blockchain, similar in principle to Bitcoin, but with some crucial differences. It employs a Proof-of-Work (PoW) consensus mechanism for validating transactions and securing the network. Miners compete to solve complex cryptographic puzzles, and the first to solve the puzzle adds a new block of transactions to the blockchain, earning Dogecoin as a reward. However, instead of using the SHA-256 algorithm like Bitcoin, Dogecoin utilizes the Scrypt algorithm. This was initially intended to make Dogecoin mining more accessible to individuals using consumer-grade hardware, although ASICs (Application-Specific Integrated Circuits) for Scrypt mining have since emerged. One significant difference is Dogecoin’s faster block time, which is approximately one minute compared to Bitcoin’s ten minutes. This results in quicker transaction confirmation times, making Dogecoin suitable for smaller, everyday transactions. Unlike Bitcoin, Dogecoin has no maximum supply limit. Currently, new coins are generated with each mined block, leading to an inflationary model where the total supply of Dogecoin continually increases. Interestingly, Dogecoin also supports merged mining with Litecoin. This allows miners to simultaneously mine both Litecoin and Dogecoin using the same computational power, benefiting both networks by enhancing their security.
Dogecoin Key Features and Technology
Dogecoin possesses several key features that differentiate it from other cryptocurrencies. Its most distinctive element is undoubtedly its strong community and culture, characterized by humor, generosity, and a focus on “doing only good everyday.” This ethos has fostered a welcoming environment and driven numerous charitable initiatives. The use of the Scrypt algorithm makes Dogecoin mining somewhat accessible compared to the ASIC-dominated SHA-256 algorithm, although the availability of Scrypt ASICs has diminished this advantage. The fast block time (approximately one minute) translates to quicker transaction confirmations. This makes Dogecoin a practical option for smaller, frequent transactions where speed is crucial. Dogecoin’s lack of a maximum supply means that it operates under an inflationary model. New coins are continuously introduced into circulation, which can influence its price dynamics and incentivize spending rather than hoarding. Dogecoin’s technology is based on a fork of Litecoin, inheriting its basic blockchain structure and functionality. Its ease of use and widespread availability on cryptocurrency exchanges have contributed to its popularity. The development of Dogecoin is driven by a team of core developers and supported by the Dogecoin Foundation, which promotes the currency’s use and protects its trademark.
What is Dogecoin Used For?
Dogecoin’s primary use case is as a digital currency for peer-to-peer transactions. Its low fees and relatively fast confirmation times make it particularly well-suited for microtransactions and tipping on social media platforms like Reddit and Twitter. Users often reward content creators and engage in online acts of generosity using Dogecoin. The Dogecoin community has a strong history of organizing fundraising campaigns for various causes. Notable examples include raising funds to send the Jamaican bobsled team to the 2014 Winter Olympics and supporting clean water projects in Kenya. Beyond tipping and charitable donations, Dogecoin can be used to purchase goods and services from merchants that accept it as payment. While adoption by major retailers is limited, a growing number of smaller businesses and online vendors now accept Dogecoin. The Dogecoin Foundation partnered with YouTubers MrBeast and Mark Rober for the TeamSeas initiative to remove trash from the world’s oceans, showcasing the community’s dedication to positive impact. Dogecoin can be easily exchanged for other cryptocurrencies or fiat currencies on various cryptocurrency exchanges. This allows users to convert Dogecoin into other assets as needed.
How Do You Buy Dogecoin?
Purchasing Dogecoin involves several steps. First, you need to choose a cryptocurrency exchange that lists Dogecoin. Popular options include:
- Binance
- Coinbase (although not directly, you may need to buy BTC or ETH and exchange)
- Kraken
- KuCoin
- Gemini
- Robinhood
After selecting an exchange, you’ll need to create an account and complete the necessary verification steps, which typically involve providing personal information and proof of identity. Once your account is verified, you’ll need to deposit funds into your account. Most exchanges support various deposit methods, including bank transfers, credit/debit cards, and other cryptocurrencies.
Once your account is funded, you can then proceed to purchase Dogecoin. Navigate to the trading section of the exchange, find the DOGE trading pair (e.g., DOGE/USD or DOGE/BTC), and place an order to buy Dogecoin at the current market price or a specified limit price. After your order is filled, the Dogecoin will be credited to your exchange wallet. It is crucial to consider security practices by enabling two factor authentication on any exchange that is used.
How Do You Store Dogecoin?
Storing Dogecoin securely is crucial to protect your investment. You have several options for storing your Dogecoin, each with its own trade-offs in terms of security and convenience.
- Exchange Wallets: Storing Dogecoin on the exchange where you purchased it is the simplest option, but it carries the risk of the exchange being hacked or going bankrupt. It is generally not recommended for long-term storage.
- Software Wallets (Hot Wallets): These are digital wallets that you install on your computer or smartphone. They are more secure than exchange wallets but require you to manage your private keys.
- Dogecoin Core Wallet: The official Dogecoin wallet, offering full control and features.
- Exodus: A multi-currency wallet that supports Dogecoin and many other cryptocurrencies.
- Trust Wallet: A mobile wallet offering a user-friendly interface and support for Dogecoin.
- Hardware Wallets (Cold Wallets): These are physical devices that store your private keys offline, providing the highest level of security.
- Ledger Nano S/X: Popular hardware wallets that support Dogecoin and numerous other cryptocurrencies.
- Trezor Model T: Another well-regarded hardware wallet offering secure storage for Dogecoin.
- Paper Wallets: Involves printing your public and private keys on a piece of paper and storing it in a safe place. While offering offline storage, they are more complex to use and less convenient for frequent transactions.
Choosing the right storage method depends on your individual needs and risk tolerance. For long-term storage of significant amounts of Dogecoin, a hardware wallet is generally recommended.
Future Outlook and Analysis for Dogecoin
Dogecoin’s future is subject to various factors. Its community support remains a significant asset, driving adoption and awareness. The cryptocurrency benefits from its relatively low transaction fees and fast confirmation times, making it a viable option for microtransactions and tipping. However, Dogecoin also faces challenges. Its inflationary model may put downward pressure on its value over time. The departure of its original creators and the reliance on a core team of developers raise concerns about the currency’s long-term development and governance. Competition from other cryptocurrencies with more advanced technology and features could also impact Dogecoin’s market share. Further integration with payment platforms and e-commerce websites could drive broader adoption. Continued support from high-profile figures like Elon Musk could further increase visibility and demand. Ultimately, Dogecoin’s future depends on its ability to adapt to the evolving cryptocurrency landscape, maintain its community engagement, and address its technological limitations. While Dogecoin’s origins are rooted in internet meme culture, it has transformed into a functioning cryptocurrency with a dedicated community and a growing ecosystem. The Dogecoin Foundation continues to advocate for the projects long-term success, but whether this is enough remains to be seen.
References
- CoinGecko: https://www.coingecko.com
- CoinDesk: https://www.coindesk.com