Dogecoin Price

What Is Dogecoin?

Dogecoin (symbol: DOGE), the fun-and-friendly internet money, is conceptually similar to Bitcoin or Ether but different in its relevance among investors. Its founders created it as a fork of the Litecoin code. The idea of Dogecoin was based on a “doge” meme that went viral in 2013. Its founders launched it as a fun alternative to the more complex Bitcoin. In 2021, DOGE exploded in popularity, reaching an all-time high (ATH) of $0.74 on May 8, 2021. It’s currently the 10th-largest crypto globally, and boasts a market capitalization of over $10 billion (as of May 12, 2022). 

According to the Dogecoin homepage, “Dogecoin is an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide.” 

In a nutshell, Dogecoin enables users to conduct transactions in a completely anonymous, decentralized and secure environment that’s free from third-party interference. 

What Is DOGE?

To understand why users refer to Dogecoin as a "meme currency,” we first need to know what DOGE is. The founders of Dogecoin branded the cryptocurrency using a then-popular internet meme, deliberately misspelling the word “dog” as “doge.” The meme was based on a picture of a Shiba Inu dog, posted by a Japanese kindergarten teacher named Atsuko Sako on her blog in 2010. 

Much of the cultural relevance of Dogecoin, launched as a spoof of the crypto craze caused by Bitcoin, is attached to this “doge”— Kabosu, the sensational canine Shiba Inu internet meme. Its influence continues today in the form of Dogecoin. Recently, the project celebrated #DogeDay on April 20.

Who Founded DOGE?

Two software engineers, Billy Markus of IBM from Portland, Oregon, and Jackson Palmer of Adobe from Sydney, Australia, created Dogecoin on Dec. 6, 2013. They proposed Dogecoin as a light-hearted cryptocurrency meant for crypto enthusiasts who were interested in investing beyond the ubiquitous Bitcoin.

Dogecoin’s founders envisioned it gaining mainstream acceptance, especially from people who like the idea of crypto but wanted to make fun of Bitcoin. The founders stated another reason for creating Dogecoin: It would satirize the various fraudulent cryptocurrencies which popped up during Bitcoin‘s boom. 

Shortly after the launch, Dogecoin became a hit by developing an active and enthusiastic online community, reaching a market capitalization of $60 million by January 2014. 

How Are DOGE Tokens Used?

Unlike Bitcoin, which is used as a transaction currency and investment asset, the DOGE token has primarily found applications as an internet currency. Dogecoin enjoys a loyal, supportive audience who use Dogecoin tokens in three main areas.

Tipping System on Social Media

DOGE tokens are used chiefly as a tipping currency on social media. On platforms like Reddit and Twitter, users can send tips to content creators — in the form of DOGE tokens — for creating and sharing high-quality content. 

Crowdfunding

The low per-coin value of Dogecoin makes this internet currency convenient for use in crowdfunding activities. Its community is highly active, organizing fundraising activities for deserving social causes. In 2014, Dogecoin users sponsored a NASCAR driver. They also helped send a Jamaican bobsledding team to the 2014 Winter Olympics in Sochi, Russia. Since then, the group has continued to support a variety of other charitable endeavors. 

Transaction Currency

Lately, with the development of crypto wallets and exchanges, various companies and businesses such as restaurants, e-booksellers, grocers, web hosts and travel services have started accepting Dogecoin for transactions. FlokiNET, Playhub Casino and MonsterMegs are just a few examples. 

Thanks to its simplicity, Dogecoin currently boasts one of the largest and most active communities in the crypto world. It has 3.2 million followers on Twitter, and 2.3 million Subshibers (an endearing play on the word “subscribers”) on Reddit.

Why Is DOGE Valuable?

Initially launched as a joke, Dogecoin instantly acquired support and became popular among people who just wanted to play around with cryptocurrencies freely. In 2014, internet platforms like Reddit began rewarding their content creators with dogecoins. This move created a surge in the trading value of other cryptocurrencies — like Bitcoin. 

Last year, celebrities including Elon Musk, Snoop Dogg and Gene Simmons expressed keen interest in Dogecoin. Their involvement has driven up Dogecoin’s price exponentially. Another factor responsible for propelling Dogecoin into the mainstream is the overwhelming support it receives from Robinhood Financial LLC.

In addition, Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte Ltd, believes that the low per-coin value of DOGE makes it more approachable for investors than Bitcoin. They view coins such as DOGE as "penny stocks,” with ease of access and low price making Dogecoin valuable for anyone who wants to experience buying and selling crypto. Some experts opine that the rising value of other cryptos, such as Bitcoin and Ether, propelled the price of Dogecoin upward in May 2021. Subsequently, its price dropped, a movement that can be attributed to DOGE’s lack of real-world utility.

In the red since Nov. 2021, DOGE nevertheless recorded an increase of over 20 percent in price following news of Elon Musk’s acquisition of Twitter on Apr. 25, 2022 — a clear indication of Musk’s influence on the crypto community.

What Makes DOGE Crypto Unique?

Apart from its tongue-in-cheek origins, DOGE has various features that make it unique. One of them is its use of Scrypt technology, which features a block time of one minute. This has considerably reduced the time and effort needed to mine a single block of dogecoins. Moreover, the transaction fee for using Dogecoin is relatively low. 

Additionally, Dogecoin has foregone the system of entropy and enabled unlimited supply. Thus, anyone can mine a Dogecoin from anywhere by joining a mining pool. This constraint-free supply principle maintains Dogecoin prices at low levels. 

How Many Dogecoins Are in Circulation?

At time of writing, about 133 billion DOGE coins are in circulation. The Dogecoin market capitalization is over $10 billion as of May 12, 2022. Unlike Bitcoin, Dogecoin doesn’t have an upper limit on how many coins can be mined or created. Dogecoin’s co-creator, Jackson Palmer, decided not to implement a cap on Dogecoin after it hit 100 billion coins, and by mid-2015, the 100 billionth Dogecoin had been mined.

In addition to Dogecoin’s 1-minute block time, its reward per block is 10,000 DOGE. Up to approximately 5 billion new dogecoins can enter circulation every year.

How to Store DOGE

Users can securely store DOGE in Dogecoin wallets. Broadly, these wallets are of two types.

Digital Dogecoin Wallets

Digital/online wallets are also known as "hot" wallets, accessible over the internet. Most digital wallets are downloadable, and can be accessed through all mobile or desktop devices. Some popular digital Dogecoin wallets include the “official” DOGE wallets, Multidoge and Dogecoin Core, as well as Jaxx Liberty, Coinomi and others. 

Physical Dogecoin Wallets

Offline storage — physical/offline/cold wallets — is considered safest for storing all cryptos. These wallets come in the form of USB devices. Some examples of reliable offline Dogecoin wallets include KeepKey, Ledger Nano S and Trezor Model One. Lately, paper wallets are also becoming increasingly popular among crypto investors. 

When choosing a Dogecoin wallet, always compare and assess the security, user-friendliness, ongoing support, cost and community feedback of all wallet options.

How to Buy DOGE

You can buy DOGE from any top crypto exchange, including Bybit.

Buying DOGE on Bybit

To purchase DOGE on the Bybit exchange, simply follow these steps:

1. Head to the spot trading page of DOGE. 

2. Select your trading pair on the left side of the page. You can trade USDT for DOGE.

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the amount of DOGE you wish to buy.

4. Click on Buy DOGE.

5. Once you’ve confirmed that the information is correct, click on Buy DOGE.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount of USDT you’ve paid to buy DOGE.

3. Click on Buy DOGE.

4. Once you’ve confirmed that the information is correct, click on Buy DOGE.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

   Market Price: Order price need not be set.

   Limit Price: Order price needs to be set.

4. According to order types:

   Market Buy: Enter the amount of USDT you’ve paid to buy DOGE.

   Limit Buy: Enter the number of DOGE you want to buy.

5. Click on Buy DOGE.

6. Once you’ve confirmed that the information is correct, click on Buy DOGE.

7. View your order details under Conditional on the web page, and All Orders → Current Orders on the Bybit app.

For more help, you can also visit the Bybit spot trading guide.