Dogecoin (DOGE) is based on the famous Shiba Inu Internet Meme dog. The Cryptocoin started more as a fun project, which was created with a wink and was not intended as a serious cryptocurrency at first.
But now 3 times as many transactions are processed with DOGE as with Bitcoin Cash.
Dogecoin – More Than Just A Fun Coin?
One DOGE is currently worth about 0.003 US dollars – listed by market capitalisation, Dogecoin ranks 40st among the most valuable cryptocoins. Launched in 2014, the coin was originally intended more as a joke, but quickly developed into a kind of kudos coin, with the function of financing fun projects, making donations and implementing low-value Internet transactions. For example, Nascar drivers and charity projects in Africa were financed by DOGE. Dogecoin also supports content creators on the Internet.
Due to the low transaction costs and high supply – there is no upper limit here, as is the case with Bitcoin – Dogecoin was indeed able to earn a legitimate place in the world of cryptocurrencies. In June, approximately 38,400 transactions were conducted daily with DOGE.
The cryptocoin is no longer a simple fun coin, but it is also no investment like Bitcoin. Investors should therefore not buy Dogecoin to hope for substantial price gains.