Dogecoin (DOGE) is one of the most well-known (and loved) coins within the crypto community – not only due to its mascot, the Shiba Inu dog from the “Doge” Internet meme. Presented back in 2013 as a joke coin, it turned out to be a much bigger success than anyone could ever envision.
Launched by an Americal programmer Billy Markus as a Litecoin fork, it was supposed to serve as a fun and more convenient alternative to Bitcoin. Just as Litecoin, it is implemented in C++ and uses the Scrypt function in its hash algorithm. However, DOGE is even “lighter” than Litecoin, being mined 2.5 times faster. The potential supply of DOGE is unlimited – unlike Bitcoin and Litecoin.
There are a few mainstream commercial applications of Dogecoin; however, it became a signature currency to use as an Internet tipping system. Social media users give Dogecoin tips to other users for providing noteworthy or curious content. The Dogecoin community has also encouraged fundraising for charity purposes.
Dogecoin price prediction
With a total market capitalization of $267 million, Dogecoin is currently the 31st most popular digital currency. Having hit an all-time high price of $0.017222 in December 2017, two years later, a Dogecoin is worth $0.002183.
A curious feature of Dogecoin was its high initial production rate: just two years after its conception, 100 billion coins had already been mined. Its popularity has also been quite stable throughout 2019.
Long-term prediction of the Dogecoin price can be hard due to its close link to the cryptocurrency market movements and the price of Bitcoin. Not least important, DOGE has the official support of Elon Musk. WalletInvestor predicts a slight decrease in Dogecoin’s price by the end of 2019, but in 2020 a positive trend is expected for the asset. The overall consensus of the different forecast is that Dogecoin (DOGE) might double in size throughout 2020 while growing even more in the next five years. Read more
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