With the emergence of a rather speculative bullish phase, a cryptocurrency made the headlines: Dogecoin. Dogecoin is in the Top 10 cryptocurrencies in the world in terms of market capitalization in 2021. Its capitalization exceeds $65 billion in mid-May 2021. This cryptocurrency is probably the most speculative. Indeed, Dogecoin, unlike Bitcoin, Ethereum, or most other major virtual currencies, has no particular use. Its speculative nature gives it increased visibility and extremely high capitalization. Back to the characteristics, advantages, limits and prospects of DOGE, as well as our opinion on Dogecoin before possibly investing.
Dogecoin (DOGE) is one of the largest cryptocurrencies in the world. Often regarded as one of the most speculative virtual currencies, Dogecoin is generating both controversy and global excitement. From January to May 2021, its capitalization has multiplied by more than 100, which is absolutely considerable and allows it to outperform all other crypto currencies by far. It should be noted, for example, that the outperformance of the Doge on Bitcoin in the first half of 2021 is almost 3,500%.
In 2017, the number of active addresses on Dogecoin was around 20,000, compared to nearly 130,000 in April 2021, i.e. an activity multiplied by 6.5 on the cryptocurrency in the space of 4 years. The success of Dogecoin is largely based on its high visibility and gradual media coverage. However, this success should be qualified. Dogecoin does not bring great innovation to the virtual currency sector. Compared to Dogecoin, between early 2017 and 2021, active addresses on Ethereum increased from 20,000 to almost 1,000,000.
History of the creation of the Dogecoin joke :
Dogecoin was created at the end of 2013 by a certain Billy Markus. He allied with Jackson Palmer, an engineer at Adobe Software, to create a fully community-based cryptocurrency that would surpass Bitcoin. Less than 30 days after its launch, the Dogecoin received nearly 1 million visits.
Initially, the DOGECOIN does not aim to provide an improved Blockchain system. Quickly, Billy Markus will realize that the demand for more efficient crypto currencies was going to take over. In a post on Vice in December 2013, he said, “I think everyone wants crypto where the mining process is actually useful.” In 2015, for personal reasons, Billy Markus sold all of his Dogecoin.
As Business Insider reported, Billy Markus now sees Dogecoin as a diversion from real values behind virtual currency. In his own words, Dogecoin today is turning away from the values of “joy, kindness, learning, generosity, empathy, fun, community, inspiration, creativity, generosity, foolishness, absurdity. “. In other words, the cryptocurrency that wanted to be community-based has turned away from its ambitions.