DOGECOIN :
Dogecoin is going to pump, that’s why I chose it as one of my top eight coins for 2024, but so far it has lagged behind the original meme coin, which has been around for so many years and is constantly finding ways to reinvent itself.
Now in 2024, Doge has firmly established itself is a must-have, to be reckoned with and stands alone is the only successful even piece to exist for more than 10 years.
She has always been in the top 50, usually in the top 10 to 20 of all the pieces.
Today we are going to talk about Dogecoin, the original average coin, because you might expect Dogecoin to have a Doge ticker, it has a market capitalization of more than $11 billion, and ranked at number 11 on the list of major crypto assets, of course Doge exceeded about 7 cents when Elon appeared on SNL in 2021, but his 2021 run has firmly implanted him in the big boys of crypto, probably to stay if mem coins do not disappear Doge, should probably always have a good place at the kennel.
But it is certainly not the quality of the project that excites me, in fact, dogecoins tokens are terrible on paper, Dogecoin was initially designed with a maximum limit of 100 billion coins, but this ceiling was removed in 2014, making Dogecoin an inflationary currency, with an unlimited supply.
This is exactly the opposite of what people usually hope for, when it comes to saving about 5 billion new dogecoins, are added into circulation every year, which means that it will take a lot of buying pressure, to keep the price stable the tokens have scared many smart people.
The project over the years and they could definitely be better, but this obviously shouldn’t be a dealbreaker technically Dogecoin, is a fork of a project called luckycoin, this long forgotten project was a fork of Litecoin, so Dogecoin and litecoins ear in Tech have a lot of similarities.
Including the two founders resold them, for example, Litecoin and Dogecoin both use a scripting algorithm for its proof-of-work consensus mechanism, it is common knowledge that Dogecoin was launched as a joke, which is obvious, most meme coins are jokes.
But Dogecoin was a little different because the founders, they were actually making a joke about crypto.
This is your ery first time on the Internet, you may have to remember that the Doge and Dogecoin is based on the Sheba dog from the Doge memes, it didn’t take long before Dogecoin was a viral success became one of the most talked about projects in the industry.
It was adopted by a very large segment of the crypto industry, even some of the Bitcoin Maxis bought Doge, because they thought it was fun and I didn’t see it as a threat, he’s a good boy, they also thought they were making fun of all the coins by supporting.
Dogecoin, not knowing that the creators of the project were laughing at them too, they tried to troll the crypto, but in the end, these two guys, they were the only ones who were trolled said, that bitcoin fees were starting to get high at that time.
Doco began to fill a space for low-value transactions, it became extremely popular for Timmy influencers or commenters who left good answers, on Reddit at some point in 2014.
There was more trading volume for Doge, than for all the crypto assets that were on the stock exchange at that time, the founders abandoned the project entirely and sold their stake in 2015, which weighs on their chances of being billionaires in the co-founding process.
Billy Marcus he told the do community that he sold his bags in 2015, or used Honda Civic he said that he bought the project back in 2021, when Dogecoin rallied more than 20 cents, he is still down on this investment.
I respect him for still being able to have fun with it, but I noticed that he deleted those Tweets in 2021 where he was talking about buying back, I guess he Mark Jackson Palmer, the other co-founder, is much more bitter about the situation, he seems to have made it his mission to destroy crypto every time crypto pumps, he appears on the news to talk about the severity, the situation during the last bull market.
Dogecoin became a community-managed project, very little development was needed, because most crypto projects, at that time had the same velocity as Bitcoin, which created a blockchain that hardly ever needed to be upgraded.
Dogecoin has been pushed by its community for years and has continued to have a constant presence in any conversation about crypto, especially in the mainstream media, it was still not really taken seriously, as an investment, although very few people thought they were going to get rich on Dogecoin, it was mostly just for fun that everything started to change in 2019.
But that’s when one of the richest men in the world, Elon Musk, decided to start showing Dogecoin in April of that year, musk won a poll where, in the Dogecoin community, he was asked who should be the CEO of the project.
The other contenders are vitalic Ming, Charlie Lee from Litecoin and Michael hayner, from a few companies that you have probably never heard of, the shocking thing about this poll was not the must is that Marshall herner came in second place.
I guess Charlie is still being punished for selling his back, when he was tagged in the poll, mus replied that nocoin might be my favorite cryptocurrency, that’s pretty cool.
In February 2021, Dogecoin’s heos is the people’s crypto, which caused it to explode by more than 50% to a new all-time high of more than 5 cents, that’s when things were already getting really great.
Doco still had a strong community and it was growing day by day, but this was the first time he had a great leader, it was good and bad according to support help push Doge into the mainstream, but it was also much too dependent on one person.
A person who is just as volatile as the crypto markets or just kidding, I am very stable in April, Dogecoin reached an all-time high of over 60 cents, because there was a ton of hype about Elon Musk already appearing live.
He was supposed to host the show at the beginning of May, and everyone thought he was going to go there, to show Doge to millions of standards, and the price beyond a dollar, that’s not what ended up happening, although even in the show and its only mention of Dogecoin, called it a stir in a week.
The price of the Doge has been halved to the 30 cent range.
The low range of 30, it would be the beginning of a slow decline, and let’s say that would push Doge below 10 cents where it remained on the entire naked market, even if Doge collapsed from its all-time high, it has always maintained a floor of about 5 cents, which is much higher than on previous naked markets, seeing Doge above a penny was rare at the time.
So the long-time holders, are very happy that many of the people who bought the hype are not, although some of them even tried to Ste El on musk, he has been mostly silent on Doge and crypto in general.
Since the success of the crypto winter which recently in January 2024, mus was asked if he still supports Dogecoin while answering questions during one of the Kathy Wood spaces, during the interview, he said that I still own a bunch of Dogecoin, and SpaceX, owns a bunch of Bitcoin.
Now the community really has this chance to shine most of the coins, have no use at all, they are intended for the pleasure of parting with the game or all of the above.
But there has been development on Doge to bring more utility to the blockchain, one of the hottest things that is currently happening in crypto, this in January 2024, is the ordinal doal nft inscriptions on the blockchain.
Dogecoin there have been more than 650,000 registrations so far, that’s some interesting reactions from the Dogecoin Community, although we are starting to see the Dogecoin community arguing over registrations in the same way, as the Bitcoin community among some members of the Doge community.
I guess you may be calling them Doge, people are complaining about how the craze for nft registrations is cluttering up their precious blockchain.
Eventually they will realize that they are fighting to lose the battle, just like Bitcoin Maxes, begin to realize that ordinals are not going anywhere outside of the new hype, registrations and basic transactions, there is a lot of use for Dogecoin because it is an old school mecoin, and they don’t really need to do much else.
Conclusion :
I think there is a good chance that Dogecoin will have a lot more use in the future as an online payment system, it may sound crazy, but there is a good chance that we could see Elon Musk integrate Dogecoin into his X application, and if that happens, it will put Dogecoin on a whole new level, I actually thought that would have happened.
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