Dogecoin (DOGE) crypto review: The complete guide 2024

Our Verdict

Our Verdict

Dogecoin, born out of an internet meme featuring a Shiba Inu dog, has transcended its origins to become one of the most recognizable names in the world of cryptocurrency. Initially created in 2013 as a joke by software engineers Billy Markus and Jackson Palmer, Dogecoin has since captured the hearts of millions with its friendly and approachable image.

Pros

• Active community
• Fast transactions
• Inflationary supply
• Low transaction fees

Cons

• Development activity
• Reliance on community sentiment

4.7

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Starting price

$0.0004

Community and charitable initiatives

Yes

Digital currency for transactions

Dogecoin serves as a decentralized digital currency

What is Dogecoin crypto?

Dogecoin operates on an open-source model, adhering to the customary peer-to-peer currency issuance prevalent in the crypto sphere, akin to Bitcoin and Ethereum. Notably, Dogecoin has a close association with the Shiba Inu dog breed, owing to both historical roots and ironic connotations. The official website humorously emphasizes this link, dubbing it the preferred digital currency of the breed.

While Dogecoin shares foundational principles with Bitcoin, its technical development is less intricate, particularly evident in its more accessible mining protocol. Despite experiencing declines in value, akin to numerous other assets, Dogecoin (DOGE) retains significance within the crypto community. However, its initial emergence as a meme-based and ostensibly comedic project underscores the unpredictability of its success, rendering its evolution all the more remarkable and its narrative captivating.

The history of Dogecoin (DOGE)

While many may perceive cryptocurrencies as indistinguishable, their individual histories often reveal unique narratives, contributing to the diversity of the ecosystem. Take, for example, the story of Dogecoin.

Launched in 2013, Dogecoin holds the distinction of being the first cryptocurrency directly inspired by an internet meme, representing a playful and unexpected twist within the crypto landscape. The concept stemmed from the widespread popularity of the "Doge" meme, which captivated internet users following the inadvertent online fame of a Shiba Inu dog owner who shared endearing photos of her pet in 2010. This phenomenon captured the imagination of engineers Billy Markus and Jackson Palmer, ultimately inspiring the creation of Dogecoin.

Palmer, the original catalyst behind one of the crypto world's most prominent assets, initially embarked on what would become a widely embraced online jest. However, his initial actions weren't necessarily geared toward token creation. Simply for the amusement of it, Palmer, on his way home from work, whimsically secured the internet domain dogecoin.com and crafted a logo featuring the iconic dog's visage.

Following this lighthearted beginning, Palmer's friend Billy Markus, the eventual founder of Dogecoin, seized the initiative and continued developing a similar project. Markus was concurrently working on a currency associated with the Animal Crossing game.

As the duo's aspirations expanded through various internet endeavors, DOGE gradually transcended its origins as a mere jest and evolved into a cryptocurrency with significant potential. Despite its initial humorous undertones, subsequent technical advancements have rendered this asset highly promising.

What prompted the creation of Dogecoin?

It wasn't until Elon Musk assumed the role of Dogecoin's enthusiastic advocate that this virtual currency began to gain traction and adopt a more substantive developmental purpose. While the origins of this narrative stem from a meme, the founders subsequently opted to build upon this foundation and develop a more serious model.

The creators envisioned Dogecoin as a relatively "good-natured" cryptocurrency, aiming to set it apart from Bitcoin, which was already experiencing significant growth and was perceived as either inaccessible or primarily valued for its worth. Dogecoin was conceived as an accessible and approachable alternative, leveraging its visual appeal and association with the famous dog.

Subsequent development efforts followed a more conventional path, focusing on establishing the virtual currency as a viable option and gradually positioning it as a credible alternative to fiat currencies. Looking ahead, Dogecoin envisions itself as a practical, adaptable, welcoming, and reliable currency with a promising future.

How does Dogecoin work

As outlined previously, Dogecoin's foundation can be traced indirectly back to Bitcoin, the pioneering cryptocurrency. However, from a technical standpoint, it was established as a hard fork of Luckycoin, which itself was a derivative of Litecoin (LTC).

Incorporating a Scrypt-based consensus mechanism inherited from Luckycoin, Dogecoin bears many resemblances to Bitcoin, as observed by numerous analysts. The utilization of Scrypt within Dogecoin's proof-of-work (PoW) protocol serves to deter miners from utilizing ASICs, specialized devices designed for Bitcoin mining.

Participants within the Dogecoin blockchain network contribute their computational power to secure the network and facilitate block creation. This process, comparatively more accessible than Bitcoin's, offers the advantage of faster transaction processing. Miners receive a reward of 10,000 DOGE each time they generate a new block.

However, the ecosystem presents several nuances to consider. Notably, there is no capped supply within the blockchain, resulting in newly minted DOGE tokens entering the market daily, either through sale or retention in miners' wallets.

Aligned with the decentralized ethos of cryptocurrencies, a significant portion of circulating DOGE is owned by a relatively small number of investors. This concentration of ownership may potentially impact market liquidity and contribute to significant fluctuations in value, including that of Dogecoin.

Where is Dogecoin available for purchase?

Given Dogecoin's significance in the realm of cryptocurrencies, it's readily available for purchase, sale, or exchange on numerous cryptocurrency trading platforms. While the company's website doesn't explicitly endorse any specific platform, it does offer guidance on selecting a secure storage wallet for safeguarding DOGE holdings. Additionally, our platform provides comprehensive reviews of various wallets tailored for asset storage.

Several platforms cater to buying and selling Dogecoin within the blockchain ecosystem, including:

• Binance, a prominent player in the cryptocurrency sphere, boasting a vast selection of over 350 cryptocurrencies available for trading, including DOGE.
• KuCoin, an emerging player known for its user-friendly interface catering to both novices and seasoned traders.

Furthermore, for those interested in Dogecoin staking, eToro offers a compelling option. Widely regarded as one of the top platforms of its kind, eToro provides guidance on purchasing or selling Dogecoin.

Join eToro

As is customary with any platform, if you haven't already done so, you'll need to create an eToro account to engage in DOGE trading. The process on eToro is simple, involving the provision of a username, email address, and password.

Subsequently, account security is bolstered through eToro's two-factor authentication system, necessitating both a password and a code sent via SMS.

Account verification follows, involving the submission of specific supporting documents as part of the Know Your Customer (KYC) protocol. This typically includes proof of address and identity.

Deposit funds

Once your registration is verified on eToro, you can initiate trading by depositing funds. This platform allows you to deposit cryptocurrencies already held elsewhere or opt for a real money deposit, which is always converted into dollars (Dogecoin to USD), with a minimum deposit of $50.

Trading

Now, you're ready to dive in! Navigate to the markets tab to find the asset (DOGE) and Dogecoin chart. Initiate a transaction by selecting the desired value and quantity. Always keep the Dogecoin price in USD in mind—it's crucial! After specifying the details, you'll have the option to confirm or cancel the transaction, with any associated fees displayed for transparency.

Dogecoin sentiment index

Given its status as the original memecoin, Dogecoin (DOGE) has witnessed notable price fluctuations, particularly influenced by figures like Elon Musk. As such, accurately assessing market sentiment is crucial for investors to anticipate future price movements.

The Fear and Greed Index for DOGE operates under the premise that extreme emotions can lead to market imbalances. Low index levels during times of fear may signal potential buying opportunities, as prices could be oversold. Conversely, elevated levels of greed might indicate an overbought market, urging caution.

For DOGE investors, the Fear and Greed Index acts as a navigational tool, aiding in decision-making amid volatile price swings. By grasping the prevailing sentiment, investors can make more informed choices—whether seizing buying opportunities during fearful periods or exercising restraint during times of excessive greed.

In summary, the Fear and Greed Index for DOGE provides valuable insights for investors, enabling them to leverage market sentiment to identify potential trading prospects in this distinctive and occasionally unpredictable cryptocurrency landscape. However, as with any investment strategy, integrating index insights with additional technical analysis remains imperative for successful decision-making in the dynamic realm of cryptocurrency.

Is Dogecoin a viable investment option in 2024?

Since its introduction to the market towards the end of 2013, Dogecoin has experienced a prolonged period of stability and tranquility. However, in 2021, it witnessed a significant surge in both its price and popularity, propelled by notable figures like Elon Musk, whose frequent mentions of Dogecoin contributed to its heightened media presence. Today, Dogecoin stands as one of the most valuable cryptocurrencies globally, less than two years after its notable price surge in mid-2021, when it nearly reached the 50 euro cent mark. Despite subsequently retracing to pre-surge levels due in part to market-wide declines, Dogecoin remains substantially higher than its pre-2021 levels.

Considering these factors, investing in Dogecoin may appear enticing for the future. Its sustained elevation since 2021, coupled with Elon Musk's public affinity for the asset, adds to its appeal as a speculative investment. While Musk has no direct involvement with Dogecoin, his endorsements have indirectly benefitted its performance.

Regarding the question of whether Dogecoin will continue to appreciate in value, the answer appears to be affirmative. The ongoing adoption of DOGE is gaining momentum, with predictions for Dogecoin's future value showing strong optimism. However, it's essential to recognize the inherent volatility of cryptocurrencies and conduct thorough research before making any investment decisions.

Our final assessment of Dogecoin

Is Dogecoin poised for a recovery? Originating as a humorous concept, Dogecoin has transformed into one of the most prominent cryptocurrencies. Today, it's inconceivable to dismiss this token as merely a "joke coin," given its remarkable rise. Achieving returns of nearly 5000% in 2021 alone has catapulted Dogecoin to unprecedented heights, with indications pointing toward continued growth in the weeks ahead.

Backed by a robust and well-established development process overseen by its original founders, who are still actively involved, and bolstered by a considerably expanded team, Dogecoin's user community continues to expand rapidly over time. Its user-friendly nature and abundant resources position Dogecoin (DOGE) favorably to emerge as a standard currency in cryptocurrency transactions.

It's important to acknowledge that numerous factors influence Dogecoin's price movements. However, according to experts, the project's development ranks among the most promising in the cryptocurrency realm.

Without a doubt, we believe that Dogecoin's future appears exceedingly bright, with its virtual currency and ecosystem evolving and demonstrating substantial potential for the future.