The Twitter Bird Has a New Doggie Friend
The Doggie Started bouncing around erratically.
Compliments from Medium Socialvibes
CNBC claims that Elon Musk, CEO of Tesla, has purchased Twitter for $44 billion.
Parag Agarwal, Twitter’s CEO, and Ned Segal, the company’s CFO, have reportedly left the company’s San Francisco headquarters, according to a tweet from CNBC reporter David Faber. Executives “will not be returning,” Faber said.
On Thursday, Musk tweeted the reason why he wanted to buy the social media site, therefore the report makes sense. “I did it [buy Twitter] to attempt to serve humanity, whom I love,” the billionaire added. And I do so humbly, knowing that despite our greatest efforts, we may still fall short of our aim.
Well, that send our Doggie Coin Jumping again
In order to facilitate instant and safe monetary transactions, Dogecoin (DOGE) was developed as a blockchain-based decentralized P2P (peer-to-peer) cryptocurrency. In a short amount of time after its fork from Litecoin in 2013, this open source platform has amassed a large and dedicated user base, and its developers have big plans for the future of the internet economy. The coin was developed by Portland’s Billy Markus and Sydney’s Jackson Palmer as a means of compensating users for posting material on social media platforms like Twitter and Reddit. To buy and sell goods and services, as well as to trade it for other cryptocurrencies or even traditional ones including US dollars and Euros, it can be stored as a wallet on a mobile phone, website, or computer.
DOGE’s increasing popularity and acceptance as a form of payment at online merchants guarantee the cryptocurrency’s continued existence. For this reason, now is an excellent time to invest, as the coin’s value did not change significantly after the recent blow to the Cryptocurrency market. Being Bitcoin-agnostic gives it a leg up in terms of durability and resilience. Perhaps the coin’s fortunes would improve if its transaction times were sped up and other novel features were added.
Just what is Dogecoin, and how does it function?
Dogecoin, a Proof-of-Work cryptocurrency, was released at the end of 2013 as a joke on the industry’s excessive hype and speculation. An image of a Shiba Inu, a breed of hunting dog native to Japan, taken from a famous online meme in 2013 is featured on the coin.
Dogecoin is essentially a Proof-of-Work cryptocurrency, meaning it relies on a global network of cryptocurrency miners to validate transactions and ensure that everyone is in sync with the public ledger’s current state. Miners of Dogecoin (DOGE) are rewarded in DOGE tokens for their services in maintaining the integrity of the network and validating transactions recorded on the blockchain.
Similar to Bitcoin, Dogecoin is a blockchain network that only has a single, specific purpose: to provide a safe, decentralized environment for exchanging digital currency. Although the two currencies share some similarities, their approaches to monetary policy are somewhat different. Dogecoin has an inflationary monetary mechanism in which there is no maximum supply, in contrast to Bitcoin’s capped token supply of 21 million.
Dogecoin uses the Scrypt hash mechanism, which allows miners a chance at 10,000 DOGE per block. Dogecoin, for reference, has a minute-long block time. It’s important to remember that SHA-256 Bitcoin mining hardware is not supported by Scrypt technology. Like Bitcoin, the method for doling out block rewards is completely at random.
The third largest Proof-of-Work cryptocurrency by market size, Dogecoin, is planning to switch from a PoW to a PoS consensus mechanism in the near future.
The Dogecoin developers and maintainers established the Dogecoin Foundation in 2014 to oversee and promote the memecoin initiative. The development of Dogecoin as a libertarian-friendly alternative to fiat currencies is one of the Foundation’s primary objectives.
Dogecoin has relied significantly on the support of its dynamic community for the growth and adoption of its ecosystem since its conception, during which time it has been touted as the “fun and friendly online money.”
By tweeting “Dogecoin rulz” in 2019 ( if you remember he tweeted with a Picture of a Dog with a cigarette in its mouth #drag cigarette * Doge ..) , Tesla CEO and one of the world’s wealthiest people Elon Musk showed his support for the parody coin and its online community. Since then, the tech tycoon has often stated his admiration for Dogecoin and even went so far as to call it a superior digital currency to Bitcoin in his TIME Magazine’s Person of the Year Interview in December 2021.
Charting the Rise and Fall of Dogecoin
Initially released as a joke currency at the end of 2013, Dogecoins quickly gained popularity. According to our Dogecoin price history graph, on December 15, 2013, one DOGE was worth $0.000204. Memecoin’s price has fluctuated wildly since then. For example, Dogecoin’s price increased by nearly 650% in the first week, reaching $0.001520, before plunging by 80% the next week.
At present, one dogecoin is worth $ 0.074430, and its 24-hour trading volume is $ 6.77B. Its market cap is $9.87B, and its percentage of market share is 0.99%. In the past day, the value of DOGE has dropped by -2.55%.
Since the previous cycle low, the cost of one DOGE has risen as high as $0.089304. (cycle high).
There are currently 132.67B DOGE in circulation, with a total supply of 132.67B DOGE. A total of 771.33M DOGE were created in the last year, for a yearly supply inflation rate of 0.58%. Dogecoin currently ranks #3 in the Proof-of-Work Coins sector, #1 in the Meme Coins sector, and #7 in the Layer 1 sector when looking at market capitalization.
Because of its widespread acceptance, Dogecoin can now be bought and sold on the markets of virtually every major cryptocurrency exchange. This provides every blockchain enthusiast who invests in cryptocurrencies with easy access to Dogecoin marketplaces. Binance, Kucoin, and almost every other cryptocurrency exchanges out there now allow traders to purchase DOGE.
Estimated Value of Dogecoin on the Market
Due to its meteoric rise in value, Dogecoin is already among the top ten cryptocurrencies by market cap. More than 100 billion DOGE coins are now in circulation. Due to the fact that there is no hard cap on the total amount of DOGE that may ever be created, the total amount of DOGE in circulation is expected to increase forever.
This feature of the currency is inflating the value of Dogecoin, which works in favor of its primary function as a means of payment rather than as a store of value.
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