Dogecoin: Is the Party Over?

Inspired by a Shiba Inu Japanese breed of dog, Dogecoin has evolved into a wildly popular internet meme of which Doge, the project’s mascot, has been at the center.

Dogecoin Mechanics

Dogecoin, like Bitcoin, relies on the proof-of-work (PoW) process through which individuals and groups use their computers to solve complicated equations on the blockchain, complete transactions, and create blocks, in exchange for which they receive new coins.

What Is Dogecoin’s Main Use Case?

Dogecoin’s use cases are two-pronged: as a store-of-value asset and as a payment method, the latter of which has increasingly gained popularity thanks to companies adding support for Doge transactions.

How High Can the Dogecoin Price Go?

The Dogecoin price reached a fresh all-time high of $0.74 in 2021 and since then has been volatile, much like bitcoin. While Doge is currently trading below the $0.20 level, market bulls believe it’s only a matter of time before it reclaims its former glory and goes higher, with some calling for Dogecoin $1 as soon as 2022.

Dogecoin Risks

One of the most significant risks for holders of Dogecoin — or any crypto-asset for that matter — is sending funds to an incorrect wallet address. The blockchain’s decentralized nature means nobody is on the other side to help if things go awry.

Where Can I Buy & Store Doge?

– Coinbase – Kraken – Binance – Robinhood

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