Dogecoin: Is the Party Over?

Tim thomas

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Cryptocurrencies are famous for turning the investment landscape on its head, and Dogecoin has been one of the biggest disrupters. 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.

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Dogecoin’s value has ballooned from a fraction of a penny this time last year to $0.17 at last check, with an eye-popping market cap of $22.5 billion. Dogecoin has muscled its way into the top 12 of the crypto rankings, surprising everyone from crypto market influencers to the co-founders of the Dogecoin project.

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Dogecoin co-founders Jackson Palmer and Billy Markus created the meme coin in 2013 as a parody of leading cryptocurrency bitcoin. While it was intended to be a silly joke, investors have been laughing all the way to the bank as users have flocked to Doge for its fast and cheap payments.

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Dogecoin is a decentralized cryptocurrency built on the blockchain and used chiefly for payments. The blockchain’s decentralized nature means that Dogecoin does not require a third party, like a bank, to complete transactions. But transactions need to be verified somehow, and that’s where mining comes into play.

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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. PoW has drawn criticism for its energy-intensive nature.

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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. Sadly, if a user mistakenly sends their DOGE to the wrong wallet address, chances are it’s gone forever.

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Another potential pitfall is scams, especially for high-profile projects like Dogecoin. If somebody promises you the world in exchange for the private keys that control your crypto wallet, you can rest assured it’s a scam. Like Dorothy and her magic slippers in “The Wizard of Oz.”

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