Dogecoin is sitting around $0.0785 at the time of writing, with many wondering if the World Cup could be the boost that this meme crypto to $0.09. So, let’s take a look at the history of this cryptocurrency and some of the factors that could influence the price of Dogecoin during the World Cup season.
Dogecoin: A Brief History
Dogecoin was introduced in December 2013 by Billy Markus and Jackson Palmer, two software engineers who wanted to create a fun cryptocurrency that could reach a larger audience than Bitcoin. The name and logo for DogeCoin were based on the popular “doge” meme, which features a Shiba Inu dog. Since its launch, DogeCoin has become one of the most popular cryptocurrencies in the world. It is currently the 26th largest cryptocurrency by market capitalization.
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Based on the popular “Doge” meme featuring a Shiba Inu dog, Dogecoin was created as a parody of the Bitcoin craze and originally had a supply of 100 billion coins. However, unlike Bitcoin, Dogecoin later switched to an infinite supply model that has no hard cap on the total number of coins that can be mined. This means that the supply of Dogecoin increases as more people mine it, similar to how the supply of fiat currencies increases when more money is printed by central banks.
Dogecoin is based on the Litecoin protocol and uses the Scrypt algorithm for mining. However, unlike Litecoin, which has a four-minute block time, Dogecoin has a one-minute block time. This means that transactions are confirmed faster on the Dogecoin network. Dogecoin also has a lower transaction fee than Bitcoin or Litecoin, making it ideal for microtransactions. For example, you could use Dogecoin to buy a cup of coffee or a new pair of socks without having to worry about high fees or slow confirmations.
You can also use Dogecoin to tip content creators online or donate to charity. In fact, one of the most popular use cases for DoGE right now is tipping fellow social media users for providing interesting or funny content. This is similar to how you would tip someone for good service in a restaurant. Because of this, it has gained a strong community base comprised mostly of content creators.
The Rise, And Fall, And Rise Again
Since its inception in 2013, Dogecoin quickly became popular due to its low price and its friendly community. The price of DogeCoin rose rapidly in the first few months of 2014, reaching a peak of $0.018 in January. This was largely due to speculation and media attention, as Dogecoin was seen as a cheap alternative to Bitcoin.
In February 2014, DogeCoin suffered from its first major crash, losing over 50% of its value in just one week. This crash was caused by Mt. Gox, the largest Bitcoin exchange at the time, announcing that it would no longer accept Dogecoin deposits. Despite this setback, the price of Dogecoin recovered throughout the rest of 2014 and continued to rise in 2015.
By December 2015, the price had reached $0.017 again. However, 2018 proved to be a tough year for all cryptocurrencies, and Dogecoin was no exception. The price of Dogecoin dropped sharply in January 2018 and continued to fall throughout the year.
Many factors contributed to this decline, including the general decrease in cryptocurrency prices, concerns about potential regulation, and speculation that China would ban cryptocurrency trading. The price of Dogecoin bottomed out at $0.002 in December 2018 but the renewed interest in cryptocurrency investing in 2019 helped support the price of Dogecoin, bringing it up to $0.005 in August 2019.
It was in early 2021 that Dogecoin saw its highest valuation ever with its growth exceeding even that of Bitcoin with a 339% growth rate after comments made by Elon Musk, escalating its value to $0.032. Following this, dogecoin quickly became the most talked about cryptocurrency, primarily for its growth (and low price). Due to this, and other celebrity endorsements, dogecoin reached an all-time high of $0.7 in May 2021 with a market cap of nearly $90 billion, rising to about 141,000% since its inception and briefly making it into the top 10 most valuable cryptocurrencies of the world.
But this feat lasted for a very short while as it quickly lost value after that. Ever since then it has been falling rapidly. with June 2022 seeing its lowest ever since the monumental rise to the $0.06 mark where it stayed for the greater part of 2022. Quite recently it saw a sudden rise to $0.15 with Elon Musk closing the deal on Twitter but fell shortly after and is currently around the $0.08 mark.
DOGE Price Prediction: Can the World Cup kick-off help Dogecoin cross $0.09?
The World Cup is always a big event for sports fans around the globe. This year’s tournament is being held in Qatar, which means that there will be a lot of interest from Middle Eastern countries. This is especially helpful for Dogecoin for three main reasons.
Crypto.com As The Official Sponsor Of FIFA 2022
FIFA announced that Crypto.com will be the official sponsor of the FIFA World Cup 2022. And Dogecoin is one of the most popular cryptocurrencies in the region. This coupled with the fact that Dogecoin is ranked at #9 on Crypto.com could help drive up the price of Dogecoin as more people become aware of it and its potential.
The Dogecoin Community
Dogecoin has one of the most active and supportive communities in the cryptocurrency world. The Dogecoin Foundation is always working on new initiatives to promote the use of Dogecoin and they have even partnered with major companies like Tesla. With the World Cup happening, the Dogecoin community is sure to be out in full force showing their support for the digital currency.
Qatar is a Muslim country, and thus Muslims are prohibited from gambling. However, the average Muslim can still participate in sports betting through cryptocurrency. This means that people can get involved in betting through Dogecoin without actually breaking religious laws. This could lead to more people using Dogecoin to place bets on the World Cup.
These three reasons, coupled with the fact that Dogecoin is ranked at #9 on Crypto.com, it is possible that the World Cup could provide the boost that the digital currency needs to break the $0.90 mark and relive its glory days once again.
Dogecoin has Potential, But…..
While the current price chart is giving us all kinds of mixed vibes about Dogecoin, let us not forget what DOGE is: an uber-speculative asset. It is still far from having any practical use and still relies on a good word by Elon to gain any kind of traction in the market.
That’s not to say that this memecoin doesn’t have any potential. The World Cup fever, combined with the recent acquisition by Elon, can shoot up the price of DOGE. However, it would be better to invest in this crypto after knowing all the forces that are working with it and against it.
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