The emergence of Bitcoin in 2009 created a new road of money transactions in the digital world. Before that, people were using conventional country-based currencies for all kinds of transactions.
The Idea of Bitcoin was straightforward. A digital form of money free of any jurisdictions and unwanted taxes.
Also, the decentralized method of encryption(blockchain technology) ensured the safety of digital money.
This Dogecoin statistics guide focuses on Dogecoin, its history, and current market value.
Quick Dogecoin Statistics & Facts
- Dogecoin was created in 2013 as a joke
- Dogecoin’s code is DOGE
- Dogecoin’s market value is $85 billion
- Dogecoin was founded by Jackson Palmer and Billy Markus
- Elon Musk pushed Dogecoin into the spotlight
- Initially Dogecoin had a 100 billion coin supply limit
- 1 wallet address holds 28% of all Dogecoin
- Less than 100 wallets own about 65% of all Dogecoin
Before getting deep into Dogecoin, let me explain a bit about Cryptocurrencies and the all-famous “Bitcoin for Beginners”.
What is Fiat Currency?
US Dollars, Indian Rupee, Euro, etc., are all examples of Fiat Currency. They are approved by a country’s governing body to be used physically or digitally for buying or selling.
Fiat Currency has value because of the assurance provided by the Government or by the agreement between the parties engaged.
It doesn’t have intrinsic or use-value. Fiat money gives the public faith and confidence to purchase something.
What is Cryptocurrency?
On the contrary, Cryptocurrency is a digitalized form of money secured by cryptography. The pieces of Cryptocurrency are distributed as pieces among various computers.
With the help of blockchain technology. Cryptocurrency exists only in the digital form, whereas Fiat currency is available in physical and digital forms.
The decentralized form of existence makes cryptocurrency free from the control of any governing bodies.
Key Stats of Cryptocurrency
- There are more than 10,000 Cryptocurrencies available in the market
- Cryptocurrency recorded its highest value at $2.2 trillion in April 2021
- Cryptocurrencies are famous for their transparency, inflation resistance, flexibility, etc
- The primary concerns about Cryptocurrencies include illegal activity support, market vulnerability, instability, etc.
- Almost 20 posts related to Bitcoin are posted on Social media platforms.
What is Bitcoin?
Bitcoin is tagged as the most famous Cryptocurrency in the world. It was introduced by a mysterious person or group of people, and the secret still exists as a fairy tale.
History says that Satoshi Nakamoto created Bitcoin in 2009. Everything said about Cryptocurrency is valid for Bitcoin as well.
Here’s Some Salient Bitcoin Statistics
- Physical Bitcoins are not available. Only present in digital form secured by cryptography.
- Bitcoins are stored in a Digital Wallet. The Digital Wallet can be in the cloud or the local computers.
- Bitcoins are not insured by FDIC like standard bank accounts legalized by Governments.
- Bitcoins can be sent and received from phones just like regular Fiat digital money.
- 12.5 Bitcoins are awarded every 10 minutes to people who win the complex math puzzles.
- The details of Bitcoin buyers and sellers are protected. Only the wallet ids are known public. It helps criminals to perform transactions online without being caught.
- El Salvador is the only country that officially recognized Bitcoin. Currently, the country uses US Dollars and Bitcoin as two legal currencies for the transaction.
What is Dogecoin?
Founders: Billy Markus and Jackson Palmer
Logo: Shiba Inu Dog
Market value: $85 billion (as of 2021)
Dogecoin was founded in 2013 as a sarcastic joke with the Shiba Inu dog face logo, which was a famous meme back at the time. The two founders combined the famous Cryptocurrency Bitcoin and Doge meme for fun and named it Dogecoin.
But to their surprise, Dogecoin gained popularity within the first month of its introduction. Approximately over a million people visited the official Dogecoin site in the first month.
A public address, ‘DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L’, owns 28.28% of all Dogecoin.
Less than 100 wallets own about 65% of all Dogecoin according to statistics.
The History of Dogecoin
It all started when Palmer jokingly tweeted in the Cryptocurrency.
“Investing in Dogecoin, pretty sure it’s the next big thing.”
But he got some interesting replies from the community supporting his idea even though he didn’t mean it. Markus, who was trying to build a program seeing the Bitcoin boom, was desperate to impact the market.
Markus contacted Palmer to collaborate after watching the Dogecoin website. And both started working together to create the Dogecoin within one week of Palmer’s tweet.
Factors that Affect Dogecoin and Other Cryptocurrencies
1. Politics Decisions
The decisions made by the governments of various countries can directly or indirectly affect cryptocurrency growth. The chances of war between countries,
Terrorist attacks, natural calamities, economic crises, etc., are many examples that can affect the cryptocurrency market share according to statistics.
2. Unpredictable Growth
Dogecoin got great hype after Elon Musk tweeted about Cryptocurrency. Similarly, people are ready to invest in cryptocurrencies that world leaders support.
There are chances for several organizations and influencing personalities to accept Dogecoin for payment purposes publicly. Such decisions can exponentially increase the market share value of Cryptocurrency.
3. Value of National Currencies
Due to the economic crisis, there can be situations by which the national currency value can face fluctuation. Sometimes the value can go down, which will seriously affect the Dogecoin market shares.
A Brief Timeline of Dogecoin
As the Dogecoin users in the Reddit channel crossed 19000 within 14 days of its origin, DOGE(a ticker symbol of the official site) value surpassed 300% according to stats. It was the period where China imposed a ban over Bitcoin Cryptocurrency.
Tipping is a payment method in the digital community to appreciate the hard work of individual and group contributions. A third-party tipping application was created in the name of DogeTipBot to pay the Reddit users who comment in favor of Dogecoin.
DogeTipBot was a massive success since it promoted cryptocurrency transactions among no crypto users. By the end of August 2014, Reddit saw 70,000 signups inspired by the application.
DogeTipBot lasted three years, and in the meantime, it was able to raise $170,000 on behalf of the Dogecoin community for charitable services like water cleaning in Kenya, service dog distribution for blind children, etc.
However, Dogecoin also faced its lows by competing with similar cryptocurrencies like Neo, Monero, and Stellar.
This year was shocking to Dogecoin as its co-founder Jackson Palmer quit the cryptocurrency world. Later, he tweeted that cryptocurrencies are built with capitalist interests to overcome the Tax burdens.
He further mentioned that the idea of Cryptocurrency is not aligned to his idea and politics, and he will never return to Cryptocurrency.
Many experts believe that the end of Dogecoin is near in 2015 due to these unexpected circumstances and stats.
According to Republic world, Billy Markus(co-founder of Dogecoin) sold all his Dogecoins and other cryptocurrency shares to buy a second-hand “Honda Civic” car.
He tweeted that he had no idea that the silly joke would become a success over the years to gain 900% in January 2021.
Dogecoin reached its new heights by January 2018, marking a $1billion market rate. However, the year was not so good for all the cryptocurrencies.
At one point, Dogecoin showed a $0.017 level with hope but didn’t last long and climbed down to $0.002. Dogecoin stayed for an extended period in this margin rate.
The situation was still not so different from 2018. The market price of Dogecoin remained between $0.002 to $0.005 till the end of the year according to statistics.
Someone said, “Miracles can happen any time,” was valid for Dogecoin in 2021. The rebellious attack by the “wallstreetbets”(a Reddit channel) that aimed at certain company stocks caught social media attention.
The Reddit channel saw the entry of more than 1.5 million new subscribers within 24 hours. The new users were eagerly searching for a new topic to make it trending.
And that was the best day of Dogecoin, which was almost forgotten by the investment market. The market value of Dogecoin mounted 200% in 24 hours.
The world-renowned electric car series Tesla CEO Elon Musk tweeted Dogecoin to his 54milion followers was a significant turning point for Dogecoin.
In April 2021, Dogecoin recorded 527.6% market growth which later in June 2021 decreased by 22%. The following month also showed a fall of Dogecoin by 18%.
In September 2021, Dogecoin further stepped down by 26% but got the limelight of the world. El Salvador(a country in Central America) officially recognizing Bitcoin boosted the credibility of other cryptocurrencies, including Dogecoin.
In October 2021, AMC Entertainment, based in the US, announced that they accept online payments in Dogecoins to buy gift cards.
The management has also explained that they are looking to accept more cryptocurrency payment methods.
The “Musk” Factor
Every investment gets credibility and boosts from the value of people who are using them. Dogecoin was supported by none other than the Tesla CEO Elon Musk himself!
His Twitter account has had several tweets in 2020 and 2021 related to Dogecoin. After his entry, more investors came forward to put their money on Dogecoin.
Here are some of his Dogecoin related tweets:
Who Should Invest in Dogecoin?
The market existence of Dogecoin was not on the prediction list of any of the investment experts until it became a success. Still, industry experts have different opinions about investing in Dogecoin.
CoinSwitch Kuber CEO Ashish Singhal feels that Dogecoin is just like any other cryptocurrency.
The basic methodology followed in Crypto investments is to invest a portion of the income that the person can afford to lose.
In other words, don’t put all your eggs in one basket!
However, the lowest cost rates of Dogecoin make it available to people from all financial slabs. Since it doesn’t have caping, Dogecoin is available to all, which makes it popular.
People who join the Crypto investment can start with buying and operating with Dogecoins to understand the market.
Since Dogecoin has been in the market for the past seven years and has shown moderate growth, it can withstand the rapid market changes.
Another vital aspect of Dogecoin is its usage for international transactions to avoid substantial tax fees.
Compared to the high-valued Bitcoin, Dogecoin is affordable to parties from various economic subdivisions, making it an alternative for Bitcoin.
Future of Dogecoin
According to Dogecoin founder Palmer,
“The goal for the currency is to keep approximately 100 billion coins in circulation – thus after 100 billion Dogecoins are created, rewards will continue at 10k each block,”
Dogecoin initially had a 100 billion coins supply limit, which was later upgraded in 2014. By the end of 2015, every last Dogecoin from the 100 billion supply was mined.
After that, it is estimated that approximately 5 billion new Dogecoin will be introduced to the market every year. It is equal to 10,000 Dogecoins in every minute of the day.
When considering the common market tradition of keeping things scarce to increase the value, Dogecoin may lose the “rare to get” tag. It is evident when compared with the 21 million Bitcoin finite supply.
Dogecoin, the meme-based Cryptocurrency, will stay in the market despite its slow growth rate compared to Bitcoin. According to Coinbase, Dogecoin is valued to be $0.235 as of October 14, 2021.
The rate is expected to be $0.476 by mid-2022, and by 2025 Dogecoin may cross the $1 mark. Experts are expecting a $1.438 value based on the current statistics for Dogecoin after five years.
Dogecoins are favored for short-term investments due to their quick ups and downs, whereas Bitcoins are kept for a long time considering their exponential growth throughout the calendar year.
However, the market experts know the fact that no one can predict the future. For instance, Dogecoin itself found its path to fame from the tweets of SpaceX founder Elon Musk.
It was his tweets and support that made investors believe in Cryptocurrency. Elon Musk himself has a good investment in Dogecoins.
Similarly, if Billionaire celebrities like him support Dogecoin in the coming years, Dogecoin may reach moon heights!
When Dogecoin removed its capping in 2014, most investors were worried that it would catch inflation and eventually lose its value over the years.
They thought that the “parody-cryptocurrency” created would never reach the standards of Bitcoin or any other existing cryptocurrencies.
But according to Patrick Lodder, one of the senior developers of Dogecoin, a promise is a promise.
Dogecoin kept its policy of keeping 10,000 Doge per block subsidy. Lodder ensures that there is no chance of capping the Dogecoin.
Investment market experts from Wall Street feel that Dogecoin investment is even riskier than Bitcoin due to its varying market share value over the years.
But the availability of Dogecoin makes it a favorite cryptocurrency among the typical crowd. So the significant advantage and disadvantage of Dogecoin is the same thing; unpredictability!