Dogecoin is a cryptocurrency that saw its beginnings as a comical shade on cryptocurrency price speculation. The developers just intended to create a currency that no one would truly invest in, but like many things in life, it didn't go as planned. It even became better.
Dogecoin has attracted a massive number of investors since its inception. During the first half of 2021, it earned the distinction as the world's largest memecoin, with its price skyrocketing by more than 15,000%.
Although the Dogecoin frenzy has subsided, it still has ardent fans. If you want to join the "Shibes," or the tribe of Dogecoin investors, here are useful information and stats you need to learn about this cryptocurrency.
Similar to New York, the city that never sleeps, the crypto market is a market that never sleeps. Because cryptocurrency values vary so quickly, it can be difficult to keep track of real-time price and volume swings in the market. We understand how critical it is for crypto traders to be up to speed on market fluctuations in cryptocurrency values. Our interactive charts have solved the problem by making it easy for you to monitor its real-time value.
Dogecoin may have started as a form of a joke but it never stopped it from becoming one of the leading crypto players in the market today. It is important however, to have a quick view of the most important Dogecoin stats to help you into deciding whether to invest on DOGE or not.
Here's a summary of every integral stats and charts you need to know about the Dogecoin cryptocurrency.
Here are other informative stats about Dogecoin that you can find on Statista.
The market cap of Dogecoin soared exponentially in January 2021 as a consequence of tweets by Tesla CEO Elon Musk, and it has continued to grow since then. By February 2021, the market value of the cryptocurrency based on the popular internet joke has already quadrupled.
Mining of DOGE increased its potential yield by a wide percentage in 2021 reaching 1.6 in June of 2021. This comes following a boom in cryptocurrency activity as a result of Tesla CEO Elon Musk's tweet suggesting that people engage in the trading of this digital money.
Dogecoin's trade volume peaked at $69.41 billion on April 16, 2021, following another tweet from Tesla CEO Elon Musk referencing Dogecoin. Musk later deleted the cryptic tweet "Doge barking at the moon," but not before investors deciphered it as another endorsement for the DOGE cryptocurrency.
Dogecoin mining got increasingly challenging during the course of 2021, as seen by numbers indicating how many times miners must conduct a computation. It hit its highest mining difficulty rating of 5.63 in July 2019, with the level staying between 3.58 and 4.22 through the end of 2021.
In 2013, Jackson Palmer, a product manager at Adobe Inc.'s Sydney, Australia, office, created Dogecoin as a way to spoof the hype around cryptocurrencies. Palmer is known as a "skeptic-analytic" observer of emerging technology, and his initial tweets about his new cryptocurrency company were made as a form of satire. However, when Dogecoin started gaining positive responses on social media and from curious crypto traders, he acquired the domain dogecoin.com and became more serious in developing it as a real crypto player.
Dogecoin was first introduced in December 2013. With the excitement produced before the currency even debuted on the market, it immediately established a community. The free and laid-back notion of a coin based on a famous internet joke contributed significantly to its appeal. Most notably, it developed a sizable and devoted following on Reddit.
There are two main ways or strategies to investing in the Dogecoin cryptocurrency. Your choice however, hinges on your risk tolerance
There are brokerages that will allow you to buy real DOGE from their platform. The process is equivalent to exchanging one currency for another, with the only distinction being that you are exchanging fiat currency (e.g., US or EUR) for DOGE.
After you have purchased a specific unit of DOGE, the market price of the crypto asset must increase in order for you earn trading opportunities.
For example:
You purchased DOGE when it was worth $1.2593 In order for you to achieve yields, the value of the must rise above $1.2593. You will suffer a loss if the value of DOGE falls below that amount. You can, however, would want to keep your tokens if you believe their value will rise in the future. Most cryptocurrency traders refer to this as HODLing, which stands for "hold on for dear life."
Through trading Dogecoin CFDs, you can go short or long according on how you anticipate the value of DOGE to swing.
Furthermore, because you're speculating on DOGE's price movement, trading CFDs won't require you to have an account with an exchange or even a crypto wallet.
In contrast to purchasing actual DOGE, you may not own crypto asset using CFDs because your gains or losses are mostly reliant on Dogecoin prices rising or falling. Even whether the price is increasing or decreasing, there is still a chance to earn if you set the appropriate position.
To make your investing life easier, we've done the researching for you to uncover the finest brokerages that offer Dogecoin trading. The first things we made sure are these platforms are safe, secured and has excellent trading interface, system and conditions.
Other than that, we only evaluated trading platforms actively licensed and regulated by world renowned financial authorities such as the Australian Securities and Investments Commission, the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).
What is the significance of this?
A certified and regulated brokerage can provide you with a far more safe and dependable environment for trading cryptocurrencies like Dogecoin.
How it went?
As a result of the extensive research and testing phase we conducted extensive on several known trading platforms, we were able to narrow down a short list of these highly recommended trading platforms:
Now that you've learned everything there is to know about Dogecoin, it's time to sign up with one of these highly rated brokerages. To ensure that you are investing DOGE in a secured trading environment, only establish an account with a licensed broker.
