All That You Must Know Before Investing In Dogecoin (DOGE)

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After Bitcoin and Ethereum, Dogecoin has created quite the stir in the world of cryptocurrency. With its stupendous popularity and prices soaring high into the clouds, everything looks very overwhelming, right? People everywhere are scrambling to find returns and want to know how to buy Dogecoin stock.

The first-generation cryptocurrency that can be used for transferring value to any part of the world is Dogecoin. This popular cryptocurrency is ideally aimed at making peer-to-peer transactions censorship-resistant a piece of cake.

But before jumping onto the bandwagon, there are many things that you need to know about Dogecoin.

  • The algorithm that runs Dogecoin is predominantly a Proof-of-Work consensus just for the safety of the network. This algorithm again runs on Scrypt technology. You may ask, why? Because it assures protection against high-powered mining rigs associated with Bitcoin. Mining Dogecoin is possible only with dedicated FPGA and ASIC devices.
  • If you are worried about the hard cap, there is none as far as Dogecoin is concerned. Every year, Dogecoin issues 5 billion coins.
  • The technicalities of Dogecoin got inspiration from Bitcoin. The network is highly secure, and you can send value to anybody from any corner of the world via Dogecoin. The real-time consensus is a big plus of Dogecoin. The network of Dogecoin is on the rise. Do you know why? The hash rate is 203.97 TH/s which makes it a safe value transferring option.
  • Mining in Dogecoin is quicker than in Bitcoin for the simple reason that the rate of competition is less. Pre-mining was never a thing with Dogecoin since the developers never indulged in it.
  • The listing of Dogecoin on Moolah earned credibility for Dogecoin. Moreover, it has increased the liquidity of the whole network. Dogecoin saw a surge in the market and attained an all-time high of $0.017 per coin on January 7, 2018. This growth took place during the time of crypto breakout. The breakout led to altcoins experiencing enormous gains. Last year, another surge happened when the TikTok users started a marketing campaign to boost the value of Dogecoin.
  • This year Dogecoin saw a spike again. The token went up and crossed 800% in just 24 hours. This resulted from a campaign that aimed at demolishing the predatory hedge funds. A group of Reddit users started this campaign. The campaign was the brainchild of WSBChairman. What pushed the strategy to the extreme height was a single sign of approval from Elon Musk, one of the richest men in the world and founder of Tesla Motors. The internet was flooding with Dogecoin news.
  • Dogecoin gained its momentum once again when the Reddit users started pushing GameStop stocks. The strategy was to make the hedge funds lose money as they were short-selling GameStop stocks massively. This strategy of the Reddit users worked, and the hedge funds lost massive amounts that cumulatively amounted to billions. The loss was so hard-hitting that the hedge fund holders turned to trade platforms, like the Robinhood trading app. They requested them to stop the buying of the share. When the buying was halted, GameStop experienced a massive downfall as far as the value of the shares is concerned. The whole affair sparked controversies and trials. Now, the focus of the hedge fund holders shifted on Dogecoin because they could understand that buying or selling of stocks can be quickly halted, which is not as seamless while handling cryptocurrencies. Again Dogecoin created a record by reaching its new all-time high.

DOGE is available in select exchanges in the US. Some are purely based on peer-to-peer trading, and can also be operated by residents of Canada, Singapore, Australia, New Zealand, South America, and the UK.

So, how will you keep your Dogecoins?

The best way to keep it is in crypto wallets that you can download onto your smartphone. For a substantial investment in DOGE or for holding it for long periods, you can think of using a hardware wallet, too. The job of a hardware wallet is to store the cryptocurrencies in “cold storage.” This is just a way to save cryptocurrencies from online threats and fraudulence.

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