Dogecoin Price Today in US Dollars – Price of DOGE Live Chart

About Doge Coin

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What is Doge Coin?

Doge coin was originally created as a joke by software engineers Billy Markus and Jackson Palmer and was introduced to the world on December 6, 2013. What started as a satirical play on cryptocurrencies at that time quickly became a legitimate investment prospect.

Doge coin is a decentralized, open-source cryptocurrency that users can buy, sell, or store in a wallet. It is based on the technology of pre-existing Litecoin, whose proof of work algorithm uses scrypt technology. 

Doge coin uses cryptography technology, and it has an unlimited supply. Experts refer to it as a more consumer-friendly and adaptable variant of Bitcoin. In the crypto space, Dogecoin is regarded as an inflationary coin.

Digital currencies like Bitcoin are known as deflationary currencies because there is a ceiling or restriction on the number of coins users will ever create. Though it is not a very good store of value, holders can use Doge coin for purchases and payment.

Doge coin gets its name and logo from the Shiba Inu dog in the “Doge” meme. After its introduction in 2013, dogecoin gained a massive following on its online community, and as of May 5, 2021, it has a market capitalization of over $85 billion. 

What Drives the Price Of Doge coin?

Dogecoin began as a Twitter joke that has now grown to be worth billions of dollars and become one of the most talked-about phenomena in the crypto space this past year. Dogecoin is an altcoin that people can buy or sell on popular crypto exchanges like Kraken or Binance. 

Also, users can mine dogecoin, and its holders can store the digital currency in a Dogecoin wallet. But what drives the price of Dogecoin even though its supply is unlimited, with 14.4 million DOGE added daily? 

Well, for starters, the price of Dogecoin depends largely on social media hype and backing from celebrities like Elon Musk, Mark Cuban, and Snoop Dogg. Dogecoin’s supply comprises coins that miners add to the total supply, but if the demand is low (higher), its price will fall (soar). 

With Britain and China banning the activities of cryptocurrency, such government restrictions can drive the price of Dogecoin adversely.

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