Dogecoin was initially introduced as a meme coin in the crypto world in 2013. Similar to Bitcoin, Dogecoin is a decentralized cryptocurrency based upon a proof of work concept.
Proof of work means a transaction is said to be successfully completed once the verifier completes a certain set of mathematical algorithms using the computational power which is different from the proof of stake mechanism.
It is basically a medium for P2P transactions based upon the jokes or memes shared on the internet about the huge fluctuations in cryptocurrencies.
Dogecoin has built a strong community in recent times in forums like Reddit, discord, and tweeter. Dogecoin gained rapid attraction after the tweeter endorsement by SpaceX founder Elon Musk.
However, the rapid trend and increase in price as compared to USD can be attributed to strong and dedicated Dogecoin communities supporting its existence since 2013.
Since the financial crisis in 2007, Bitcoin came into existence and since then altcoins like Dogecoin have gradually spread around the world. This trend has become more prevalent in 2021 after the events like retail investors winning over the hedge fund manager in highly shorted GME stocks. Dogecoin became the under-dog coin representing the small crypto investors and some even become millionaires because of it.
Crypto enthusiasts consider dogecoin as a fun and harmless cryptocurrency. Currently, Dogecoin has a market cap of more than 90 billion dollars. Dogecoin has a total supply of 129 billion so far. It is also the fastest coin as it has a transaction speed of about 1 minute compared to Bitcoin that has a transaction speed of 10 to 20 minutes.
Like other crypto currencies, it helps to solve the double spending problem.
Dogecoin has very hardworking, fun-loving communities with strong support towards the concept of crypto and blockchain. Dogecoin communities have a strong sense of cooperation as they have been actively involved in helping the people in Kenya by donating $50k to help mitigate the water crisis.
This community is not so active these days. But it was the pioneer for the creation of dogecoin, creating one of the trending cryptos of 2021. The community no longer talks about the development, but rather on the valuation and sale of the dogecoin.
Dogecoin’s Reddit Channel
It’s one of the active communities related to dogecoin.The majority of related posts are memes of dogecoin and crypto.It’s fun to see people sharing their ideas on the future of dogecoin at the same time refreshing people with dogecoin memes.
People also share methods on how to buy and sell dogecoin.
It is another active official dogecoin community. People from all around the world are selflessly sharing their ideas and discussing openly and sharing memes.It has channels related to food, gaming music, and arts. It’s fun to be in this community.
Being an open source project forked from Litecoin, it has source code in github. The source code has not been updated since 2017
It is an official twitter handle of dogecoin sharing information and gif memes in tweeter. It has 1.5 million followers so far.
Unofficial telegram groups
There is no official telegram channel for dogecoin.But people from different interest groups have created telegram groups claiming to be official.
Future of Dogecoin:
Dogecoin like other altcoins have a different roles in the future.In my view, the strength of altcoin will depend upon the support from the community.It does not matter if Elon Musk or other celebrities endorse or not or add as a currency in his company, but all the credit goes to the regilent communities of Dogecoin who made this happen and made it the most trending crypto currency of 2021.
Whatever be the intrinsic value of the dogecoin even the paper money has intrinsic value of zero, since people have accepted it, its does have potential utility and its like betting for the future.It cannot be ignored the role of blockchain technology in the next financial revolution.
From the price perspective, the price of dogecoin will decline due to huge supply.The supply of dogecoin will double in 20 years to discount the decreasing inflation rate of 5%.
If you own dogecoin, HOLD tight, because it’s fun, and it feels proud to be born at such a wonderful time.
What does Elliot wave say about dogecoin?
The question among the dogecoin enthusiasts is will it ever touch 1 $ mark.
In May,2021 it was at minor wave 5 after the decline of the 4th wave, touching the price mark of 0.1637 cents.
Let’s assume, it has not generated the 5th wave, and check with Fibonacci extension,Its wave 5 extends, then it will be a violent crash for dogecoin.