Dogecoin Price Prediction at The End of 2021
What is Dogecoin?
Dogecoin is a crypto meme coin created by two IBM software developers, Billy Markus and Jackson Palmer. Most importantly, they created Doge with the prime aim to offer a currency that was free from any banking fees.
As everyone probably knows, Dogecoin features the face of the Shiba Inu dog. Further, this crypto token launched into the market on December 6, 2013, and rapidly developed its online community, reaching a market cap of $70,355,561,773 on April 16, 2021.
The Technology behind Dogecoin
Decentralized Finance or DeFi is a system that doesn’t depend on third parties like brokerages, exchanges, or banks to offer financial services. In addition, Smart Contracts in this system eliminate middlemen. Above all, Smart Contracts are enforceable agreements of IF and THEN statements.
Smart contracts, however, don’t need intermediaries like banks or lawyers. Instead, they use decentralized ledger technology or blockchain technology. Also, the Ren Project endorsed Dogecoin (renDOGE) on the Ethereum blockchain, meaning you can assess DOGE directly from the Ethereum network.
How Dogecoin is mined?
What is Dogecoin mining? Doge mining is the receiving of rewards in the form of Dogecoin tokens after verifying transactions on the Dogecoin blockchain. Furthermore, mining Doge according to BitDegree is like playing a lottery. To play the lottery, you have to do some work. This, on the other hand, involves confirming and verifying transactions.
Nodes or, in other words, different computers work on the same block of transactions simultaneously but only one receives the reward after successfully validating a transaction.
The node that’s incentivized is the one that becomes first to add a new block to the old block of transactions. This is consequently done by solving complex mathematical equations.
How to Buy Dogecoin
Buying Dogecoin is much simpler than expected. In fact, it’s as easy as drinking a cold glass of water. The following are the BEST platforms to purchase Dogecoin:
All you need to do is sign up or create an account with these platforms, and purchase DOGE through your debit card, fiat currency or exchange the other cryptos you’re holding for Dogecoins.
What’s Dogecoin Worth?
Dogecoin’s price as of May 5, 2021, stands at $0.71, its all-time high price this year. Doge in this period has had over an 11,000% increase in gains. This coin is no longer a joke token huh?
Dogecoin’s Price Catalysts
People are asking what has made DOGEs price spike in 2021. And here’s the answer: Tesla’s CEO, Elon Musk, Dallas Mavericks basketball team owner, Mark Cuban (both billionaires) have been endorsing Doge. They both said that DOGE is heading to the moon.
Big companies like Bitpay and Axe, and celebrities like Meek Mill are some of the prime elements taking Doge’s price to the “moon”. These elements employ what’s called the Network Effect.
One of Elon’s tweets also said that the SNL will be the time of the “Doge Godfather” (on May 9, 2021). This will be the time when Tesla’s CEO mentions the plans he has for DOGE, and his announcement is believed, will dramatically influence Dogecoin’s price.
Is Dogecoin worth buying and what’s its future value?
Doge is a cryptocurrency worth buying. It has the support of two of the richest men in the world, Mark Cuban and Elon Musk; a celebrity, Meek Mill, and big companies like Bitpay and Axe.
With these people and companies endorsing DOGE it’s an undeniable fact that it won’t go anywhere anytime soon and the Dogecoin is here to stay
Frequently Asked Questions (FAQs)
Will Doge Hit $1
A massive YES! From the trending spike in DOGE’s price, there’s no denying it will reach and go beyond the proverbial $1 mark by end of May 2021. Dogecoin, as Elon said, is heading to the moon!
Can Doge Make Me Rich?
Definitely! People have made millions of dollars with Doge since March 2021, and they’re continuing to do just that. So, it’s not yet too late to join the DOGE spaceship.
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