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What is behind the cryptocurrency Dogecoin?

Updated: Mar 28

What is behind the cryptocurrency Dogecoin?

In the past few days, the crypto currency Dogecoin has come downhill that is unparalleled in the world. First, the price of digital money rose by more than 400 % within seven days. The course is now in free fall. Experts are amazed and distraught. And they expect the fluctuations to continue for years.

The first Dogecoins were issued in 2013.They were originally intended as a kind of copy of the digital currency Bitcoin, which was already popular at the time. Inquisitive people should get used to internet money and how it works in a playful way.

Dogecoin Benefits From The Crytpo Popularity

Thebasis is the blockchain, a cryptographic period to legitimize transfers. The friendly face of a specimen of the Japanese dog breed Shiba was made the mascot.

Dogecoins Are Worth More Than Ford For A Short Time

Initially, it was also possible to push the price, which had already risen sharply, up again. For a short time, the Dogecoins issued were worth more than the US Ford. But according to the data, the mood turned on Tuesday afternoon and things went steeply downhill.

Nothing about that had changed by Thursday afternoon. A Dogecoin was still worth, which was less than at the peak on Tuesday. But the value of the fun coins in circulation was still well above the market.

Dogecoin Lacks A Real Purpose

There is plenty of head shaking among financial experts. The crypto money primarily serves to speculate the currency. Dogecoins are always good for marketing campaigns. This can be seen, among other things, from the fact that the bar brands like Snickers have declared themselves supporters of Doge Day. And there are more and more fans who take crypto fun very seriously. A petition wants to get the online retailer to accept the coins as a means of payment.

The contents of this article are for informational purposes only and are not investment advice.

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