Know the dogecoin
People are continuously searching for investments for a nice rate of return and passive income in the cryptocurrency market. Dogecoin is the most popular and favorite currency for newcomers. Dogecoin was created by two software engineers, Jackson Palmer and Billy Markus in 2013. They create this cryptocurrency in contrast to bitcoin as a meme or experiment but they adopt all the measures and patterns which bitcoins have adopted. This meme currency has now taken place in the top 10 currencies in the world.
In the early stage of coins just like in 2013 to 2016, people laughed at the purchaser of dogecoin but recently they become millionaires and now they are laughing at the people who do not buy the coin. People think that cryptocurrency is virtual gold and a life changer for thousands of people. Doge meets all the standards which are necessary for making people life-changing.
Why Dogecoin is so Popular
The newcomers are searching for a cryptocurrency with the average value and stability in the market, and in return, they find the dogecoin at the top for this purpose. Google shows the searching trends graph in favor of doge. Dogecoin is continuously beating the search trends of bitcoins. The graph of searching for crypto coins is going upward in the form of dogecoin. The main reason for neglecting bitcoins and preferring the dogecoin by the newcomers is that bitcoin is too complex and expensive with a limited rate of return. Despite that, dogecoin is continuously rising in the online market and the profit cap is still rising day by day.
You can evaluate the popularity of dogecoin by the Reddit followers. Reddit, which is a social platform, shows that dogecoin has 2.33 million followers while Ethereum which is the 2nd largest crypto coin in the world, has 1.3 million followers.
Support by the Influencer
The reason for the popularity of the dog coins is that social influencers back them. Like Elon musk, the tesla company owner supports dogecoin very precisely. The dogecoin price increased 300% in one night when Elon musk break the news in support of dogecoin on Saturday night live. The doge price achieves the highest value till now by a single tweet from Elon musk in support of doge. It achieves the price of 0.7376 within 24 hours.
Dogecoin is a decentralized digital currency having the support of blockchain. Newcomers and small investors like to invest in this safe currency. This cryptocurrency uses the blockchain of Ethereum which is also beneficial for miners. They don’t need another infrastructure for the mining of dogecoin. The mining the dogecoin is that they are easily mined and miners get a suitable margin on that.
In 2013,100 billion coins throw into the online market, which was mined in 2015 but still there is space for mining till now. The market is not saturated for mining purposes because every year, 5 billion coins are also thrown into the online market for mining purposes.
This act increases the demand for dogecoin but it’s not artificial. There is harmony in demand and supply which create a balance between them. Furthermore, this balance ensures that the price does not go too high. Stability in the price of any cryptocurrency is the main factor behind its popularity. The dogecoin price fluctuates according to demand and supply but it goes upward with stability.
Kucoin is a marvelous platform especially for newcomers to invest and get the best outcomes. The reason for the popularity crypto exchange Kucoin is that it does not charge a transaction fee for newcomers. They have the facility to create the wallet within a second or with just some clicks. Kucoin has multiple payment gateways for the convenience payments of their customers or users. Kucoin also provides state-of-the-art after support to its customers in the form of chat and email. Their professional representative guides you through any transaction and process.
Future of Dogecoin
Conclusively, they stated that the stability of dogecoin price, already established blockchain infrastructure, and influencer support make him a more popular and stable cryptocurrency near in the future. Many researchers predict that the journey of dogecoin towards success is much safer than Bitcoin and Ethereum.