Characteristics of crypto-currencies
The name immediately distinguishes the coin from others. The developers have specially named the spirit product after a popular internet meme – Dozh. The new product is based on Litecoin. The course differs slightly. The coin was issued in 2013. It has continued to develop ever since. One of the distinguishing features of the Dogecoin crypto currency is the simplicity of its production.
The changes to the coin’s algorithm are minimal – compared to Litecoin:
Therefore, the system parameters for reclamation are the same.
This novelty was an order of magnitude more successful than its predecessor, despite its relative newness.
The main reasons: a strong advertising campaign.
An unusual marketing approach for this industry – a dog stick was chosen as the logo.
It is important that you are aware of the disadvantages of the system before you start. The currency has been very unstable for a long time and the exchange rate has changed significantly several times in a short period of time. In addition to cost, user attitudes have also changed. The initially well-chosen logo helped to win new customers. But over time, due to constant bouncing and other problems, the speed gradually decreased.
Precipitation history
The prospects of the cryptocurrency Dogecoin were originally determined by its creator, Billy Marcus. It announced new cryptocurrencies in December 2013. The main goal of the creator was to launch a new means of payment that has nothing to do with bitcoin, which is used in various areas in black markets. The basis is not Litecoin in its pure form, but one of its variants, Luckycoin.
Just one year after the project started – on 25. August 2014 – the rate of decline has slowed to a critical degree. The value dropped to 22 satoshi. The prediction for Dogecoin and Joe’s trade-in for Bitcoin spoke of the imminent demise of the system. But his behavior is as surprising and unusual as the logo used. After the minimum value was reached, the price started to rise again.
Elon Musk and the moon
The value of the Dogecoin meme crypto-currency skyrocketed after Tesla and SpaseX founder Elon Musk (a known meme enthusiast) tweeted several messages about the token.
Musk posted a photo of a Falcon 9 launch vehicle flying past the moon, writing in response to Dozh’s article.
Within 15 minutes of the tweet, the value of docecoin increased by 19%, and within half an hour it had increased by 76%. According to CoinDesk, at 12:45 pm Moscow time, Dogecoin is up 51% in the past 24 hours at $0.05 per token. MarketWatch is talking about a 44% increase after Musk’s tweet.
The photo in Elon Musk’s first tweet refers to the phrase To the Moon, used by users in these communities:
- r/CryptoCurrency
- r/SatoshiStreetBets on Reddit
They buy Dogecoin in a coordinated manner, with the goal of sending this cryptocurrency into space so that its value reaches one dollar.
As the stock soars, Musk posted another tweet with a photo referencing Simba’s birth scene in The Lion King. Musk is depicted as the wise Mandril Rafiki, who raises a donkey in the form of Simba. Not at all, the entrepreneur wrote. He left a few more tweets about Dogecoin, such as. B. the designation of the token as the currency of the people.
Reddit users launched a flash mob using Dogecoin in late January, and Elon Musk initially backed them.
frequently asked questions
Will dogecoin reach $1,000?
However, Dogecoin will never reach $1,000 per coin.
Does Elon Musk support Dogecoin?
Tesla CEO Elon Musk tweeted Sunday that he was in favor of large holders of Dogecoin selling their coins. If the big Dogecoin holders sell most of their coins, they will have my full support, the Tesla CEO said in a tweet on Sunday.
What did Elon Musk say about Dogecoin?
That’s what it looks like. Billionaire Elon Musk said Sunday that he is in favor of big holders of the digital membrane coin selling most of their coins, adding that he felt too much concentration in docecoin was a real problem. If the big dogecoin holders sell most of their coins, I fully support them.
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