Review on Dogecoin by Ogulnar Annamuhammedova
Dogecoin (DOGE) is a cryptocurrency worth taking seriously
In 2021, amazing things are constantly happening in the cryptocurrency sphere, new records and achievements are being recorded. One of these surprises was the rapid growth of the comic cryptocurrency Dogecoin (DOGE or XDG), which in the second quarter of 2021 entered the top four (according to coingecko and coinmarketcap ratings). In May 2021, Dogecoin's capitalization reached USD 79 billion with a daily trading volume of USD 30-35 billion. Dogecoin's share of the cryptocurrency market has grown to over 3.3%.
Dogecoin cryptocurrency is very convenient to trade on the Binance exchange, selling and buying DOGE for euros, pounds, rubles, Australian dollars, Brazilian reals, Turkish lira, as well as USDT, BUSD and bitcoins.
The price of the cryptocurrency as of 05/06/2021 is 0.61 USD and, according to experts, this is not the limit. Until 2021, the price of Dogecoin coins fluctuated in the region of 0.0002-0.0005 USD. Thus, the DOGE coin has grown several thousand times over several months, setting an absolute record and beating all other cryptocurrencies in terms of growth rates this year. Dogecoin cryptocurrency was created on December 7, 2013 at the peak of another cryptocurrency hype by Australian Jackson Palmer (at that time an employee of Adobe Systems) and American Billy Markus (at that time a programmer at IBM). The cryptocurrency they create was conceived as a joke. After the massive entry into exchanges and use as a speculative tool, the developers of Dogecoin officially announced the termination of its development and exit from the project (2014). This did not end the existence of their brainchild, which turned out to be in demand due to low commissions and ease of circulation.
Due to the advantages available to Dogecoin, influential people have shown interest in this "ownerless" means of payment, including Elon Musk, the owner of the TESLA company. Due to this, in 2019, by open vote using a poll on Twitter, he was chosen as the CEO of the Dogecoin project. Musk won with a majority of the 4,000 poll participants. In addition to him, the candidates for the post of CEO of Dogecoin were:
* Ethereum founder Vitalik Buterin;
* Founder of the Litecoin cryptocurrency Charlie Lee;
* Metal Pay founder Marshall Heiner.
The election of I. Mask, the richest man who owns one of the most popular Twitter accounts (about 53 million subscribers), contributed a lot to the further growth of the popularity of Dogecoin cryptocurrency.
- very low transaction fees, several times lower than that of Bitcoin and Ethereum;
- ease of use and speed of transactions;
- a large number of exchanges that have trading pairs with DOGE;
- real decentralization - Dogecoin officially does not have a team that independently changes the code of its blockchain, the work of the network is supported solely by the efforts of the community (the source code is being updated on Github);
- large fluctuations in the price of Dogecoin coins (high volatility) can "hurt" those who invest in this cryptocurrency as a means of storing assets
- high inflationary potential, due to the fact that the issue of Dogecoin cryptocurrency has no restrictions. In the long run, this will devalue the value of the coin
- the large size of the blockchain due to the long existence of this cryptocurrency, which increases the synchronization time of a full-fledged dog-coin wallet
