Review on Dogecoin by Sheila Cova
Dogecoin
Born as an internet meme, Dogecoin demonstrates how a simple joke can increase its value and reach a market capitalization of $ 300 million. Dogecoin was designed using the Litecoin code base and its development aimed to provide an alternative to Bitcoin. It should have been a more accessible and friendly cryptocurrency. However, its most distinctive feature is its pet. Dogecoin developers chose a "fun" approach to its development.
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Pros
- The fun image of crypto helped the coin gain attention on various social media. The coin became famous even outside of the blockchain tech fan community.
- DOGE is generally owned and community members seek to use their Dogecoins in everyday life. Bitrefill's recently added AirBnB payment option is a good example.
- DOGE has a committed audience and the most popular in Venezuela. Like Dash, DOGE turned out to be one of the preferred cryptos in countries where the financial system is struggling. Other countries with a large number of searches for "Dogecoin" include Bangladesh, Pakistan, the Philippines and Nigeria. It is a good sign that the currency is used as an alternative to the official fiat currencies of these countries for monetary exchange between normal people.
- The largest crypto exchange Binance added Dogecoin (DOGE) to the list of cryptocurrencies.
Cons
- Dogecoin's price does not respond very well to media attention. For example, news on Airbnb caused a price increase against the USD by ~ 3% for 3 days after the announcement.
