Is Dogecoin here to stay?
Dogecoin is a cryptocurrency created in 2013. It started as a joke about the doge meme around the internet.
Recently the currency has become very popular for various causes. One of the most important was the influence that Tesla CEO Elon Musk portrayed on social media. This turned many different eyes to this joke currency.
Every transaction made is on a publicly available ledger called blockchain. So anyone can look and see all trades at any time. Another thing that is vital to this process is Mining. Mining is the process where computers solve intricate puzzles that helps with the legitimacy of the blockchain ledger and create more cryptocurrency. This process takes a lot of time and energy.
When it comes to other cryptocurrencies such as bitcoin, this supply is finite, which means there will be a point when bitcoin stops production. On the other hand, Dogecoin is a cryptocurrency that doesn’t. have a stopping point. Therefore, there is no cap on how many dogecoins can be in circulation.
I believe Dogecoin will most likely be a fad over time. From its inception, it was considered a joke. As well as the volatility of Dogecoin is insane. I am just skeptical if it carries staying power in the market.
