The bear pressure in the market has left no stone unturned. Literally all the digital assets listed on CoinMarketCap have experienced the tough hand of the bears in the last one month. The volatility in the market has also been on the rise to the extent of tripling the levels in October, especially for Bitcoin (BTC). Dogecoin (DOGE) has not been spared, however, it is among the few coins that have been able to control the drop. Dogecoin price has remained stable above $0.0020 with its upside capped below $0.00255.
The Dogecoin community recently celebrated the currency’s 5-year anniversary. The $245 million digital asset has not had a smooth ride all along since its inception. First it worked hard to earn respect in the market following its dog logo representing the Shiba Inu meme. The industry at first did not take Dogecoin with the seriousness it deserved with the world thinking it is a ‘joke’ cryptocurrency.
Dogecoin was introduced in the market without a whitepaper on November 27, 2013. The founder of Dogecoin, Jackson Palmer first mentioned Dogecoin on Twitter, however, the currency was launched officially on December 6 in the same year.
Different Network Activity Approach
The asset was released to the market not having any pre-mined coins. There did not exist a mining structure like Bitcoin (BTC) had. However, Dogecoin was different from most currencies at the time because its mining was conducted on personal computers as opposed to the special mining rigs used in BTC mining.
The popularity of Dogecoin cannot be compared to other assets like Bitcoin Cash. On the contrary,the activities on Dogecoin network easily surpass those of other virtual currencies. It is vital to note that of the transactions in Dogecoin is not done on exchanges, this means that DOGE has real world utility riding above the speculation that is common in crypto markets.
The Vibrant DogecoinCommunity
Dogecoin literally thrives on the shoulders of its vibrant and never tiring community. The community is the reason behind the success of Dogecoin. It is also the reason why Dogecoin has not stumbled and died. Dogecoin is able to present facts in a humorous manner. Something that keeps the community entertained and informed as well.
At present, Dogecoin has 137k followers on Twitter with most of them being active in sharing the jokes and the humor using the funny memes. The community is constantly entertained by videos of the Shiba dogs as well as content that is nerve wrecking. The Dogecoin community is known to be one of the civilized in the crypto sphere where fights and arguments are rare occurrences.
What Makes Dogecoin Tick?
As mentioned earlier Dogecoin had a lot do to ensure that it gains the respect it deserved like the other legacy assets in the market. The development team of the coin has been very forthcoming with frequent updates and upgrades. Currently the team is working on releasing the 1.14 client upgrade. In addition to the DOGE-Ethereum bridge, a development that will allow sending of DOGE to and from the Ethereum network seamlessly.
Dogecoin is commonly referred to as the digital currency on the internet. It has many uses cases,the main being tipping. Users find it easy while using DOGE, beside,transactions take only 5 to 6 seconds. There are other projects, for instance,Dogepal that is at the forefront of Dogecoin adoption.
While the market is in a bear trend, Dogecoin has shown resilience by weathering down the declines quite well. After five years and still strong, it means that Dogecoin is here not only to stay but also to blossom.