May 11, 2021
Dogecoin is Now Available on Coinmama!
A cryptocurrency that was started as a humorous project in late 2013 by two software engineers, Dogecoin has become a joke worth $ 70 billion this year. Dogecoin’s rise since the beginning of 2021 has been epic, and it was even featured in a recent Saturday Night Live skit by its chief fan Elon Musk.
Coinmama customers from around the world can now buy Dogecoin with one of our many payment methods. If you’re looking where to buy Dogecoin, head over to Coinmama!
What is Dogecoin
Dogecoin is a cryptocurrency that originated in 2013. Developed as a fun means of payment by Jackson Palmer, an engineer at Adobe, and Billy Markus from IBM, Dogecoin was designed to reach a broader audience than Bitcoin and other cryptocurrencies through the power of memes. It didn’t take long for the cute Shiba Inu, Dogecoin’s mascot, to attract widespread attention with its funny fictional monologue.
From a technical perspective, Dogecoin uses a Proof-of-Work algorithm called scrypt which they copied from Litecoin. Unlike Bitcoin’s SHA-256 Proof-of-Work algorithm, scrypt is designed to even the playing field by making it more difficult to mine with specialized ASIC machines and allowing people to mine with their computer’s GPU.
Another difference between Dogecoin and Bitcoin is its unlimited supply. While Bitcoin’s supply is limited to only 21 million bitcoin ever, Dogecoin’s potential supply is infinite. Dogecoin’s supply is currently at 130 billion coins and it increases by a constant 5 billion per year, every year. On the other hand, Bitcoin and Litecoin experience halving events every four years that cut the inflation rate in half. The current inflation rate of Dogecoin is 3.8% which is more than double Bitcoin’s 1.76%. At the next Bitcoin halving event in 2024, the amount of new bitcoin added to the supply will drop to 164,250 per year.
Dogecoin might lack the qualities that give Bitcoin its monetary superiority, but nevertheless, the fact that it inflates at a slow, predictable rate makes it a harder form of money than fiat currency.
The Rise of Meme-Driven Investing
Since the start of 2021 we’ve witnessed a surge in meme-driven investing, particularly amongst the younger generation. These digitally native investors aren’t necessarily looking for assets with sound fundamentals. Rather, they are rallying around memes and ideas that resonate with their communities and placing their bets accordingly.
It all started when activist investors took the global markets by storm as they flocked together in support of heavily shorted companies like Gamestop, causing them to reach sky-high valuations
Regardless of whether meme-driven investing is to your taste, GME and now Dogecoin suggest that it is now a reality. We’re thrilled to give Coinmama customers an opportunity to participate in this journey.
