Virtually all cryptoassets have been affected to a greater or lesser extent. From the big ones like Bitcoin and Ethereum, to the smaller ones like BNB, Cardano and Solana. Moreover, the crisis has caused big problems even to those stable cryptocurrency projects (the so-called stablecoins) such as TerraUSD (UST) and Neutrino USD (USDN), among others. For this reason, today we will explain how a flagship memecoin project has fared, namely Dogecoin (DOGE). We will review what Dogecoin is and what is happening with this cryptocurrency in this current state (high volatility and bearish trend) of the cryptomarket.
What is Dogecoin?
According to the official website of the Dogecoin project, this memecoin is briefly described as follows: it is a decentralized cryptocurrency based on the DOGE meme. The Dogecoin project is not run by any individual company or person. Technically speaking, it operates according to rules agreed upon by consensus, rather than decided by some founding or owning entity. No one, or everyone equally, has the right to manage Dogecoin. Therefore, developers can release new software, but the community has to choose to use that software. The community includes not only end users, but also miners, exchanges and payment processors, among others. Typically, the community adopts the new software that is released, because there is an established track record, but there is no special access.
What is currently happening with DOGE?
Certainly, DOGE these past few months has maintained a relatively stable performance, keeping its value above $0.100. However, due to the aforementioned current cryptomarket situation, the same as of May, it has also been affected towards the downside. However, it cannot be overlooked that in the span of one year (12 months), it has already maintained a downward trend. For this reason, it would not be abnormal for this trend to continue if everything continues as it has been going so far. Although, being DOGE and observing its history, it would not be unusual for it to experience, for various direct or indirect reasons, some sudden and moderate or high rises in its value. This has happened in other periods, for example, in February, May and August and October 2021. Moreover, as will be discussed below, experts in the field argue that DOGE offers good earnings forecasts for the end of this year, relative to the current price. Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get a Dogecoin tip by participating in a community that uses the digital currency. You can buy Dogecoin from any country. For example, here you will find many ways for how to buy Dogecoin.
More information about DOGE
For more useful and up-to-date information about Dogecoin (DOGE) trading you can visit its official sections on the following cryptoasset exchange and monitoring sites: CoinMarketCap, CoinGecko, Coinbase, Binance and KuCoin. To know the behavior of its price going forward you can visit its official sections on the following websites: DigitalCoinPrice, PricePredition, Tradingbeast and Walletinvestor.
Investment tips
Get used to investing the amount of money you are willing to lose completely. Because, there are many risks or problems today, in these types of new projects, especially that they are sustainable in the long run. In addition, many of these cryptocurrency projects may present irreparable or unrecoverable problems, either by the collapse of its capitalization, or by hacks, or even because the owners take all the money invested and close the project overnight. All that can happen, investing in cryptoassets, I warn you, is risky.
Summary
In summary, we hope that this publication (with timely, reliable and verifiable information) about “what is Dogecoin” and what is happening with it in this current state (high volatility and bearish trend) of the cryptomarket, will be of great help to all those users of the Blockchain and DeFi sphere in general. And especially, for all the large community of users who currently make life around this great memecoin. Dogecoin is not only one of the first of its kind, but also one of the most supported and hated, both by the big and famous, as well as by the small and unknown.
