What first started as a joke currency, it is not a joke anymore. People are really investing in Dogecoin. Dogecoin is not a deflationary coin because its supply is uncapped when it reaches the declining yearly inflation rate which is about 5.256 percent, it will keep a steady pace and it will remain stable. Because the price will be stable, people might be encouraged to invest in it and spend it rather than keeping it in high hopes that the coin will grow forever. It has very low transaction fees because miners always get rewarded and therefore are always keen on keeping the network secure and process transactions with no delays.
Basically, Dogecoin is a fork of Litecoin with a few key things changed. For example, Litecoin has a 2.5 minute block time whereas Dogecoin has only a 1-minute block time making it incredibly faster than Litecoin.
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Also, their coin supply is unlimited which is not the case with Litecoin.
Although you don’t hear much of this coin anymore, the coin is far from dead. On the contrary, it has a very strong presence. According to CoinMarketCap, its current price is $0.002982 USD and it is ranked at number 35. However, you can’t expect to get rich from dogecoin in the near future. Despite the strong community and the great support for this coin, it is very unlikely that it will reach a price above $1 soon. Of course, you can never know for sure how the future will play out for Dogecoin.
It is a great tool for someone who is just starting with cryptocurrencies and it’s a great way to experiment.
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