Is the virtual currency Dogecoin (DOGE) outdated? We will explain its characteristics and future prospects. Dogecoin, a virtual currency that has attracted a lot of attention in 2021, has recently been increasingly referred to as “outdated.” Is Dogecoin really outdated? We will explore its current situation and future.
Overview of Dogecoin (DOGE)
Dogecoin was originally a virtual currency created as a joke. It was developed as a joke in 2013 by Billy Markus and Jackson Palmer. The developers felt that Bitcoin was too serious, so they created a humorous currency based on the internet meme “Doge”. Its uniqueness has in turn attracted the support of the community, and especially in 2021, Elon Musk’s tweets and comments from celebrities have suddenly increased its presence in the market.
| Coin | Dogecoin |
| Symbol | DOGE |
| Official | https://dogecoin.com/ |
American version of Monacoin
Dogecoin (DOGE) is developed based on Luckycoin. The virtual currency on which Luckycoin is based is Litecoin, and Monacoin is a virtual currency developed based on Litecoin, so they have many similar properties and are also called the American version of Monacoin. Doge is slang for Dog.
Almost the same functions as Bitcoin
Dogecoin is developed based on Luckycoin. It has almost the same functions as Bitcoin. Since the consensus algorithm uses PoW (Proof of Work), it is also exactly the same in that it is highly decentralized and has excellent security.
No limit on the number of coins that can be issued
Unlike Bitcoin, Dogecoin has no limit on the number of coins that can be issued. There is no limit on the number of coins that can be issued, and there is no regular burning, so currencies that cannot adjust the supply balance tend not to increase in value, and Dogecoin (DOGE) is a currency that is prone to inflation as the amount circulating in the market increases. However, there have been events where celebrities have mentioned Dogecoin (DOGE), and Dogecoin (DOGE) has maintained a constant price.
Current situation: Is it over?
Dogecoin has been getting less attention in recent years, but it may still be premature to conclude that it is completely over.
Mass production
Dogecoin (DOGE) has no issuance limit and no mechanism for burning. Therefore, there is a risk of oversupply and a crash. If investment is not obtained, it is expected that its value will decrease relatively in the future.
Survival of the community
Unlike many other virtual currencies, Dogecoin has a very strong online community. Community members support each other, use Dogecoin for charity activities, and promote it on social media. This point gives it a different appeal from virtual currencies created for speculation purposes.
Practicality and technical limitations
On the other hand, the reality is that Dogecoin is technically lagging behind other major virtual currencies. There are no innovative technological updates like Bitcoin and Ethereum, and smart contract functions are not implemented. This technological stagnation has cast doubt on Dogecoin’s future, especially as cryptocurrencies aim to become the next generation of financial systems.
Price volatility
Since 2021, the price of Dogecoin has been fluctuating greatly. It is easily influenced by market movements and has repeated temporary rises and falls, so it cannot be considered a stable investment target. In this respect, it is true that its appeal among investors is fading.
Source : https://coinmarketcap.com/
Introducing a carefully selected list of recommended exchanges
Now, let’s introduce some recommended exchanges that actually handle Bitcoin. We recommend overseas exchanges. The reason is that there is no risk of incurring debt due to the zero cut, and furthermore, the leverage is very high, so there is the advantage that you can trade even with small amounts. We will introduce exchanges that are not difficult, and allow beginners to advanced users to easily buy and invest in good steps. These are exchanges that guarantee high leverage and ease of profit.
OKX
OKX is a cryptocurrency exchange based in the Seychelles. Please note that OKX operates separate exchanges in Japan and other overseas countries. They also have a marketplace and offer more comprehensive services than other companies. You can start trading from your browser and make contracts easily. The system is robust, so even if you trade frequently, online payments are fast and easy to use, there are few fees, and there is little maintenance, so you can feel at ease.
Bybit
Bybit was based in Singapore, but the group is now a cryptocurrency exchange based in the UAE. There are many promotions such as bonuses and campaigns, and many events such as launchpads, launch pools, and airdrops. The design is also good and you can try trading directly on tradingview. You can deposit cash continuously, and you can trade enough in a day. As a policy, the number of services such as NFTs is increasing significantly.
Gate.io
Gate.io is a cryptocurrency exchange based in the Cayman Islands and has the largest number of cryptocurrencies in the world. If you are looking to invest in unknown altcoins and grass coins, this exchange is the best choice. In recent years, you can invest in a large number of cryptocurrencies, and you can make many transactions on the same day, including lending, installment investment, spot and futures. At least a certain number of financial cryptocurrencies are available and security measures are in place, so you can set it up smoothly. You can continue without stress.
KuCoin
KuCoin is a cryptocurrency exchange established in Hong Kong in 2017. It is currently based in the Seychelles. Therefore, it is a very safe exchange. It handles over 600 currencies and has a maximum leverage of 100x, so it is run by a large company.
BingX
BingX is an exchange established in Hong Kong in 2018, and has a long history of operation. In addition to spot trading, it also supports margin trading and copy trading, meeting the needs of users. It is currently ranked 26th in the derivatives exchange rankings on CoinMarketCap, and is attracting attention from investors around the world. This exchange has a particularly strong influence, especially in the Asian region. It will become a more comprehensive service as more categories are added in the future.
Bitget
Bitget is a cryptocurrency (cryptocurrency) exchange based in Singapore, and was founded in 2018. It is one of the top exchanges on coinmarketcap, and with over 8 million users in over 100 countries around the world, it is one of the most popular and recommended exchanges in the world. Bitget’s copy trading has a very good reputation. It has the advantage of making it easy to make a profit just by setting it up, but it is also possible to make a lot of money on your own. Currently, Lionel Messi has a partnership agreement with them.
Bitmart
Bitmart was established in the Cayman Islands in 2018. It is a cryptocurrency exchange with over 9 million registered and active users. It also offers derivative trading with up to 100x leverage. For this reason, it is a very popular exchange worldwide, and has the following features, so we will introduce them in a list. When checking, there is no risk as security is also solid if necessary.
Bitrue
Bitrue is a cryptocurrency exchange established in Singapore in 2018. It has a large cryptocurrency trading volume and high liquidity. There are many derivative and spot transactions, and many users around the world have opened accounts and are currently trading, so it is highly recommended. It provides the functions necessary for investment, and you can purchase from the page below. It is also easy to create an account. Leverage is over 100 times, and you can also download your trading history.
BTCC
BTCC is a stable cryptocurrency exchange with over 10 years of history and a proven track record, founded in the UK in 2011. Compared to other exchanges, BTCC is an exchange that specializes in futures trading (derivatives trading) and offers high leverage of up to 150 times. This is overwhelmingly superior to other exchanges. In addition, it handles over 200 cryptocurrencies, so it is very safe. We will introduce information on opening a cryptocurrency account, leverage, deposits, withdrawals, campaigns, and types of app usage. Currently, even beginners can get used to using an account on the web, so it is recommended for getting started.
LATOKEN
LATOKEN is a cryptocurrency exchange established in 2017. Investments are possible from as little as $1, and the exchange only deals in cryptocurrencies, so does not handle NFTs. All major coins such as Bitcoin, Ethereum, Litecoin, Tether, XRP, TRX, EOS, LA, etc. are covered, so it is possible to trade even major altcoins.
LBANK
LBANK is a cryptocurrency exchange founded in Hong Kong in 2015. It provides services in over 200 countries. It is characterized by the fact that you can open an account without having to go through KYC (personal identity verification), making it a highly recommended exchange for those who want to trade immediately or cut out the hassle of procedures. It is very convenient because you can check the latest news and currency listings, and you can also make inquiries via live chat. The basic information is as follows. It handles different major coins such as Bitcoin (BTC), Ethereum (ETH), XRP, and USDT. We recommend that you register and take a look if necessary.
MEXC
Since it is free to open an account, you can do so without any hesitation. There are a huge number of stocks available, with over 1,400 different stocks available to trade, far more than other major exchanges. There are also campaigns, and although there are conditions, you can also introduce them to your friends using an invitation code. Here we will explain the steps to register and open an account with MEXC. First, open an account. Go to the official website. We will explain how to do it. Opening an account is free, and there is no fee even if you open an account overseas. There are also bonuses and other benefits.
XT.com
XT.com is a major overseas cryptocurrency exchange headquartered in Dubai, UAE. Speaking of Dubai, Bybit is also based there. It was originally founded in the Seychelles in 2018, but has since moved its base. It has over 7 million users and handles over 500 stocks, making it comparable to Binance, KuCoin, MEXC, etc.
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