Ever since the beginning, the launch of Bitcoin has created an unprecedented and unsearchable effect on humanity. The coins themselves are a modern version of gold, and they have also been used as gifts that are delivered to specific individuals by email. Its rapid rise in value was met, understandably so, with fear from those unfamiliar with cryptocurrencies and what they represented. The reason for this fear is that it has been called a Ponzi scheme by many academics who do not understand how Bitcoin works or how it will continue to work in the future. These criticisms are also coming from people who are unfamiliar with the idea of cryptocurrency, which is why there was also plenty of excitement among those who do know all about Bitcoin.
Similarly, there was a lot of skepticism from those who did not understand it but decided to keep their judgments to themselves. The value of Dogecoin was initially based on the effort made by those who support it and its community. The recent spike in value has coincided with the cryptocurrencies increasing popularity on social media outlets like YouTube and Reddit. This has caused an unprecedented level of interest in both participation in mining for Dogecoins and trading them for other cryptocurrencies like Bitcoin or Litecoin.
The Dogefather Coming To The Support
A little after the Bitcoin price started to fall, members of the Dogecoin team and its community decided to help out by organizing a fundraiser that would be directed towards the development of Doge4Water. This organization is based in Africa and it is helping to provide drinking water for this area through the help of volunteers who are not associated with any government organizations or other non-profit agencies. Although this was not philanthropy that was promoted by Dogecoin’s developers, they ended up getting involved to keep their support system alive.
"What would you explore if there were no limits?"#Dogecoin #DoOnlyGoodEveryday #DOGEARMY pic.twitter.com/fTbgXp8GEe
— Tyler Milgate (@MilgateTyler) August 4, 2022
The spike in value soon died off, which was pointed out by many people as a sign of weakness on the part of Dogecoin. At the same time, some argued that this was a price increase that was stronger than most other coins and assets. The fact that the price of Dogecoin did not fall any further has prompted some people to call it an indicator of strength in terms of a cryptocurrency by using the term “measured dip.”
What Is The Future Of Dogecoin?
According to Jackson Palmer, Dogecoin is a serious contender for cryptocurrencies as a way to raise funds for good causes and provide them with direct support. This has been achieved through the combined efforts of developers, community members, and artists who have helped make Dogecoin visually appealing on multiple internet platforms such as Reddit, Twitter, and Facebook. There are currently exchanges where Dogecoin can be traded like Poloniex and HitBTC. However, it is still not a major player in the cryptocurrency market. Despite this, it has been called a “dog” by analysts who have predicted its price to rise shortly. The current value of Dogecoin is USD 0.002924 with a 24-hour trading volume of USD 240,411,555.
Is The Memecoin Dead Or Is It On A Discount?
Despite the critics and skeptics, Dogecoin and the Doge community that supports it have become a centerpiece in the world of cryptocurrency. This has been made possible by people who have spent their time and resources to create an economy that is capable of providing direct support for genuine charitable causes. The current status of Dogecoin can be described as being a bit like a meme with a sense of humor. It was created as a joke but taking it seriously has helped make it become something more than a fad for digital enthusiasts that are looking for ways to earn some money in the process.
