The coin born as a joke is the reddit coin the litecoin sub-brand, these are some of the terms used to define Dodgecoin, This coin has ended up in the spotlight, thanks to a hypothetical pump organized by the Wall Street bets guys, and some tweets by several influential people in the financial and corporate world cryptocurrencies. Let's go see things', how it works, and my personal views on value of this token! and in the meantime Welcome to the channel of the Marquis of the crypto, where we only talk about bread with bread and wine to wine! Theme song! Our community is evolving, click on that nice thumb up and let's go to get the fame we deserve! If you are not registered, you are welcome, and subscribe to the channel by activating the bell So you will join the gang and not you will be left out! And all you see in this video and the others are not financial tips but only personal opinions and the whole is to be understood alone informational and study purpose! Let's start with the Dodgecoin review.
I start by saying that dogecoin is among the oldest cryptocurrencies in circulation was created in 2013 by developer Jackson Palmer and Billy MArcus who are 2 cryptocurrency developers and enthusiasts, almost for fun. The purpose of the birth of this cryptocurrency was to maintain a market value very low or rather, a very low dollar value in order to be used to make payments of small amounts. Just to go against the trend, compared to what was happening in other cryptocurrencies, that is, excessive speculation, and they also wanted to get rid of people's minds that cryptocurrencies were only used at the dark level web to subsidize the black market! The image of the Shiba Inu dog was chosen as the logo, which was the most popular meme at that time. A meme would be an image, a phrase, a funny or silly video, which goes viral! Let it be clear that if this video goes viral, I hope it will be interesting and not thought stupid ok !? (we understand each other) The coin has had a great thanks communoty of fans built around a huge thrust and an explosive evolution, the big problem, was maintaining the security of this blockchain, even if it is structured in proof of work, such as Bitcoin, Litecoin or Ethereum itself (at least for the moment).
In Bitcoin for example, security is given precisely by the fact that there are several miners, who use their hardware to validate transactions, in exchange of rewards in bitcoin. This variety of miners also makes it virtually impossible to carry out an attack on the blochchain itself, because you should be in control on at least 51% of these hardware to manipulate transactions. This however, at least initially, was not possible for Dodgecoin, as the rewards for the dodge miners they were so low, given the negligible cost of cryptocurrency, and therefore it was not possible to find miners available to invest hardware, time, energy and money, to make a loss.
Cosi 'Thanks to an agreement between Charli lee founder of litecoin and fan of Dodgecoin e Jackson Palmer, they invented a kind of dual mining, that is, with the same hardware and by the same means, it is possible to mine litecoin and dodgecoin together. This agreement has led to a significant increase in litecoin miners on the one hand, who had another token as a gift in addition to the one they were mining, and dodgecoin instead it had received all the litecoin miners, and thus its decentralization and his safety were saved. In addition to this, a longer life is guaranteed for the coin, thanks to this agreement, in order for dodgecoin to disappear, litecoin must also disappear.
The founders of dodgecoin left the project in 2015, but above all several communities on reddit, they took the cause of this cryptocurrency forward. The token has had several fans as previously mentioned, including some tweets from ellon musk with Shiba dog photo or in response to dodge's twitter and only in the last one period has repeatedly spent sentences of praise towards this cryptocurrency. Many famous actors, and even Vitalik buterin (the founder of ethereum) has expressed approval for doge and also various activities habitually use Dodge to get paid, one of them all? which if not reddit? . In this bull run, she then returned to prominence thanks to Wallstreetbets and the various tweets of ellon musk, who have done so that a kind of fomo was created around this coin, but also in the past, for example also a video on tiktok in 2020 that went viral, in which it was said that if every person that he had seen the video, had bought $ 25 of Dodge, it would have achieved a profit of $ 10,000 each.
This sent Dodge's price skyrocketing and then dropping. The price trend of the token seems to retrace a repetitive pattern, between ups and downs periodic, which makes it relatively easy to predict the next ones market moves, which suggests that the price is highly manipulated clearly it can be good or bad depending on where you are, I remind you that the difference between sales and purchases in the market is always 0, therefore for those who earn an immporto, there are those who lose another like it elsewhere! We come now to the token. As mentioned it is a proof of work token, with which it is possible to send payments at very low prices in about 5 or 6 minutes.
the maximum supplement is unlimited due to an "Error" on the part of its founder Palmer, who left in the code, an increase in tokens starting in 2018 of approximately 5 billion a year! The whole is in circulation, and is currently equal to about 130 billion, the price at the moment of this video is just over 7 cents and is in tenth place on coinmarket cap by market capitalization! The token is purely an exchange currency, it is not possible to create smart contracts, but currently thanks to the systems of yield farming and various bridges and virtualizations, it is possible also stake it on different Defi platforms. In this Bull run he is doing great and has not yet passed his all time high. The token can be purchased on binance, on bitpanda and on kraken, described below there are links if you want to register on one of these exchanges.
We come now to personal opinions. As far as I'm concerned, the token is a joke and will most likely remain so, there isn't a project that has been behind it for some time and I don't think it will be able to emerge in this one sector. Seeing it in tenth place among the most quoted cryptocurrencies makes me think that perhaps there is still a lot to learn in this sector, I myself perhaps underestimate sometimes the power of social memes or other which can have a force very great. In fact, this is precisely the example that wallstreetbets have given us, with Gamestop.
The token does not seem useful to me, it is not updated, it is not implemented, but it has a lot of Fans, including Ellon Musk and it is known that when he speaks, the sea follows him. So the judgment of the marquis of the crypto matters very little, since it can happen of everything. Surely the token has now become what it did not want to be, that is highly speculative, he has lost everything he was born for.
But on the other hand it has its repetitiveness of these ups and downs that they do whether it is relatively predictable, i think following twitter, reddit, tiktok and more, i think i can really be an excellent speculative tool. Personally I would never put it in my long term investment portfolio, In this bull run instead I think it will fly very high, but at some point it collapses, and if you went out in good time for you, otherwise I remind you that the bag is a game to sum 0! And we are at the end today too, thanks for watching and see you at the next video, Hello by the Marquis of Crypto