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Dogecoin – What I hate, love and fear about cryptocurrency



Meme coins are cryptocurrencies that are based on or inspired by memes. There are 128 meme coins with a total market cap of over $44 billion. The largest meme coin is Dogecoin with a market capitalization of $32 billion. It’s almost the same as Axis Bank!

According to its website, Dogecoin is an “open-source peer-to-peer digital currency, favored by Shiba Inus around the world”. In case you didn’t know, the Shiba Inu is a breed of hunting dog native to Japan. But SHIBA INU (SHIB) is a different cryptocurrency. Yes, this is a little confusing!

DOGE has an interesting history. One of its co-founders, Jackson Palmer, tweeted that he is “investing” in a fictional cryptocurrency called Dogecoin. His friends actually encouraged him to make it as a real cryptocurrency. And he did!

Although Dogecoin was born on December 6th, 2013, several years later, in 2020, began to take over thanks to TikTok influencers. And this year it has gotten a lot of attention from Reddit users and of course Elon Musk and his tweets, especially this one:

1. What I like about Dogecoin

The first thing I love about Dogecoin is its lineage. It is based on Luckycoin, which is forked from Litecoin, which is forked from Bitcoin!

Second, Dogecoin uses a special version of “proof-of-work” that makes it costly for hackers to attack its network.

Third, the Dogecoin Foundation includes Ethereum co-founder Vitalik Buterin.

And fourth, Dogecoin can be used in a ton of places. Click to see where you can spend your Dogecoin.

2. What I Hate About Dogecoin

The first thing I hate about Dogecoin is its “inflationary” nature. Originally Dogecoin had a maximum supply of 100 billion coins. But later this limit was removed and today an unlimited number of Dogecoins can be created.

Did you know that 10,000 Dogecoins are created every minute? Compare this to bitcoin’s current creation rate of 6.25 per 10 minutes!

The other thing I hate about Dogecoin is how easy it is to move prices thanks to Elon Musk’s tweets!

3. What scares me about Dogecoin

Over the past 12 months, Dogecoin price has seen a low of $0.002452 and a high of $0.7376. Some people have made a lot of money from Dogecoin.

It is almost certain that Dogecoin will eventually get busted. And the big time of many bookmakers is going to be wasted. And it’s going to give crypto-haters yet another chance to bash cryptocurrency.

Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow him on LinkedIn.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.


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