Dogecoin Trading Down 4.1% This Week (DOGE)

Dogecoin (DOGE) traded 4.2% lower against the dollar during the twenty-four hour period ending at 19:00 PM E.T. on August 11th. In the last week, Dogecoin has traded 4.1% lower against the dollar. One Dogecoin coin can currently be purchased for about $0.10 or 0.00000171 BTC on cryptocurrency exchanges. Dogecoin has a total market cap of $14.65 billion and approximately $673.26 million worth of Dogecoin was traded on exchanges in the last 24 hours.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

• UNUS SED LEO (LEO) traded up 0.2% against the dollar and now trades at $5.81 or 0.00009871 BTC.
• Litecoin (LTC) traded 2.8% lower against the dollar and now trades at $59.40 or 0.00100908 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.
• MegaCoin (MEC) traded 2.2% lower against the dollar and now trades at $4.30 or 0.00015776 BTC.
• Polymath (POLY) traded 18.9% higher against the dollar and now trades at $0.0899 or 0.00000153 BTC.
• Lotto (LOTTO) traded 2.1% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
• DEI (DEI) traded down 2.5% against the dollar and now trades at $0.0129 or 0.00000020 BTC.

Dogecoin Profile

Dogecoin (DOGE) is a proof-of-work (PoW) coin that uses the Scrypt hashing algorithm. Its genesis date was December 6th, 2013. Dogecoin’s total supply is 145,495,186,384 coins. Dogecoin’s official Twitter account is @dogecoin and its Facebook page is accessible here. The official website for Dogecoin is dogecoin.com. The Reddit community for Dogecoin is https://reddit.com/r/dogecoin and the currency’s Github account can be viewed here.

According to CryptoCompare, “What is Dogecoin (DOGE)?Dogecoin (DOGE) is a cryptocurrency that was created in 2013, inspired by the then-popular Shiba Inu dog meme “doge.” The cryptocurrency’s blockchain has been built with underlying technology from Litecoin (LTC), a cryptocurrency often referred to as the silver to Bitcoin’s gold.The early Dogecoin community was well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.In 2021, search interest for DOGE exploded after influencers associated with the popular WallStreetBets subreddit rallied users to try to get the cryptocurrency to the $1 mark. The rally was fueled on social media, with many jumping on the DOGE bandwagon.Celebrities, including Tesla and Space X CEO Elon Musk, later on started joking around the cryptocurrency, adding fuel to the fire. When the rally died down, and the cryptocurrency market entered a prolonged bearish period, Musk kept on supporting DOGE and moved to accept it for merchandise payments at Tesla.Who Created Dogecoin?Dogecoin was created by Jackson Palmer, a product manager at Adobe, and Billy Markus, a software developer at IBM. The cryptocurrency was initially created as a way to satirize the hype surrounding cryptocurrencies back in 2013, but received immensely positive feedback shortly after launch.The cryptocurrency initially used a randomized reward for block mining, but that reward was changed to a static reward in 2014. It uses Litecoin’s Scrypt mining algorithm and is a Proof-of-Work cryptocurrency that can be merged mined along with LTC.Why Does Dogecoin Have Value?Dogecoin, unlike cryptocurrencies like Bitcoin, was designed to be abundant and circulate. At the time of writing, there are 132 billion DOGE in circulation, and the cryptocurrency does not have a maximum supply.As it was created as a meme some suggest it shouldn’t have any value. Supply and demand, however, dictate that DOGE’s value has moved up over time, partly as the cryptocurrencies starts being broadly used by the community and accepted as a payment method by large retailers. Tesla, for example, accepts DOGE payments for merchandise on its website.Investors also piled on DOGE as they speculated its price could surge in the near future. Its adoption may grow if it’s integrated into new products and services Elon Musk’s companies – which now also include microblogging platform Twitter – may launch over time.Blockchain data provided by: Blockchair (Main Source), DogeChain (Backup), and WhatToMine (Block Reward and Time only)”

Buying and Selling Dogecoin

It is usually not currently possible to purchase alternative cryptocurrencies such as Dogecoin directly using U.S. dollars. Investors seeking to trade Dogecoin should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Gemini or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Dogecoin using one of the aforementioned exchanges.

DOGE/USD price chart by TradingView