Dogecoin (DOGE) - The Leading Meme Coin Trying to Recover

Dogecoin, the open-source digital currency created by Billy Markus and Oregon and Jackson Palmer, is a popular altcoin featuring the Shiba Inu dog as its logo. DOGE is the most popular coin, created as a fun cryptocurrency with appeal beyond the core Bitcoin audience.

Dogecoin price today

Dogecoin today was reported to be $0.07135, with a slight drop of 1.81%. Its value against Bitcoin also hiked by 1.48% to 0.000002683BTC. The dogecoin market cap dropped 1.79% to $9.39 Billion, and 24-hour trading volume fell by 1.79% to $343 Million.

Ranking at number 8 according to market capitalization, doge shares a market dominance of 0.90%. The uncapped total supply and circulating supply of Dogecoin are 139,285,136, meaning there is no limit for DOGE to be mined.

Also, there is no upper limit on its circulating supply.

The current price is close to the demand zone, which is also the low point of yesteryear. The 200 EMA is relatively flat and coincides with the immediate resistance at the $0.8197 dogecoin price; if it moves upward, it shall face resistance. If the price crosses this resistance, it could try to enter the supply zone.

The demand zone is also strong, so the dogecoin price might not move below this point. Since the start of 2023, DOGE’s price, although volatile, has been moving in a range. MACD also fails to provide a positive signal regarding the price.

Dogecoin (DOGE) price has increased today

As per the data from LunarCrush, the dogecoin price dropped by 9%, its social mentions were down by 25.7% to 56,040, and its social engagement also suffered by 27% to 339 Million.

How Dogecoin Works

Dogecoin is a tipping system on Reddit and Twitter to reward the creation or sharing of quality content by amazing creators. If anyone wishes to be tipped in DOGEcoin, this can be done by participating in the community that uses DOGE. Also, one can use Dogecoin Faucet, a website that provides small amounts of doge for free to introduce them to the currency.

Dogecoin’s Libdogecoin

A few weeks after Dogecoin’s core version 1.14.6, its core developer Michi Lumin announced the launch of a C-library of the network’s building blocks called lib-dogecoin. This development allows software engineers to build Dogecoin-compliant products without more profound knowledge of crypto functions.

These technically sound software engineers can quickly design products compatible with Dogecoin standards. As the update is a pure library, it might not provide developers with a “runnable” node facility. The facility supports multiple programming languages like Python, Node.js, and Ruby.

How to start mining Dogecoin?

Unlike Bitcoin, DOGE uses Scrypt technology for mining dogecoin. The altcoin has a block time of 1 minute. A miner needs to validate data blocks of transactions; this is done by solving complex mathematical problems and adding them to the Dogecoin network.

A miner can either mine the coins solo, join a mining pool, or use cloud Doge mining methods. Its mining can be done on Windows, Mac, Linux, Ubuntu, and by using a GPU. Also, specialized dogecoin mining hardware called Scrypto ASIC miner can be used.

What Can Dogecoin Be Used For?

Many companies accept dogecoins, like Tesla, AMC Theaters, airBaltic, GameStop, Easy DNS, Dallas Mavericks, Twitch, and NewEgg.

Dogecoin Foundation

A not-for-profit organization was established to support the Dogecoin crypto-currency via development and advocacy. It defends the trademark from fraud and abuse and works for the future of Dogecoin.

How Can You Buy Dogecoin?

DOGE can be bought or sold at any exchange providing the service; the coin can also be used to tip any community accepting the doge coins. It is listed on major exchanges like KuCoin, Huobi Global, OKX, and obviously on the world’s largest crypto exchange.

It is available on nearly 113 platforms with 360 trading pairs to trade Dogecoin. Popular among them are DOGE/BUSD, DOGE/BTC, DOGE/ETH, DOGE/TRY, DOGE/EUR, DOGE/TUSD, DOGE/GBP. What is the daily trading volume of Dogecoin (DOGE)?

However, there’s no Dogecoin wallet available. Also, there is no specific dogecoin blockchain as it operates on Ethereum.

What is the all-time high for Dogecoin (DOGE)?

Since the start of 2023, the dogecoin price has risen around 54.78% till April, and the current doge price is down by nearly 45% from this year’s high of $0.10462. Also, the current rate for doge is down by 90.31% from its highest price paid of $0.7376, achieved on May 8, 2021, and is up by 83501.82% from its lowest price of $0.00008547, doge hit on May 7, 2021.

Tesla CEO Elon Musk & Dogecoin

Elon Musk started tweeting about Dogecoin in early 2021; he began the journey by sharing the Lion King Doge image. Such support of the coin caused significant changes in dogecoin prices. Musk also said that Dogecoin has the potential to be counted as a fiat currency shortly.

Elon is not new to controversies, as a Dogecoin investor and a plaintiff in the case, Keith Johnson has accused Musk of running a pyramid scheme with DOGE.

As Musk is a known proponent, many believe that he owns Dogecoin.

$258 Billion Lawsuit Against Elon Musk

For this cause, Musk is being sued for $258 Million; the complaint says that “Musk used his pedestal as World’s Richest man to cooperate and manipulate the Dogecoin pyramid scheme for profit, exposure, and amusement.”

The accusation argues that Musk deliberately tried to drive the Dogecoin price by more than 36,000% in two years and then caused it to implode.

Interestingly, on April 30, 2023, Elon Musk changed Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo. This incident sparked interest back into the memecoin.

The Interesting Story of Dogecoin Millionaire

Inspired by the hype created around Dogecoin, then-32-year-old LA resident Galubar Contesssoto invested his entire life savings of nearly $250,000 in Dogecoin. His investment reached $3 Million, making him the world’s first Dogecoin Millionaire, but he kept waiting for it to reach $1.

The Doge Meme Frenzy

Other than Dogecoin, there are multiple dog meme coins like Shiba Inu (SHIB), Kishu Inu Coin (KISHU), Dogelon Mars (ELON), Floki Inu Coin (FLOKI), Doge Token (DOGET), Dogey-Inu (DINU), DogeCash (DOGEC), Baby Dogecoin (BABYDOGE), Corgi Inu (CORGI), etc.