Dogecoin v s Shiba Inu: Where to invest your next Rs 1,000?

what is doge

As of April 2023, Dogecoin’s market cap ranking was number eight, with a market capitalization of $11.4 billion. Elon Musk openly supported Dogecoin in 2021, tweeting that he was working with the coin’s developers to improve transaction efficiency. The SpaceX founder ran a poll on social media asking if Tesla should accept Dogecoin as a form of payment. By its first anniversary in 2014, Dogecoin had a market capitalization of $20 million and a loyal fanbase. Dogecoin is considered an “inflationary coin,” while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Every four years, the amount of Bitcoin released into circulation via mining rewards is halved, and its inflation rate is halved along with it until all coins are released.

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Today, we aim to compare Dogecoin and Shiba Inu, two of the biggest meme coins residing in the top 20 crypto list by market cap. Buying Dogecoin (DOGE) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or a cryptocurrency ATM. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions. At its heart, Dogecoin is the accidental crypto movement that makes people smile!

Add Doge details

Size is the main consideration because you should not be forced to act in the short term. This can make a difference in the long run, as repeated payments can increase in value over time. This allows you to buy Dogecoin continuously over a defined period of time. Monthly orders or standing orders with your bank can make this stress-free.

The process of transferring your cryptocurrency from the seller’s wallet to yours is a service paid for on the blockchain, which requires some deduction from your transaction value. You can plan for this fee and add it to the purchase value before you initiate the transaction.The average transaction fee for DOGE is less than €0.5. You can spend your Dogecoin with any merchant that chooses to accept it. Many different types of businesses accept DOGE including Elon Musk’s SpaceX and the Dallas Mavericks. Many Dogecoin holders use their DOGE to tip content creators on Reddit and other social media platforms. Dogecoin marketed itself as a “fun” version of Bitcoin with a Shibu Inu dog as its logo.

Other so-called “meme coins” have sprung up, including SafeMoon (SAFEMOON), Shiba Inu Coin (SHIB) and Baby Doge (BABYDOGE), the latter of which was (possibly inadvertently) boosted by a tweet from Elon Musk. You can also trade it for other cryptocurrencies on several exchanges, which has made the currency an unlikely medium by which people hop from one exchange to another. Historically, the per coin value of Dogecoin has been very low, around $0.003 per coin for most of 2020, so people were more likely to give them away. “Users on social platforms, like Reddit, Twitter, Facebook, and others, can use Dogecoin to reward, or “tip,” each other for posting content,” said Gray.

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The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. Dogecoin is an altcoin[c] with a large userbase, and is traded against both fiat currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms. Dogecoin (DOGE) was launched in 2013 by engineers Billy Markus and Jackson Palmer as a joke about Bitcoin’s volatility. Doge grew in popularity in 2021, making its market cap push past $32 billion (current market cap is $18.7 billion).

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Cryptocurrency exchanges are websites where you can buy and sell cryptocurrencies. The exchanges that have the highest Dogecoin 24-hour trading volumes are Bit-Z and Bittrex.

Another significant difference is the absence of any lifetime cap on the number of Dogecoins that can be created, as we noted above. There is a lifetime cap of 21 million Bitcoin that limits the maximum possible number of coins that can be created. This means that miners are forced to work harder and longer over time to earn new Bitcoin, and to a degree it helps guarantee Bitcoin’s ability to hold and grow its value over time.

Use and exchanges

If you click on Dogecoin, you will find the “Buy/Sell” tab next to it. The next column that appears will allow you to enter the amount of DOGE you wish to buy. For the leverage field that is displayed next, enter X1 to trade normally. If you scroll to the bottom of the page, you can click on the “Open Trade” tab to complete the process.

what is doge

Anyone who looks around online trading platforms knows that there are several options when looking for a place to invest in Dogecoin. It’s all about finding a trusted and regulated broker to use. Its cryptocurrency trading platform is also rated as safe and well designed for the everyday investor.

Examples of doge

That said, The Dogecoin community raised $13,000 to pay back users who lost money. Another explanation is that DOGE is less of a joke with time. In other words, as long as people know about it, Dogecoin is here to stay. Markus, an engineer at IBM, teamed up with Adobe software engineer Jackson Palmer in 2013 to create the cryptocurrency, mostly in jest. At the time, altcoins were springing up left and right, which he found excessive. Like other cryptocurrencies, it can be held as a store of value or used as a currency by accepted providers.

what is doge

In 2021, Dogecoin’s standing was enhanced by tongue-in-cheek endorsements from high-profile showbusiness names, including rapper Snoop Dogg and Gene Simmons, front man of rock group Kiss. “Doge really is less like Bitcoin and more like DASH or Bitcoin Cash, where the express goal is a spending currency,” said White. “Where it takes 10 minutes for the process to ratify new blocks on the Bitcoin blockchain, it takes only one minute on the Dogecoin blockchain,” said Gary DeWaal, Chair of Katten’s Financial Markets and Regulation group.

Markus teamed with Palmer to build the software behind an actual Dogecoin. Dogecoin continues to have a core of supporters who trade it and use it to tip for content on X platform (formerly Twitter) and Reddit. DOGE is a fork of LuckyCoin, which itself was a fork of Litecoin. However, Dogecoin developers switched to a merged mining model to avoid risk and competition from the Litecoin community.

A crypto wallet is not like a real wallet where you keep paper money and metal coins. Cryptocurrencies are digital, which means they only exist on computers. Crypto wallets are where you store the information you need to use your cryptocurrency.

  • Even though he tweeted in jest, several people thought he was on to something.
  • In the unconventional world of cryptocurrency investments, where prices fluctuate wildly and regulation is largely non-existent, one coin still manages to stand out as an underdog of sorts.
  • The Tesla boss saw the funny side and, since then, has played along with the exercise, issuing supportive tweets saying Dogecoin is his favourite cryptocurrency.
  • There is no doubt that investors are able to make money with Dogecoin, given the various reports that have made headlines over the past year.
  • The story of the doge meme begins in February 2010, when Atsuko Sato, a Japanese kindergarten teacher, posted photos on her blog of her pet dog Kabosu, a Shiba Inu.

Some investors have also discovered that they can diversify their portfolio by using a basket of cryptocurrencies they trust, rather than buying just one cryptocurrency repeatedly. This also helps spread the risk across the best performing selected cryptocurrencies. The final step is to buy DOGE now that your account is funded.

Investors can purchase Dogecoin through cryptocurrency exchanges including Coinbase, Binance, and Kraken. As of April 2023, Dogecoin had a market capitalization stock market millionaire of $11.4 billion. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.

Dogecoin may be used for payments and purchases, but it’s not a very effective store of value. This is chiefly because there is no lifetime cap on the number of Dogecoins that may be created by mining—meaning that the cryptocurrency is highly inflationary, by design. Software engineers Billy Marcus and Jackson Palmer created Dogecoin in late 2013. Palmer branded the cryptocurrency’s logo using a meme popular at the time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog. In this new series, we compare some key crypto assets and how they have fared recently. While doing so, we ask this question – if an investor has Rs.1,000 to spare today, how can he/she allocate the capital between these assets?

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