Analyzing market trends in prices
for video cards for a year and a half, the 3DCenter resource has finally made
the long-awaited conclusion by many gamers – the prices for Radeon RX 6000
devices have dropped below the recommended values.
DOGE was created as a
lighthearted alternative to traditional cryptocurrencies, but it's become
precious. Our explainer can help you understand what it is and how it
works.
Definition
Dogecoin (DOGE) was created as a
lighthearted alternative to traditional cryptocurrencies like Bitcoin in 2013.
The name and Shiba Inu logo are based on a meme. Unlike Bitcoin, which was
designed to be scarce, Dogecoin is intentionally abundant — with 10,000
new coins mined every minute and no maximum supply.
For most of its existence, Dogecoin was generally considered an amusing "meme coin" beloved by its community — but with relatively little value. That changed in 2021: as of April, Dogecoin became one of the ten biggest cryptocurrencies by market cap — with a total value that has topped $50 billion, even though each coin is worth pennies (see the current price).
How is that possible? Because
there's a lot of Dogecoin in the world. Unlike Bitcoin, which is designed to be
scarce and resistant to inflation, Dogecoin was created to be abundant. About 130 billion DOGE is circulating, and miners produce another 10,000 every
minute. (By contrast, there is around 19 million bitcoin, and just 12.5 BTC
are mined every ten minutes.) Abundance is a key part of the idea —
Dogecoin (pronounced "dohj coin") was created as a funny, low-stakes Bitcoin
alternative. As soon as it was launched in late 2013, it began attracting an
enthusiastic online community that has used DOGE for everything from tipping
strangers for good Reddit comments to helping send the Jamaican bobsled team to
the 2014 Winter Olympics in Sochi.
What makes Dogecoin valuable?
Like any other asset, the market
assigns DOGE a value based on supply and demand. Given the vast and ever-growing
supply, the order has had to surge enormously to drive values as high as they've
been recent. That happened in the first months of 2021 when prices soared
around 7,000 percent — driven by retail investors on Reddit (including the
wallstreetbets subreddit that sparked the "meme stock" craze) working together
to push prices up, the broader crypto boom, and months of seemingly
tongue-in-cheek tweets by Tesla founder Elon Musk punctuated by his appearance
on Saturday Night Live in May 2021. Fast-rising DOGE prices in 2021 attracted
considerable media attention (as well as social media posts) —
which for a time created a cycle that attracted more investors and
further increased prices. Whenever an asset sees such dramatic gains, FOMO (or
"fear of missing out") brings waves of new traders into the fold. However, DOGE remains
a highly volatile cryptocurrency, and like any investment, there is no
guarantee that it will go up or down in the future.
Where did Dogecoin come from?
Dogecoin was launched as a joke
in late 2013 by software developers Billy Marcus and Jackson Palmer, friends
from Reddit who had never met offline. They combined two prevalent themes in
their online circle: the ascendant cryptocurrency Bitcoin, a meme featuring
a Shiba Inu, and a misspelled version of the word "dog."
To its creators' surprise,
Dogecoin caught on almost immediately — with dogecoin.com receiving more than a
million visitors in the first month. Part of what made Dogecoin funny is that
it was (and is) a full-fledged cryptocurrency, with its own blockchain and a
mining system similar to the one used by Litecoin. Historically low prices (for
much of its life, you could get DOGE for fractions of a penny) and abundance
have recently made it attractive for speculators hoping its value will soar.
