Bitcoin was released in 2009, and if you’re wondering what it is and how it works, the most important thing you should know is it’s the first cryptocurrency created by Satoshi Nakamoto.
It’s what influenced the growth of different cryptocurrencies nowadays.
Over the years, there have been several cryptocurrencies with varying trading methods, each offering distinct advantages to match Bitcoin.
Bitcoin, among major appearing cryptos, can be traded on various platforms such as Kucoin, Bitcoin Era crypto trading website, Binance, and others.
People who invested in Bitcoin in the first few years it was significantly released benefited from it – some used their profits to buy cars and apartments, while some like Cooper Turtle.
Heo invested in Bitcoin and became a millionaire at 25 years old. Each cryptocurrency has its selling point to achieve Bitcoin’s success over the years.
As the world of cryptocurrency has constantly been developing since the start of Bitcoin, one cryptocurrency has been drawing attention due to its completely different approach to how it markets itself – the Dogecoin.
This was created in 2013 by Billy Markus, an IBM software engineer, and Jackson Palmer, an Adobe software engineer, to be a peer-to-peer currency that could achieve a higher market than Bitcoin.
The idea started through the essential marketing technique, identifying the current trend among the people and incorporating it into their product.
During that time, Dogecoin was all over social media, which attracted attention and distinguished the new cryptocurrency from others.
The technical component of Dogecoin does set the asset remarkably ahead of Bitcoin when it comes to how fast transaction takes place.
Every ten minutes, blocks are mined on the blockchain of Bitcoin. However, it takes just one minute for blocks to be mined on Dogecoin’s blockchain.
The blockchain for dogecoin produces more blocks in the same period, even though every block generated on bitcoin and dogecoin’s respective blockchains, in size, is one megabyte.
The absence of transaction speed in Bitcoin has been taken note of in the past; however, over the years, cryptocurrency users have seen Bitcoin as a store-of-value asset.
The marketing plan of Dogecoin was influential in the middle of 2020 when the value increased suddenly due to a viral trend in the social media application, Tiktok, that offered to get the Dogecoin’s price to $1.
In the first few months of 2021, the coin saw an increase of over 800%, which attained a fee of $0.07.
With the development of other new and easy-to-use trading platforms, the Dogecoin trend remained constant throughout the rest of the month.
With the help of mentions from well-known people like Snoop Dogg and Gene Simmons, Dogecoin reached the value of $0.08.
Elon Musk also shared his positive thoughts on Dogecoin publicly on social media platforms such as Instagram and Twitter.
The dramatic increase of Dogecoin continued until May, resulting in an increased value of $0.711, which showed rising changes in just one year.
The sudden increase in Dogecoin’s value indicates that social media holds great power and influence on a product’s marketing.
One prominent example of social media’s management has the market value of one of the best Footballers, Cristiano Ronaldo.
These numbers show the undeniable effect of social media in marketing any product.
Since the cryptocurrency market fluctuates, the sudden rise in value can be just as fast as the fall. After its startup value increased, Dogecoin dramatically suffered a 34% drop.
This happened when one of the coin’s social media endorsers, Elon Musk, made a guest appearance on a Saturday Night Live and cracked a few jokes about Dogecoin.
After that situation, Dogecoin dropped to $0.401, closer to its original value before its sudden increase.
To gain back what was lost, Elon Musk and SpaceX announced that Dogecoin would fully fund a mission to the moon.
In addition, the Dallas Mavericks Basketball team owner, Mark Cuban, also looked to utilize the cryptocurrency by allowing basketball fans to pay for the tickets of the NBA team through Dogecoin.
The fees of dogecoin stay a selling point for it. There was a time in May 2021 that the average transaction fee on Dogecoin was $2.52 approximately.
In terms of former and subsequent levels, this was a peak.
These kind of fees are deemed low in comparison to other crypto currency assets transaction fees seen some times.
While the increase and decrease of the value speak for themselves, there are still various questions about the Dogecoin legitimacy.
What drives this issue relies on the social media-driven products that lack reliable sources for a specific product’s actual value and its supposed value.
The secret to getting an essential piece of information for traders and possible traders is to observe how Dogecoin handles the fine line between being a joke and the legitimacy of Dogecoin before deciding on the next move.