Dogecoin is on fire today, currently sitting on an all-time high of .39 BTC, having doubled over the last 48 hours. The fact that the crypto coin was being called a “market bubble” a few weeks ago appears to have made a big difference in its current success. The move to go fully digital appears to have had an effect, and an April 23 article on Tech Crunch spoke about how “Dogecoin prices have risen nearly two-fold in just a few weeks, going from about $1 per coin in mid-March to over $2 per coin today.
Voting up Goes Dogecoin
This cryptocurrency founder Jackson Palmer told the world on Reddit today, April 23rd, that “the joke’s on all of us.” While the coin has already proven its usefulness in assisting charities in new and exciting ways, for now, its primary purpose has been to drive people to the Digitalcoin marketplace.
As Palmer wrote in his Reddit post: “Dogecoin has a great use case, and for that, I want to encourage people to use it and support the use cases for it that people have been working on all along. I want to see them flourish. That’s my priority.
The value of Dogecoin is based on an algorithm that incorporates hashing, which uses mathematical equations to generate a string of numbers that represent a certain value. One value represents a number that makes the Dogecoin unit of account equal to one cent, for example, “1 Doge”. The same value can represent 0.00000001 Dogecoin, 1.00000001, or even 100.00000001 Dogecoin. For example, “1 Doge” would be equal to 100,000,000,000,000,000 Doge.
How Dogecoin is Valued?
Each coin can have a number between 0 and 100. The number 100,000,000,000,000,000,000,000,000,000 Dogecoins, or Doge (“1 Doge”) is equal to one penny ($0.01). If a single coin only has one real-world use, it can represent 100,000,000,000,000,000 Doge ($0.01).
Besides being valuable, this cryptocurrency also has its own meme following. By speaking the phrase “Doge”, you can send this digital coin to anyone. This is an example of something that has developed around Dogecoin.