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Dogecoin Price Prediction: A Rough Road Ahead for DOGE

Many people viewed the start of Dogecoin as a soon ending tale, yet, today the coin has grown to a market cap of $237,083,239. Even the coin’s founders did not anticipate such a high rank and massive interest. However, the cryptocurrency has been struggling so far as it is currently trading at $0.002001. Dogecoin has been on a jerky ride till now, and due to its highly volatile nature, it seems this may continue for the long term.

Dogecoin Price Prediction: A Rough Road Ahead for DOGE

Dogecoin is technically a fork of Litecoin and can be found on most exchanges and has quite a high circulation volume. This and many other indicators shows the coin as a good choice for amateur investors. Looking at the price of Dogecoin you will realize it quite low when contrasted with its competitors in the cryptocurrency market.

Furthermore, the coin seems to be forming back to previous lows as it is now trading close to its lowest value of $0.002 which is a price we have not seen since end 2017. A view at the technical indicators Dogecoin has the vast majority very worrying. The coin seems to be trading aside a bearish trace, which suggests more losses ahead for the cryptocurrency.

Dogecoin’s future doesn’t look too promising as expected by many enthusiasts, analysts, and the entire cryptocurrency community. In general, I personally foresee the cryptocurrency to keep the bearish trend for quite a long time and even possible to drop to a lower low in the timeframe with the possibility of losing a further 25% to reach $0.0015 by the end of mid-2019. We might see a rough ride for Dogecoin, but if it can battle bears with it few bright sides then likely, things may as well turn for the good.

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Lydia Yeboah Frempong

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You can now trade Dogecoin on Yahoo finance. BTC, ETH and LTC also included

Yahoo Finance have announced the ability to trade four cryptocurrencies directly on their platform. The four coins you can now trade are Bitcoin, Ethereum, Litecoin, and the king of meme coins – Dogecoin.

You can now trade Dogecoin on Yahoo finance. BTC, ETH and LTC  also included

Following the addition of 100 cryptocurrency quote pages across the Yahoo Finance platform last year, Yahoo have gone one step further and have given users the ability to not only track all projects.

Yahoo have now made it possible to trade four cryptocurrencies directly from the platform. By making use of the iOS app, users will be able to buy and sell a variety of cryptocurrencies by linking their account “via an integration with our partners at TradeIt – including Bitcoin, Ethereum, Litecoin, and Dogecoin”

Yahoo made the announcement on Friday morning which sees the web service provider move closer to cryptocurrency adoption with General Manager of Finance & Tech at Oath ,Joanna Lamber, commenting “As the leading provider of financial data, insights, and editorial content, we are constantly looking for ways to better serve audiences on the Yahoo Finance platform”.

Yahoo will continue to further connect their community of investors with relevant utilities on their trusted platform. The news to trade cryptocurrencies on Yahoo Finance for the first time ever, certainly shows that Yahoo is moving in the right direction.

The addition of Dogecoin to the 4 digital assets to trade, seems like a strange decision. However, the project has been around since 2014 and currently ranks #24 on Coinmarketcap with $47.2 million in daily volume being traded.

$Doge is currently the second highest climber in the top 100 with a 21.19% jump in price over the past 24 hours.

 

Written by Ryan Boltman

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The DOGETHEREUM bridge project – Sidechains fueled by Dogecoin, Superblock and Ethereum

I wanted to acknowledge this great project because it would make Dogecoin “Smart Contract-Ready” – verified by the PoW of the Dogecoin cryptocurrency (and some sort of cutting-edge blockchain tech to be invented).

Sidechaining the Shibe –
A sidechain is just a separate blockchain. It is attached to the main chain / primary blockchain using a two-way peg which allows tokens to be interchangeable and moved across the chain at a fixed deterministic exchange rate. So, how will the sidechains work with the doggy coins?

This is a technical development (not a new currency) where Dogecoins can be frozen (not burnt) to issue tokens on the Ethereum chain at a 1:1 rate. Those tokens can later be given up (we’re not sure if this will be a burn or a freeze) to get the original Dogecoins back, again at a 1:1 rate (u/rnicolle Reddit, 2018).

design.png

Sidechains works like this: On the main chain, tokens will be sent to an address where they’re completely immobilized by custody of an exchange, a multi-sig notary system(i.e. a federation), a voting system, SPV-proofs or a hybrid form of these. Once the immobilization transaction has been confirmed by the custody, a message to the sidechain protocol allows creating a certain amount of tokens on the sidechain. The advantage is that the sidechain protocol can have multiple features like smart contracts or lower transaction fees. Vice versa, after transactions are done on the sidechain, one can immobilize the tokens by sending them to a certain side chain address. Finally, it will be spendable again in the main chain, under the control of whoever last owned them on the sidechain.

MultiSig4se_d4bauw-2.png

Think of it like poker chips; you submit Dogecoins, get chips, use them in a specific context (Ethereum contracts) then return them to get Dogecoins back again. There’s never a change of exchange rate, you get the same number of tokens as you had Dogecoins, and vice-versa (u/rnicolle Reddit, 2018).

Official channels and docs –

Here are the most active channels and repos about the Dogethereum bridge project:
r/dogethereum
r/dogecoin
Whitepaper: Using Superblocks to Bridge Dogecoin to Ethereum, published on July 31th, 2018
Github: Dogecoin <-> Ethereum bridge docs

Cuurent Status –

There is a Doge–Eth-Bounty. However, the fund has not increased since 2 years. Not sure if the voting members are still active on this:

The DAO has 8 voting members: Myself, Vitalik (he has 2 votes), Ming (executive director of the foundation), Piper Merrian (Independent developer), Hudson Jameson (Community member souptacular), Ross Nicoll (dogecoin developer) and George Hallam (Foundation and Ethcore) (u/avsa, 2016).

I really hope there will be more money and more development for this super interesting project. Let me know if there’s any news. I would be proud to be the first to blog about updates.

ip.bitcointalk.org.jpeg

Be aware of the fake project Dogethereum.com –

A small scammer coin now brings a lot of confusion to the community. They stole the word creation “Dogethereum” and used it for their own PR purposes. They have nothing to do with the Doge Ethereum Bridge project and nothing to do with the Dogecoin core developers.

Screen Shot 2018-08-01 at 15.22.59.png

So that the original project is not confused with the Ethereum hard fork, some fellow shibes suggest calling the DGX/ETH bridge “Shibereum”.

Written by techtimize on Steemit.com

 

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Forget Bitcoin – now Dogecoin goes wild

You know an investment is somewhat unconventional when the Know Your Meme website is the main source of background information.

But even in the turbulent world of cryptocurrencies, Dogecoin is seen as a pretty wild creature.

It was launched in 2013, inspired by a short-lived online craze for pictures of a particular Japanese dog breed.

Last weekend, however, it nearly doubled in value and is now worth more than $2bn (£1.5bn).

Dogecoin had been gaining steadily all through December, but the latest spike has prompted howls of “crypto-hype” from sceptics.

Granted, it’s still well behind the biggest beast in the digital currency pack, Bitcoin, which has a total value of more than $270bn.

But given that Dogecoin was initially intended as a parody of the Bitcoin boom, its founder, Jackson Palmer, is none too happy now that it has slipped its leash.

“The fact that most conversations happening in the media and between peers focus on the investment potential is worrying,” he said earlier this month.

Backing underdogs

Until its recent rise in value, Dogecoin was little known beyond a small coterie of geeks.

But in sporting circles, the cryptocurrency’s backers have gained a reputation for some unorthodox sponsorship choices.

In 2014, US stock car racing became a surprise beneficiary, when members of the Dogecoin community decided to give a helping hand to Nascar driver Josh Wise, donating $55,000 worth of the digital currency.

That same year, Dogecoin backers raised $25,000 to send the Jamaican bobsleigh team to the winter Olympics.

Sporting underdogs have clearly done well out of Dogecoin, but what about investors? Will they be barking up the wrong tree if they buy into the currency?

Well, one thing to bear in mind is that dogecoins are far more numerous than bitcoins.

The rules underpinning Bitcoin say that only 21 million bitcoins can be created – and that figure is getting ever nearer. It is unclear what will happen to the value of bitcoins when that limit is reached.

Dogecoins are “mined” in the same way as bitcoins – that is, they are created using computer processing power.

However, unlike Bitcoin, there is no upper limit on the number of dogecoins that can be produced, with a staggering 100 billion already in existence.

That helps to explain why each dogecoin is currently worth less than two US cents, while Bitcoin’s peak value to date was nearly $20,000.

‘Little confidence’

Common sense tells us that scarce commodities are more likely to hold their value than plentiful ones.

But in the world of cryptocurrencies, common sense is perhaps a poor guide to future behaviour.

And in the world of economic experts, there is still widespread scepticism about any and every form of cryptocurrency.

Prof Ethan Ilzetzki at the London School of Economics told the BBC: “A digital unit of currency has no intrinsic value unless it can be used in transactions, and I cannot name a single cryptocurrency that is more useful in transactions than a credit card that’s denominated in dollars or pounds or yen.

“There’s nothing inherently wrong with privately provided digital currencies, but they need to be well designed and well thought out.

“They’re worth a lot because people say they’re worth a lot. I have very little confidence that they have any long-term value.”

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From Memecoin to Billion Dollar Player – Dogecoin Breaks $1 Bln

Dogecoin, which started as a parody cryptocurrency, has now broken the $1 bln market cap showing how far virtual currencies have come since Bitcoin’s inception in 2009.

Four years after the Bitcoin genesis block was mined, programmer Billy Markus coded his very own cryptocurrency in 2013. With the help of Jackson Palmer, a product manager and data analyst at Adobe, Dogecoin was brought to life, meme and all.

Taking up the popular internet meme of the Shiba Inu dog, the creator envisioned the cryptocurrency to be a friendly online payment system, although its rise in popularity may not have been intended.

Nevertheless, in the space of five years, Dogecoin has grown into its own vibrant community of users. Over time, Dogecoin has become popular as a ‘tipping system’ among its users – as stated on the website:

One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.

The cryptocurrency has no limit on the amount of coins that can be created by mining. At the time of writing, there are over 112 bln Dogecoins in circulation. While a single Dogecoin is worth no more than $0.01, a single cent, the total market capitalization is now over $1.19 bln – amounting to 72,423 Bitcoin.

Pop-culture coin

Much like Cointelegraph is known for its bold artwork, Dogecoin took up an Internet meme as its ‘mascot’ of sorts. The word ‘doge’ is a popular internet term for a dog, which started out as a simple misspelling of the word in a TV series back in 2005.

As knowyourmeme.com explains, the term doge was married with the picture of a Shiba Inu dog on Reddit back in 2010, leading it to become one of the most well-known internet memes.

Dogecoin

Its association with a cryptocurrency came about in 2014 and the rest is history – although Doge and its various memes would have provided constant internet joys with or without a virtual currency.

Charitable community

The Dogecoin community is also well known for its charitable endeavors.

In 2013, Dogecoin wallet platform Dogewallet was hacked and millions of coins were stolen. In the aftermath, the Dogecoin community started a fundraising effort known as SaveDogemas, which eventually raised the same amount of Dogecoin stolen in the hack just a month after the cyber theft.

The community has also raised funds for Olympic athletes, water projects in Kenya as well as retired NASCAR driver Josh Wise.

Twitter buzz

Cypherpunk Jameson Lopp and Wolfborg gave the cryptocurrency a shoutout on Twitter:

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Dogecoin Takes a Meme and Makes it into a Digital Currency

Dogecoin is by far the weirdest digital currency on the market today.

The coin gets its name from the popular Doge meme, that features a loveable Shiba Inu dog. In case you’re curious, it is pronounced D-OH-G.

Digital currencies often attract an almost fanatic following, almost like sports fans. Believers in a particular digital currency always think their team is the best. Dogecoin enthusiasts are definitely the most intense digital currency fanatics out there.

Dogecoin has a very active online community, most of which is centred around the the digital currency’s Reddit, which has close to 100K subscribers. The internet is full of Dogecoin memes with nonsensical slogans like “such currency” and “much mooning.” The memes are so popular they even have their own Sub-Reddit.

It’s hard to tell from the outside if it’s all just an inside joke or if they are serious about their belief that Dogecoin is greatest digital currency.

Much Technology, Very Decentralization

Dogecoin was created by Billy Marcus, who wanted create a fun coin that would reach a broader audience than Bitcoin.

It could be easy to dismiss Dogecoin as a joke, but there is actually some very interesting technology behind it. The core coded behind the digital currency is based on Litecoin.

Dogecoin is a proof-of-work coin, which means consensus on the network is accomplished through peer-to-peer computers, known as miners.

Like Litecoin it employs the Scrypt mining algorithm, which means it is resistant to application-specific integrated circuits (ASIC). Some experts would argue that Scrypt is an improvement over Bitcoin because it allows for a more decentralized network.

Bitcoin’s network is mined by huge, power hungry, ASIC farms, which are primarily owned by a few corporations.  The network, then, is highly centralized. Only a few big corporates own it. The Scrypt algorithm is resistant to ASIC mining, which allows amateur miners to participate in consensus and is, therefore, more decentralized.

Dogecoin is also much faster than Bitcoin and has lower fees.

Unlike Bitcoin which has a maximum supply of 21 million, Dogecoin has no supply cap with over 112,523,368,323 coins currently in circulation. It is the 34th largest digital currency by market cap, with each coin trading at a little over $0.01 CAD.

Dogecoin Makes the World a Better Place

The digital currency world can be a bizarre and wonderful place, and Dogecoin adds to it beautifully.

In 2014 the Dogecoin community raised $63,000 CAD for the Jamaican Bobsled Team. The team qualified for the 2014 Winter Olympics but could not afford to go to. Donations from the community made it possible for them the team to attend. The team placed in 29th position.

Inspired by the success of the Winter Olympic fundraising, fans of the coin started Doge4Water. The charity drive raised $37,500 CAD. The funds raised built a well in Kenya.

The community also raised $69,000 CAD and sponsored NASCAR driver Josh Wise. During one of his races, the commentators talked about Dogecoin and its fundraising efforts.

2018 is the Chinese year of the dog, which has many enthusiasts claiming it will really be the year of the Dogecoin. This new found hype has caused the price of the coin to almost triple in recent weeks causing the loyal Dogecoin HODLers to rejoice.

Regardless of whether you think it’s all a bit silly, or not, it’s going to be fun to watch and see if 2018 will really be the year of the dogecoin.

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What is Dogecoin – The Friendliest Cryptocurrency In The World?

by Robert DeVoe

Created in 2013 as a satirical currency, Dogecoin has since moved from being a joke, to a serious crypto contender, to a joke again, and then to where it lives now as a tipping themed currency with an extremely enthusiastic community supporting it.

In recent days, Dogecoins have seen a jump in price from $.001 to over one cent, at 10-fold increase over the span of about two weeks. What is driving this price hike, and what is the future of this “just for fun“ cryptocurrency.?

The Origins of Dogecoin

Source: reddit.com/r/dogecoin

Years ago, the cryptocurrency world suddenly saw an explosion of new assets and blockchains. When compared to today’s rate of expansion, the amount of new tokens back then was comparatively small. However, the flow was fast enough to encourage creator Jackson Palmer to make a new cryptocurrency just to be satirical.

In a recent video posted to YouTube, Palmer said Dogecoin was “a jab at the crazy price speculation and markets of crypto“.

A Friendly Way to Get Into Crypto

Dogecoin Parody Coins
Image Source: /u/huntercn on Dogecoin Subreddit

One major stumbling block that new users of cryptocurrency find themselves facing is the sheer difficulty of finding simple to follow information that doesn’t require pre-requisite knowledge.

Additionally, many cryptocurrency communities, especially those that are well-established and have been around for many years, can often be very toxic or hostile to new users asking seemingly simple questions.

These questions usually include where to buy it, how to mine it, how to store it and keep it secure, and so on.

The community that supports Dogecoin, especially on Reddit, is famous for its patience, friendliness, and willingness to help new users. As a result, over the last few years, many new users have gotten their feet wet in cryptocurrency by using Dogecoin in some form or other.

Additionally, due to it’s very low fees, members of the Reddit community will sometimes give Dogecoin tips to new users using what’s known as a tip bot.

What’s Behind the Pump?

Much Shock Dogecoin
Image Source: /u/KharaAlek on Dogecoin Subreddit

In the same video referenced above, Dogecoin creator Jackson Palmer hypothesizes that the reason for the sudden ten-fold price increase is due to market manipulation, and pump and dump schemes.

Palmer suggests that pump groups exist on chat platforms like Telegram and they orchestrate these schemes using trading bots to artificially increase prices before selling off their holdings at a large profit. Palmer suggests that these groups are likely from Asia, which has market regulations and legal frameworks that are either not sufficiently enforced, or simply don’t exist.

As this price increase is “an orchestrated pump”, when the pump is finished and the perpetrators have all sold their gains, then the currency “ will likely crash back down“ according to Palmer.

Further, Palmer suggests to those interested in Dogecoin that they refrain from buying any now as the market is, in his words, “likely manipulated”.

Dogecoin to the Moon?

Dogecoin has a very unique position in the cryptocurrency world, seeing as it came from a joke to a now $1 billion market. It is largely a result of its fervent community support, and impending updates to its core to include processes such as Segregated Witness (SegWit), that it’s safe to say that Dogecoins will be around for some time.

However, it is unlikely that something like Dogecoin would see mass and adoption across the world in the same way that bitcoin or Ethereum are seeing today. The technology and the commuinity is there, and nothing is impossible.

Perhaps one day we will see Dogecoin “moon“ once and for all.

Posted by Robert DeVoe

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EXCLUSIVE – Dogecoin founder: “I turned down half a million dollars. Because f*** that”

Dogecoin founder Jackson Palmer has thrown down the gauntlet to the cryptocurrency community declaring that neither he nor his digital currency are for sale, despite huge offers of investment from Australian venture capitalists.

At an Australian meet-up on Thursday night organised via Reddit, where Dogecoin’s community was started, the Sydney-based founder told Techly he is also calling for government regulation of cryptocurrencies – a move that’s unlikely to make him any friends in the Bitcoin community.

For those not in the know, Dogecoin is an internet currency that features ‘Doge’, a Shiba Inu (breed of dog) from Japan, based on the popular internet meme, as its logo. The currency has gained traction as a tipping system whereby Reddit, Twitter and most recently Facebook users donate Dogecoin to each other as a reward for posting interesting or valuable content, or to introduce them to the system.

Unlike Bitcoin, which puts an artificial cap on how many coins can be mined, Dogecoin adds five billion coin worth of Dogecoin yearly after the first ‘cap’ of 100 billion coins are mined – which may be as early as the end of 2014. There are technical reasons behind this, important to the way the currency network verifies transactions.

“It’s a deflationary/inflationary model I like to jokingly call ‘Dogeflation’,” Palmer said.

“We’re trying to stabilise ourselves and get it to a point where it can be treated as a viable currency.”

Palmer said the internet has been crying out for a way of tangibly sending something valuable that can be reused over the internet. In the future, he envisions rather than being able to ‘Like’ something on Facebook (for example), you could tip a few Dogecoins.

“I honestly think it’s on its way to becoming the currency of the internet,” he said.

“This is the reason why, if you have a look at Facebook credits for example, all these different corporations try to force digital credit upon their users.

“That’s why if you try to put something on the Apple store or Facebook App Store at the moment it gets banned because they have their own credit systems they want to control or police and cash in on at the end of the day.

“That’s where Dogecoin fits in.

“The internet is asking for a currency akin to the US or Australian dollar that you can send to somebody else without having to worry about it and it’s more tangible than clicking a button and that person getting a notification that said I liked it.

“Ultimately that’s where I see it landing.

“When somebody likes something that I post it’s more tangible than a little bit of reputation. It’s not something that can be manufactured. It also costs the end user. That’s how a currency works. Or it should.

“The fact that if I post a cool song my friend loves, we can go to the bar on Friday and say ‘I bought you a beer with that’.

“I don’t think you’ll be buying cars, yachts, houses with this stuff, but micro transactions based off social media. Damn. That’s where it’s at.”

Dogecoin (or whatever comes after it) could be a great way for the internet community to give something back to the media outlets, musicians, artists, designers and others they admire, the founder ruminated.

“It addresses the hollowness of the internet,” he said. “At the moment… there are so many fake spam accounts out there that like all these different things.

“You really know who your friends even if they’re just tipping you 10 cents.”

Really it’s the Office Space theory. If consumers donate just a fraction of a cent to a person or organisation of their choosing, everyone makes money.

There exists a distinct rivalry between Bitcoin types and Dogecoin advocates.

Palmer characterised Bitcoin types as “an elitist little group you have to ask for an invite to, whereas Dogecoin is more a grassroots community thing.”

“You can go to a Bitcoin meet up and meet people who are like ‘I have 100 BitCoins, I’m a multimillionaire’,” he said.

“Dogecoin is the community’s currency, open to everyone, and that’s how I want to keep it.”

The big end of town wants in – but Palmer isn’t interested

It’s clear Palmer is totally disinterested in any short-term gain Dogecoin could afford him. A purist, he believes Dogecoin is “the internet’s currency” and end users will decide its success or failure.

In fact on Thursday, Palmer told Techly he turned down half a million dollars from two venture capitalist (VC) firms.

“I’ve been approached by VCs lately who want to cash in on this Dogecoin thing and they’re offering me what in reality is ridiculous amounts of money.

“And I’m sitting there quietly with them saying ‘I want to throw X amount of dollars at this’ and I’m like, ‘take a step back, it’s a dog on a coin’. Has the world gone mad?”

Techly can confirm Palmer met with one Australian VC firm, which shall remain nameless. A spokesperson did not discuss how much money the firm offered Palmer for Dogecoin but confirmed to Techly a meeting did indeed take place.

“The firm’s inquiries into Dogecoin are in the preliminary stage,” the spokesperson said.

Palmer claims a second meeting was held with a US firm, which has failed to return Techly’s emails for confirmation.

And if that throw down wasn’t already enough, Palmer has laid down the gauntlet to the Bitcoin community – which is fiercely anti-regulation – advocating for the Australian government (and others) to regulate and legitimise cryptocurrencies.

“I do ultimately think we need to regulate around this stuff otherwise you will not gain the trust of the average Joe who wants to put $100 into whatever digital currency they’re using.

“That said, we shouldn’t be putting all our faith in centralised institutions because that gets us to where we have landed today.

“The Canadian Government has already decided to regulate against cryptocurrencies and I think that’s absolutely awesome. The fact that a government is even talking about cryptocurrency in the first place is like, booyah. That’s a massive boon for the whole thing.”

Mr Palmer’s hope is that governments will learn about virtual currencies like Dogecoin, understand how they work and eventually see it’s a currency that is facilitating good.

Dogecoin recently raised $30,000 to pair service dogs with children in need and also raised $30,000 to send the Jamaican bobsled team to Sochi.

“That’s why I turned those guys down,” he said.

“A lot of investors come to me and they say ‘you know you could get rich off this, you can make millions. What are you going to tell your grandchildren in the future?’

“And I reply, ‘you know what I’m going to tell my grandkids? I’m going to tell them that we paired service dogs with children in need, off the back of a f***ing joke.’

“The fact is that out of nothing I can contribute $30,000 to a children’s charity that I believe in, that is payment enough.

“I don’t want anything more. I could leave tomorrow but the fact is I’ll be happy for the rest of my life. It’s all I want.”

By Claire Porter