Myths and Facts Behind Dogecoin

The Myths and Facts Behind Dogecoin

Dogecoin started out as a joke on Twitter. But, recently, it has gained massive popularity because of all the promotions done by Elon Musk. People have now started to talk about the potential of dogecoin. Will it be the next big thing? Or vanish like the NFTs? 

The Facts Behind Dogecoin

Following the traction, many theories are surrounding dogecoin. But are they true? Let’s find out. Here are four facts about dogecoin. 

Dogecoin supply is unlimited 

Unlike other cryptocurrencies, dodge coins have an unlimited supply. The founder of dogecoin explained in a tweet that he made dogecoin as a meme. 

Hence, there was no initial plan for its rollout. Then, it was decided that Dogecoin would have an unlimited supply. As of now, 133 billion Dodge coins are circulating in the market. Consequently, there are more dodge coins in supply than bitcoin or ethereum. 

The credit goes to the community surrounding dogecoin. Especially figures like Elon musk. Their tweets have led people to acquire more and more dogecoins. Hence the supply is increasing with each passing day. 

Dogecoin has a fast mining process. 

The mining process for Dogecoin is extremely fast and easy compared to other currencies like bitcoin. You can mine one block of dogecoin per minute. 

Due to the speedy process, minors have an amazing opportunity to mine as many coins as possible. According to sources, around 14.4 million dogecoins are mined daily and around 5.2 billion annually. Because of the unlimited supply, you can easily use doge coins on websites that accept them as a means of payment. Click here to find out more about how you can use doge coins in your daily life. 

Dogecoin logo represents Shiba inu 

Despite being a successful venture, people do not pay much attention to dogecoin. Hence, if you have not noticed, the dog imprinted on the logo of dogecoin is Shiba inu. Shiba is a hunter-dog breed, and interestingly, there is another crypto coin that is named after Shiba inu. 

Many other creators have taken inspiration from doge coins and created their own logos featuring different dog breeds. For example, the Corgi Token is based on the Corgi dog breed. 

The creator of dogecoin sold all his dogecoins. 

You may have come across the news that the creator of doge coins does not own any dogecoins. But, no one would believe it at first. Why would you not invest in something that you have created yourself? 

Well, according to the creator of dogecoin, he sold all his coins after he got laid off by the company. On top of that, he does not own any crypto. 

The myths Behind Dogecoin

Let’s bust some myths related to dogecoin. 

Dogecoin is regulated by Elon Musk

If you are an avid user of Twitter, you may have the impression that Elon musk owns or regulates Dogecoin. 

However, that is not the case. Elon Musk does promote dodge coin and tweets about it. But, he has nothing to do with the creation or regulation of the coin. 

Dogecoin has no purpose. 

Dogecoin was created as a meme by its creator. But that does not mean that it doesn’t have any purpose. The coin can be used to make transactions because the transaction costs are minimal. 

Moreover, due to the unlimited supply – you can easily get your hands on the coin and use it as a means of payment. It all boils down to acceptance and considering the traction that Dogecoin has gained, you will soon see the majority of businesses accepting it for payment. 

Dogecoin is not evolving. 

Dogecoin started out as a meme, but due to its massive traction, it may be accepted as a means of payment on major platforms. And contrary to the myths surrounding it, it’s not just a fad that will vanish with time. 

Contrary to popular opinion, Dogecoin has a growing development community. These individuals are constantly making efforts to evolve the dogecoin with time. 

Hence, in 2021, several upgrades in the setup will contribute to the product’s longevity. 

Dogecoin will eventually vanish. 

How long can a joke last anyway? Well, as of now, dogecoin has the second largest community size after Bitcoin. It’s gaining traction with every passing day. 

Moreover, many celebrities are talking about it on their social media. As of now, more than 133 billion doge coins are in circulation. Hence, the coin is here to stay for some time. 

Conclusion 

It’s about time we understand that not everything you read on Twitter is true. Being on top of the news is good, but always check your facts. Especially related to cryptocurrency. These misconceptions can lead you to make terrible financial decisions. 

This article covered four facts and myths about dogecoin so you can make better decisions regarding your investments in the future.