Table of Contents
Introduction of Dogecoin Price Aud
What is Dogecoin?
Dogecoin Price Aud: Dogecoin is a digital currency that can be bought and sold as an investment and spent as money.
- Firstly, we all know what rupee currency and bitcoin are. There is a new coin that is becoming famous throughout the world, called Dogecoin Price Aud. The value of the rupee is based on our currency and Bitcoin is based on the blockchain to revolutionize the world’s monetary system.
- Dogecoin is based on the meme, which was made in jest. The dog symbol became famous at some point and made it into a currency.
- Cryptocoin is so decentralized that anyone can create a coin. However, Dogecoin became so famous that Elon Musk, CEO of Tesla Motors started buying and promoting it.
Bitcoin was very popular but people still found some downsides to it like
- The long transaction time of Bitcoin
- The whole process consumes a lot of energy
- Not good for the environment
So, for the above reasons, people started making coins on their own. Therefore, these currencies are called Alt-coins (alternative currencies). Examples are Ethereum and Litecoin etc. Therefore, after such coins existed, people started making their coins, some for fun. Besides, they just changed the name and created their logo. Some scammers also made their coins and tricked people into investing in their coins to increase the value of their coins and would walk away with profits creating huge losses for people. This is called the Pump and Dump scheme.
Important Points of Dogecoin Price Aud
- The Doge meme was very popular in 2013. Meanwhile, Jackson Palmer, an Australian marketer, and Billy Markus, an IBM software developer, developed this Dogecoin.
- If you look at the largest cryptocurrencies in the world, Dogecoin Price Aud becomes the fourth largest cryptocurrency after Bitcoin, Ethereum, and Binance.
- The first reason for its popularity is the Reddit website. People on Reddit started using it for fun first giving tips for anything called DogeBot tip. Besides, the tip was worth 5 Dogecoins or only 0.0002 cents. So, It became very famous in a few years and gained popularity, it was used and traded so many times that its value increased for a while.
- In September 2018, Tesla CEO Elon Musk took notice. Further, he tweeted many posts praising Doge Coins which directly or indirectly promoted Doge Coins. Since he was a famous personality, every time he tweeted, the value of the Doge Coins increased by 25% to 50%. In 2021, the value exceeded 50 cents. So, It almost hit $80,000 million valuation.
How to Buy Dogecoin Price Aud?
The process of buying Dogecoin is the same as buying any other cryptocurrency. You must use the cryptocurrency exchange platform.
And also, Cultural trends grow exponentially and due to their circumstances, they have become so popular. However, there is a strong possibility that it could drop at any time. The higher the investment risk, the greater the chances of earning high returns.
More About Dogecoin Price Aud
- DOGE was created as a lightweight alternative to traditional cryptocurrencies, but it has become very valuable.
- The Shiba Inu name and 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.
- Dogecoin, the largest meme coin by market cap, has been bleeding for almost a week. Coin prices have appeared bearish over the past 24 hours and continued to be negative at press time. Over the past week, Dogecoin lost 4.9% due to declining buying strength.
- The bulls have remained off the charts since the beginning of this month. If the current price action persists, Dogecoin would be targeting its closest support line. Therefore, the bears took over the market as investors continued to flee the market.
- Compared to last year, Dogecoin is down 82% from its all-time high of $0.73. Not just investors, the Federal Open Market Committee meeting related to rising interest rates also kept investors on their toes.
What Makes Dogecoin Price Aud Valuable?
Like any other asset, the market assigns a value to DOGE based on supply and demand. Further, given the ample and ever-increasing supply, demand had to increase massively to drive values as high as they have recently.
This happened in the first few months of 2021 when prices spiked around 7000%, fueled by retail investors on Reddit working together to push prices up. The broader crypto boom, and months of seemingly tongue-in-cheek tweets from Tesla founder Elon Musk, punctuated by his appearance on Saturday Night Live in May 2021.
DOGE’s rapid price rise in 2021 garnered considerable media attention (as well as social media posts), for a while creating a cycle that attracted more investors and drove prices even higher. So, every time an asset sees such dramatic gains, FOMO (or “fear of missing out”) brings waves of new traders into the fold. DOGE is still a very volatile cryptocurrency, however, and like any investment, there is no guarantee that it will go up or down in the future.
Where Does Dogecoin Come From?
Firstly, Dogecoin was started as a joke in late 2013 by software developers Billy Marcus and Jackson Palmer, friends on Reddit who had never met offline. So, they conflated two then-popular topics in their online circle: the burgeoning cryptocurrency Bitcoin and a meme featuring a Shiba Inu and a misspelt version of the word “dog.”
And also, to the surprise of its creators, Dogecoin caught on almost immediately: dogecoin.com received over a million visitors in the first month. So, part of what made Dogecoin Price Aud fun was that it was (and is) a cryptocurrency in its own right, with its blockchain and mining system similar to the one Litecoin uses. And also, Historically low prices (for much of its life you could get DOGE for fractions of a penny) and abundance recently have made it attractive to speculators hoping its value will skyrocket.
Why is it so Popular?
Dogecoin Price Aud is no longer a joke. But, Its popularity has skyrocketed, astronomically, this year, thanks in part to the widespread adoption of bitcoin and other cryptocurrencies.
But Elon Musk is the loudest and most prominent proponent of dogecoin. One of his strange tweets to his 50 million followers may send cryptocurrencies skyrocketing. And also, that’s what happened in April when Musk tweeted “Dog Barking at the moon” and shared a photo of a painting by Spanish artist Joan Miró titled “Dog Barking at the Moon.”
History of Dogecoin Price Aud (DOGE) to AUD Price for the Week
|Day of the week
|1 DOGE to AUD
To conclude, as mentioned above, the higher the investment risk, the greater the chances of earning high returns. However, It is advisable to invest in such cryptocurrencies for the only amount which you can afford. Due to the risk of speculation, even if the value comes down, you should be able to bear the losses.
Dogecoin (DOGE) is a cryptocurrency that can generate through mining. Dogecoin has a current supply of 132,670,764,299.89409. The last known price of Dogecoin is $0.13708778, and it has increased by 5.39 in the previous 24 hours. It is currently trading on 470 active markets with $893,992,948.40 sold in the last 24 hours.
Is Dogocoin a good investment?
According to crypto analysts, Dogecoin is not a good crypto investment. This is based on the performance of Dogecoin over the past 12 months.