Dogecoin (DOGE) news as of 06/08/2022
Jackson Palmer, co-creator of Dogecoin, gave an interview to Australian publication Crikey in which he explained that he thought the cryptocurrency industry would implode faster. However, he says, it is clear that this is not the case and that the sector is showing perseverance and is gaining more and more followers who were for the most part crypto-skeptics in the past.
With the cryptocurrency world going through a rough patch for the past few weeks and major token prices falling, Palmer doesn’t believe in the idea of a crypto winter. “I still see a lot of money being funneled through crypto promoters […] “, did he declare.
Currently at $0.08, the price of Dogecoin is down more than 36% in one month. One of its biggest followers, Tesla boss Elon Musk, recently indicated that the asset has potential as a currency.
Medium Term Dogecoin (DOGE) Price Prediction
It will be difficult for Dogecoin to break back below $0.1. But if that happens, the memecoin can easily reach $0.2 by the end of 2022.
Long Term Dogecoin (DOGE) Price Prediction
It is difficult to predict the future of Dogecoin, however, the price could stabilize around $0.1 during the coming year.
Dogecoin Project Reviews
Despite the adoption of a few large groups and the support of celebrities, Dogecoin really does not go up as it did in 2021. The crypto goes down more on bad news than it goes up on good news.
What affects the value of Dogecoin (DOGE)?
- Upcoming upgrades
- Supportive tweet from Elon Musk
- Adopted as a payment method by a large group
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What is Dogecoin (DOGE)?
Dogecoin is a peer-to-peer, open-source cryptocurrency, similar to Bitcoin, offering its users a completely decentralized and secure environment, devoid of any third-party control.
On December 6, 2013, two programmers, Billy Marcus, an engineer at IBM, and Jackson Palmer, an engineer at Adobe, invented Dogecoin. It was initially a “crypto-joke” inspired by the even popular Doge featuring a Shiba Inu.
But in January 2021, things got serious when the community started showing interest in Dogecoin. With the support of Elon Musk who promises to integrate it into the ecosystem of Tesla as well as other celebrities, the capitalization of DOGE reaches nearly 100 billion dollars in May 2021.
How does Dogecoin work?
Dogecoin is a cryptocurrency which, like the Bitcoin and Ethereum, is based on Blockchain technology. Blockchain is a decentralized and secure digital ledger that records all network transactions without relying on a central authority.
For the moment, the Dogecoin platform has no use yet (apart from as an investment and the transfer of funds), but protocols integrate it for the yield farming. the DOGE can for example be staked on Binance to earn passive income.