Dogecoin is one of the most fam cryptocurrencies in the market today. It was created in 2013 by Billy Markus and Jackson Palmer, who are software engineers that created this coin as a joke to the wild speculation in the crypto market at the time. Its logo, a “Doge” meme, indicates its jocular nature.
However, it has morphed into a popular coin that has served as a good investment for many. Dogecoin is based on a Scrypt algorithm that boasts a better transaction process than Bitcoin. Dogecoin only takes 1 minute to confirm, while Bitcoin takes 10 minutes.
It has gone through different market fluctuations over the years and has also been used to contribute positively, such as being the shirt sponsor of Premier League Side Watford. It currently has a market capitalization of $16 billion with 132 billion in circulation. You can buy Dogecoin in Canada on platforms like Coinberry at https://www.coinberry.com/buy-dogecoin-doge.
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Fun facts about Dogecoin
- Dogecoin is an open-source cryptocurrency with Shiba Inu (a Japanese breed of Dog) as its logo.
- It uses the same proof of work as Litecoin as they are both based on the same technology.
- Dogecoin has one of the largest communities in the crypto space. Reddit, Twitter and Tik-Tok are some of the supporters of Dogecoin, which has allowed it to gain the popularity it has today.
- In March 2014, the Dogecoin community donated $53,000 worth of Dogecoin to support NASCAR driver Josh Wise. They also donated $11,000 to build a well in Kenya.
- Dogecoin’s all-time price high was at $0.74 in May 202. It also hit its all-time high market capitalization at $93 billion.
- Dogecoin has a speedy mining process with a one-block rate per minute, allowing miners to mine as many blocks as possible and earn as many rewards as possible. Users mined 100 billion coins in its year of launch.
Dogecoin’s journey since launch
After its launch in 2013, Dogecoin has had its ups and downs and has evolved into one of today’s most popular coins. Dogecoin is no stranger to social media because it enjoyed one of the highest social media hypes. When it comes to cryptocurrency, so much so that even one of its creators, Jackson Palmer, tweeted before its launch that “Investing in Dogecoin, pretty sure it’s the next big thing.”
A week after that tweet, he bought the domain, Dogecoin.com and the rest they say is history. After its launch in December 2013, it enjoyed a lot of attention on Reddit, generating a market value of $8 million. Then it became famous because of the ‘tipping’ practice for which it was used on the Internet.
Tipping is a way of repaying people on the web for doing activities, like sharing an idea on a web platform, and Dogecoin became the second most-tipped currency one week after launch. Over the years, Dogecoin has gained popularity and preference majorly because of its lower barrier of entry than Bitcoin for people who might be interested in cryptocurrencies.
Dogecoin’s value enjoyed a huge bump during the crypto bubble between 2017 and 2019. It surpassed $1 billion in capitalization during the bull run of 2017/2018. Another important thing that has helped Dogecoin over the years is the support it has enjoyed from celebrities. While some see the coin as a good investment, others use it for their business.
The first person who comes to mind is Tesla’s Elon Musk. he has repeatedly tweeted about the coin, exciting it so much that he was accused of market manipulation. Dogecoin is one of the only three cryptocurrencies he owns. And no doubt, Mark Cuban is another top celebrity that has shown great support for the crypto coin. He made Dogecoin an acceptable mode of payment of Mavericks merch and tickets.
6 ways to buy Dogecoin in Canada
When it comes to buying cryptocurrency, there are numerous ways you can access one and use it for whatever purpose you want. Examples of ways to access cryptocurrencies include ETFs and Mutual Funds. But when it comes to Dogecoin, the only way you can own a Dogecoin is to purchase and hold it directly. Here are some of the ways you can buy Dogecoin in Canada:
- Through a crypto trading platform like CoinBerry – Coinberry offers some of the best crypto trading features on its platform and is available all over Canada. To use Coinberry, download the app or visit the Coinberry website. Create an account and verify your details, after which you will load your wallet, and you can begin trading in Dogecoin and other cryptocurrencies.
Moreover, Coinberry offers a safe and secure platform for your Dogecoin assets with 0 funding and withdrawal fee charged. Coinberry is also a regulated trading platform, so you have nothing to worry about.
- Through the purchase of Altcoins – One way of buying Dogecoin after creating and funding your Coinberry wallet with CAD is through fiat (CAD) to purchase Dogecoin directly from the Coinberry Platform. The use of fiat is a smart way of buying Dogecoin, although it is much easier to use CAD, especially on a Canadian-based platform like Coinberry.
- Through the purchase of popular digital currencies – Another way to buy Dogecoin is to purchase popular digital assets like Bitcoin or Ethereum and exchange them for Dogecoin on the Coinberry platform or any other platform.
- Through the purchase of stable coins – Stable coins are digital assets whose value is usually pegged to a cryptocurrency, fiat money or exchange-traded commodities. Most of the stablecoins in the crypto space are pegged to fiat money. Examples include USDT, BUSD or USDC. You can purchase any of these stable coins on a crypto exchange platform like Coinberry and trade them for the value of Dogecoin either on Coinberry or another crypto exchange platform.
- Mining – This is another popular way of owning Dogecoin. You can mine Dogecoin directly with your Macbook or Windows Computer if you are tech-savvy.
Peer-to-peer platforms – Unlike the crypto exchange platforms, the peer-to-peer platforms pair individuals directly to buy and sell cryptocurrencies. These P2P platforms operate without holding the parties’ funds involved in the transaction. However, there is a high risk of fraud.
