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Is Dogecoin (DOGE) Here to Stay?

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Is Dogecoin (DOGE) Here to Stay?

Decided Dogecoin (DOGE) is a good investment? You can get Dogecoin (DOGE) on Gemini today.

Who would have guessed that a crypto project that started as a joke would evolve into a top 10 cryptocurrency? Dogecoin is the brainchild of Billy Markus and Jackson Palmer, who created Dogecoin as a satire of the altcoin boom. The inspiration for the name came from the popular Shiba Inu Doge meme that was created in 2010 but became most popular in late 2013.

Although it started as a joke, the popularity and use cases for Dogecoin have expanded over the years. Dogecoin has been ranked in the top ten by market capitalization on CoinMarketCap. In May 2021, Dogecoin achieved its highest ranking when it was ranked fourth by market capitalization on CoinMarketCap.

Dogecoin has increased its popularity through stunts arranged by the community. A couple of the early stunts were to raise money to send the Jamaican bobsled team to the 2014 Olympics, sponsor a Nascar driver and bring water to a drought-stricken region of Kenya.

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Thanks to its community and celebrity endorsements, Dogecoin has become a mainstream cryptocurrency. Dogecoin has a solid social media following with 3.4 million followers on Twitter and 2.3 million Reddit subscribers. Dogecoin also has an impressive list of celebrity supporters, including Snoop Dogg, Kevin Jonas, Gene Simmons, Mark Cuban and Elon Musk.

Is Dogecoin (DOGE) Here to Stay or Just a Fad? 

Dogecoin was launched in December of 2013 as a satire to the hype surrounding cryptocurrencies. The idea for the logo image of Dogecoin was inspired by a meme of a Shiba Inu dog that was popular in late 2013. 

The creator of Dogecoin is Jackson Palmer, who worked as a product manager for Adobe Inc. (NASDAQ: ADBE). He was a skeptical observer of cryptocurrencies, and his initial Tweets about Dogecoin were done tongue-in-cheek. But after receiving positive feedback on social media, he decided to buy the domain dogecoin.com.

At this time, an IBM software developer named Billy Markus who always wanted to create a digital currency, got wind of Dogecoin from social media.Markus reached out to Palmer to obtain permission to build the software behind Dogecoin. 

The code for Dogecoin is based on Bells, a fork of Litecoin (LTC). Dogecoin uses Litecoin’s Scrypt technology and is a proof-of-work (POW) coin. Dogecoin has a circulating supply of 132.67 billion coins, a total supply of 132,670,764,300 coins and no maximum supply. 

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Although primarily used for online tipping, it is now possible to use Dogecoin to make purchases. Recently, Gucci, owned by Kering Unsponsored France ADR (OTCMKTS: PPRUY), announced that it would begin to accept Dogecoin as a payment method at its retail outlets. Not surprisingly, Tesla Inc. (NASDAQ: TSLA) also accepts Dogecoin on its website for specific products. 

?Dogecoin Co-Creator Billy Markus Interview | Moon Or Bust | Dogecoin Live ?

Dogecoin (DOGE) History

No one, especially its creators, could have predicted how fast Dogecoin would take off. Launched on December 6, 2013, within 30 days, the Dogecoin.com website saw over 1 million visitors. On December 19, 2013, the price of Dogecoin jumped nearly 300% in 72 hours, with a volume of billions of Dogecoin per day.

In 2015, Palmer left the crypto community for good when he became disillusioned. Initially believing that cryptocurrencies were created as a libertarian alternative to money, Palmer grew to believe that most cryptocurrency is fundamentally exploitative and built to enrich its top proponents.

Investors who have stuck with Dogecoin over the years have been handsomely rewarded. The earliest recorded price on CoinMarketCap was on December 15, 2013, when it closed at $0.0002979. The all-time high for Dogecoin was set on May 8, 2021, when it hit a high of $0.739 for an increase of almost 154,000%. 

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Looking at the price chart for Dogecoin, you can see that it has been volatile, but that such volatility has also made it good for those who like to trade it. It is also noteworthy that Musk’s first tweet about Dogecoin occurred right before the last significant higher price swing. 

However, the overall crypto bull market was also already well underway by that time. It is undeniable that Elon Musk’s tweet brought more attention and probably investors into Dogecoin, but the crypto bull market was also a factor in the price appreciation. 

Dogecoin Weekly Chart

Pros and Cons of Dogecoin (DOGE)

Pros

  • Uses relatively little energy for transactions
  • Backed by major celebrities, including Musk
  • Supported by many exchanges and online brokers 

Cons

  • No maximum supply
  • Offers nothing new in terms of technology

Dogecoin (DOGE) Competition

Since the launch of Dogecoin, many other cryptocurrencies have been created that could be seen as direct competitors. This section will examine a couple of them.

Basic Attention Token (BAT), launched in 2017, is the token that powers a new blockchain-based digital advertising platform. BAT was designed to reward users for their attention and give advertisers a better return on their ad spend. The Brave browser is used to reward users with BAT tokens for watching privacy-preserving advertisements. 

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BAT has a circulating supply, total supply and maximum supply of 1.5 billion tokens. BAT is deflationary where as Dogecoin, with no maximum supply, is inflationary. 

BAT is an ERC-20 token built on the Ethereum blockchain and secured by a POW consensus algorithm supported by an extensive Ethereum mining network.

Shiba Inu (SHIB) was created anonymously in August 2020 by someone using the pseudonym Ryoshi. The Shiba Inu website describes SHIB as the Dogecoin killer. Ryoshi stated that the goal for Shiba Inu was to see if a perpetual decentralized organization could work with no central leadership.

SHIB has a circulating supply of 549,063,278,876,302 SHIB tokens and a total supply of 589,735,030,408,323 tokens. As with Dogecoin, SHIB has no maximum supply. SHIB are ERC-20 tokens and reside on the Ethereum blockchain. 

Shiba Inu has a strong community behind it, with 783,000 followers on Twitter and 475,000 members on Reddit. SHIB became a legitimate payment method when BitPay announced its support for Shiba Inu coin in late 2021. SHIB can be used to make purchases at Newegg, AMC Theatres and Sling TV. You can also buy precious metals or coins from APMEX and Tip streamers on Twitch using SHIB.

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How to Make Money With Dogecoin (DOGE)

1 Minute Review

Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader. 

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

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Best For

  • New investors looking for a simple mobile and web app
  • Day traders looking to use technical analysis tools
  • Users looking for a 1-stop-shop to buy, sell and store all of their cryptos

Pros

  • Easy and quick signups — can get started in as little as a 5 minutes
  • Multitude of platforms to accommodate traders of all skill levels
  • Hot wallets include insurance to protect your from theft and hacking attempts

Cons

  • Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
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Over the years, Dogecoin has made many millionaires who invested at the right time. That is the simplest way to make money with Dogecoin: buy low and sell when the price rises. The timing of when to get in makes all the difference in the world, but it’s not easy to successfully time markets. 

For most people, dollar-cost-averaging (DCA) into positions is by far the best and safest way to invest. DCA means making equal dollar purchases on a fixed schedule. So as an example, you might buy $100 worth of Dogecoin on the first of every month. Or you could buy $25 worth of Dogecoin weekly, or whatever amount and schedule works best for you. 

Another way to make money with Dogecoin is to stake it for interest. Currently, you can stake Dogecoin on Binance and earn about 1% interest. You can also yield farm Dogecoin on PancakeSwap by creating a liquidity pair with BNB. The DOGE-BNB farm is currently yielding over 15%. Any way that you can make passive income with crypto that you already hold is beneficial. 

How to Buy Dogecoin (DOGE)

Dogecoin being one of the more popular cryptocurrencies means that many exchanges support it. Binance, Coinbase Global Inc. (NASDAQ: COIN), Crypto.com, eToro, FTX, Gemini, Kraken, Webull and many other exchanges all support Dogecoin. 

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Coinbase and Gemini are probably the best for beginners as they both have user-friendly trading platforms. The first step is to open an account at an exchange; most exchanges make this process very easy. The next step is to link your bank account so that you can transfer cash into your account. 

It is also essential to get a good crypto wallet. You will most likely want both a software wallet (hot storage) and a hardware wallet (cold storage). The hot storage software wallet will be more convenient for everyday use, but the cold storage hardware wallet is much more secure. It is advisable not to store too much crypto on exchanges.

So, Is Dogecoin (DOGE) Here to Stay?

Dogecoin was born near the peak of the 2013 bull market. This means that Dogecoin had to survive a bear market in its early days. It not only survived but thrived and went on to survive the 2018 to 2019 bear market, then hit a new all-time high in May of 2021. Dogecoin has withstood the test of time. There are no guarantees, but with a robust community and expanding use cases, it’s hard to bet against Dogecoin.

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Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

1 min read

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

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Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its “solution services for clients in the metaverse marketing business.” Taking part in Brave Group’s latest funding round were two local companies, foreign investment funds, as well as individual investors.

Metaverse Market Growth

A Japan-based virtual IP business, Brave Group Inc., recently said it had raised $10 million in new funding, thus bringing the total raised so far to $18 million. The company is set to use the new capital to strengthen its existing business operations and to “expand its solution services for clients in the metaverse marketing business.”

In a recent statement, Brave Group revealed that Japanese companies like Dawn Capital and Osaka Gas Co. Ltd. had participated in the round that also featured “foreign investment funds and individual investors.” In remarks following the announcement of the capital raise, Kazuhiro Ishikura, a general partner at Dawn Capital, said:

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As the boundary between real and virtual life disappears, the form of entertainment will also change, and new IP content KOLs are expected to be born. As the metaverse market grows globally, we believe that the Brave group’s content will be at the center of the enthusiastic virtual communities that will emerge. We hope that the strength of the anime and manga culture that Japan has cultivated over the years will be brought to the world virtually.

Yuichi Sakamoto, senior general manager with Osaka Gas’ innovation department, is quoted stating his company is ready to help Brave Group Inc. “realize lifestyles and businesses that respond to the New Normal.”

For his part, the CEO of Brave Group Inc., Keito Noguchi, said through the $10 million fundraise, his company would now “maximize the impact of Brave group’s IP not only in Japan but also in the world.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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