Dogecoin was one of the 1st cryptocurrencies to enter the industry, and it’s been established as the flagship meme coin. With celebrities like Elon Musk relentlessly tweeting about DOGE, its price has skyrocketed more than ever before. While Dogecoin is hovering around $0.50 per coin, its market capitalization is an astounding $56 billion. Is Dogecoin a scam? Learn more about DOGE now and understand why its price has skyrocketed.
What is Dogecoin?
Dogecoin is a cryptocurrency with no maximum supply. Instead, new coins are minted every minute when a new block is added to the Dogecoin blockchain. With no maximum supply, Dogecoin will have trouble being a store of value like Bitcoin.
Instead, Dogecoin seeks to be used as a currency. Its transaction fees are much less than Bitcoin and Ethereum’s fees, making it a better option for everyday payments. However, other cryptocurrencies have even cheaper transaction fees, making…