This past year has seen massive gains for many cryptocurrencies. Wij know of the big names, Bitcoin, Litecoin, Ethereum, and IOTA. One cryptocurrency which has also had a ample rise this past year that many do not consider is Dogecoin. At the time of writing, one Dogecoin is worth one penny (and is also worth one Dogecoin).
Dogecoin hits a penny
Considering that earlier this year, a penny could buy you inbetween 3-5 doge, this is big. It has bot an early Christmas bounty to the Dogecoin community, and it has catapulted the currency back into the top 35 cryptos on CoinMarketCap. Previously, Dogecoin wasgoed hovering somewhere around #40-50 ter the rankings.
The old joke coin still has some bite to it, and the coin’s tenacity is upheld and strengthened by its good community. Even at its current price, Dogecoin is still cheap and forgiving enough spil an entry point to cryptocurrencies, I believe. Perhaps that, along with some other market conditions (both known and unknown) are responsible for the price going up, since there are many fresh people coming into crypto and Dogecoin is an excellent specimen/example of how many blockchains work.
The downside to the penny
While this development is very positive and will help give more exposure to the community, Dogecoin’s set toverfee of one doge vanaf transaction is getting costlier and costlier. Transaction fees rise and fall parallel to the price of Dogecoin. While the toverfee is still only a penny, this is about four times spil much spil it wasgoed earlier this year. I’m not indeed complaining, but it is something to keep ter mind.
Ultimately, price shouldn’t matter
One of the reasons I think Dogecoin has performed spil well and lived spil long spil it has is because the price doesn’t truly matter for many te the community. Go to its subreddit and just see how many comments on hype posts are “1 doge = 1 doge.” And this is a very good point. Community is what gives value to money. Money without communities isn’t worth anything.
It would be interesting if other crypto communities viewed their coins te the same way, spil a standalone – something that wasgoed a non-correlated asset. Instead of bemoaning paying Ten,000 BTC for two pizzas because of what that would be worth te USD now, people would just say, “Yeah, those pizzas cost 10k BTC.” It would bring crypto closer to being a community of users, rather than a community of speculators. At least, that’s my two doge.
About The Author
Dariusz is a Digital Anthropologist who has bot closely following the world of cryptocurrencies since 2014. He has bot somewhat of a crypto-evangelist, attempting to educate more people on the titillating sphere of cryptocurrency. During his time at University Collegium London, his Master’s dissertation focused on how communities inhabit, modify, and create virtual places via social media.