Why is Dogecoin (DOGE) crypto gaining attention amid a dip?

May 13, 2022 04:13 AM AEST | By Rupam Roy
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  • Based on the popular internet meme "doge", Dogecoin features a Shiba Inu on its logo.
  • The token can be traded on exchanges like Binance, OKX, etc.
  • WordPress websites accept DOGE as payments without third-party interference.

The Dogecoin (DOGE) crypto seems to be on investors' radar after its price fell sharply. Its price fell around 9% in the last 24 hours to Thursday morning, but its volume increased by over 34%.

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What is Dogecoin (DOGE)?

Based on the popular internet meme "doge", the Dogecoin crypto features a Shiba Inu on its logo. It is an open-source digital currency forked out from Litecoin in December 2013. Dogecoin was created by Portland-based Billy Markus and Australia-based Jackson Palmer.

The creators sought to boost the coin’s appeal by positioning it as fun, light-hearted crypto that could transcend Bitcoin’s (BTC) popularity. DOGE is different from Bitcoin’s proof-of-work (PoW) protocol in various ways, including its utilization of Scrypt technology.

It claims to have a block time of one minute. Besides, its total supply is uncapped, meaning that there are no limitations to mixing DOGE.

The token is primarily used to incentivize the creators on Reddit and Twitter to create or share quality content. It is available on crypto exchanges like Binance, MEXC, OKX, etc.

Also Read: Why is Maker (MKR) crypto up 35%?

Why is it in focus?

Dogecoin’s (DOGE) popularity surged in a short span. It is now ranked 10 on Coinmarketcap. It made it to the headlines each time Tesla CEO Elon Musk posted about it on Twitter.

Now, as the DOGE coin price slumped, dragged down by losses in the broader market, investors may have been showing interest in the coin, reflected by its robust trading volume on Thursday.

It shows the fans haven't given up their hopes despite the market's downward trend. For instance, this week, EverGrow Coin Chairman Sam Kelly's remarks that he "thrives in these markets" underscores that point. He added that he is "super-bullish" about the market.

Also Read: Why is XYO (XYO) crypto rising despite market turbulence?

Another reason for its traction could be the news that WordPress websites would accept DOGE for payments through the Easy Dogecoin Gateway plugin, bypassing third-party involvement.

However, the crypto market carries high risks. So, investors should carefully evaluate the digital assets and the broader market before considering an investment.

Also Read: Is FTX Token (FTT) crypto trending on New York Trust Charter news?

Dogecoin (DOGE) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The DOGE coin was priced at US$0.08312 at 11:46 am ET on May 12, down by 8.50%, while its volume for the last 24 hours jumped 33.66% to US$2.90 billion. Its total and current circulating supply are 132.67 billion.

The coin has a market cap of US$11.02 billion, and its fully-diluted market cap is US$10.47 billion. Its price tumbled 34.36% over the last 7 days.

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