Dogecoin Hits 24 Hour Trading Volume of $1.06 Billion (DOGE)

Dogecoin (DOGE) traded 4.3% higher against the dollar during the 1 day period ending at 11:00 AM Eastern on March 14th. One Dogecoin coin can now be bought for about $0.17 or 0.00000206 BTC on exchanges. Dogecoin has a market capitalization of $25.96 billion and $1.06 billion worth of Dogecoin was traded on exchanges in the last day. During the last week, Dogecoin has traded down 14.7% against the dollar.

Here’s how related cryptocurrencies have performed during the last day:

• UNUS SED LEO (LEO) traded 1.2% higher against the dollar and now trades at $9.83 or 0.00011570 BTC.
• Litecoin (LTC) traded 4% higher against the dollar and now trades at $92.55 or 0.00108888 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.
• Polymath (POLY) traded 2.3% lower against the dollar and now trades at $0.31 or 0.00000370 BTC.
• MegaCoin (MEC) traded down 2.2% against the dollar and now trades at $4.30 or 0.00015776 BTC.
• Lotto (LOTTO) traded 2.1% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
• DEI (DEI) traded down 2.5% against the dollar and now trades at $0.0129 or 0.00000020 BTC.

Dogecoin Coin Profile

Dogecoin (CRYPTO:DOGE) is a proof-of-work (PoW) coin that uses the Scrypt hashing algorithm. It launched on December 6th, 2013. Dogecoin’s total supply is 148,425,996,384 coins. Dogecoin’s official Twitter account is @dogecoin and its Facebook page is accessible here. The Reddit community for Dogecoin is https://reddit.com/r/dogecoin and the currency’s Github account can be viewed here. Dogecoin’s official website is dogecoin.com.

According to CryptoCompare, “What is Dogecoin (DOGE)?Dogecoin (DOGE) is a cryptocurrency that was created in 2013, inspired by the then-popular Shiba Inu dog meme “doge.” The cryptocurrency’s blockchain has been built with underlying technology from Litecoin (LTC), a cryptocurrency often referred to as the silver to Bitcoin’s gold.The early Dogecoin community was well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.In 2021, search interest for DOGE exploded after influencers associated with the popular WallStreetBets subreddit rallied users to try to get the cryptocurrency to the $1 mark. The rally was fueled on social media, with many jumping on the DOGE bandwagon.Celebrities, including Tesla and Space X CEO Elon Musk, later on started joking around the cryptocurrency, adding fuel to the fire. When the rally died down, and the cryptocurrency market entered a prolonged bearish period, Musk kept on supporting DOGE and moved to accept it for merchandise payments at Tesla.Who Created Dogecoin?Dogecoin was created by Jackson Palmer, a product manager at Adobe, and Billy Markus, a software developer at IBM. The cryptocurrency was initially created as a way to satirize the hype surrounding cryptocurrencies back in 2013, but received immensely positive feedback shortly after launch.The cryptocurrency initially used a randomized reward for block mining, but that reward was changed to a static reward in 2014. It uses Litecoin’s Scrypt mining algorithm and is a Proof-of-Work cryptocurrency that can be merged mined along with LTC.Why Does Dogecoin Have Value?Dogecoin, unlike cryptocurrencies like Bitcoin, was designed to be abundant and circulate. At the time of writing, there are 132 billion DOGE in circulation, and the cryptocurrency does not have a maximum supply.As it was created as a meme some suggest it shouldn’t have any value. Supply and demand, however, dictate that DOGE’s value has moved up over time, partly as the cryptocurrencies starts being broadly used by the community and accepted as a payment method by large retailers. Tesla, for example, accepts DOGE payments for merchandise on its website.Investors also piled on DOGE as they speculated its price could surge in the near future. Its adoption may grow if it’s integrated into new products and services Elon Musk’s companies – which now also include microblogging platform Twitter – may launch over time.Blockchain data provided by: Blockchair (Main Source), DogeChain (Backup), and WhatToMine (Block Reward and Time only)”

Buying and Selling Dogecoin

It is usually not possible to purchase alternative cryptocurrencies such as Dogecoin directly using US dollars. Investors seeking to acquire Dogecoin should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Dogecoin using one of the aforementioned exchanges.

DOGE/USD price chart by TradingView