Dogecoin Casino

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin transforms from a joke into a real cryptocurrency. Dogecoin has a big following in the cryptocurrency space. Besides, like Bitcoin, it has a real-world use case as a medium for peer-to-peer transactions using a decentralized network. While cryptocurrency is often referred to as money for the geeks, Dogecoin is a token with a dog image. Dogecoin saw significant volatility in the first weeks of the year, rising to an all-time high of $0.086 in early February. But the upside potential appears to have faded, despite continued tweeting from its most prominent supporter Elon Musk. Today, however, saw the cryptocurrency’s bulls looking.

The age of active financial tech development has given us a broad hint that pictures of dead presidents and various national heroes are not necessary on the money. Sometimes amusing doggie is enough to create a full-fledged and recognizable electronic currency, especially if this dog has already become popular on the Internet.

Dogecoin has taken this popularity to a new level. Thanks to the story about Jamaica's national bobsleigh team, it has gone beyond the Internet, but even that is not all. Soon enough, the gold-plated coin with a lovely Shiba Inu dog will travel to outer space ― in 2019, it will fly to the Moon with Astrobotic team within the scope of Google Lunar X Prize.

Even though the adoption of Doge leaves much to be desired if compared to Bitcoin, this cryptocurrency has a fairly devoted and cohesive community. More and more facilities start to accept dogecoins with time. With this virtual money, you can buy food, drinks, clothes, pay for hosting and much other stuff. For example, an online store called GamerzHeat would gladden people who follow E3 and buy expensive GPUs to play Witcher 3 instead of Dogecoin mining ― the website allows you to pay for games with Doge.

News

Prices of Dogecoin rose by 50% less than 24 hours after the world's richest man, Elon Musk, tweeted a meme of himself and the cryptocurrency's logo in Disney's The Lion King film.

Elon Musk, CEO of SpaceX and Tesla is also the world's richest man

With just a few tweets, Elon Musk has sparked a market run on a little-known cryptocurrency, Dogecoin.

Doge Dice

According to the website Coinmarketcap.com, a cryptocurrency data provider, the price of Dogecoin rose by around 50% to $0.02610 (€0.022) on Thursday — up by almost 3 cents in less than 24 hours.

The volume of trading also more than tripled over the course of the day.

Musk, the world's richest man, head of electric car maker Tesla and spacecraft producing SpaceX company, had fueled the rise by simply posting the word 'doge' on Twitter with a picture of a moon rocket.

He then wrote: 'Dogecoin is the people's crypto[currency.]'

'No highs, no lows, only Doge,' he added.

Free Dogecoin Games

He also tweeted a meme of himself and dogecoin in Disney's Lion King film.

No laughing matter

The computer generated currency Dogecoin uses a Japanese shiba inu dog meme as its logo.

As reported by the Guardian, it was started in 2013 as a joke following the invention of Bitcoin which launched a wave of other competing cryptocurrencies.

Since then the joke has caught on. The coin had a market value of over $6.3 billion by Thursday morning according to Coinmarketcap.com.

What sets Dogecoin apart from other computer-derived currencies is that the number of digital coins that can be generated through 'mining' is not limited.

In the generation process, users provide computing capacity for the encryption of transactions. Users are then paid in the corresponding cryptocurrency.

Decentralized encryption

Since the encryption of Dogecoin is simpler, transactions can be processed more quickly than with Bitcoin or Litecoin.

Dogecoin bills itself as a decentralized open source peer-to-peer digital currency that enables users to easily send money online.

Gaming Doge

However, analyst Timo Emden of Emden Research warned that it is not sustainable. 'For investors the market environment with Dogecoin resembles going to the casino.'

Bitcoin has become the most valuable as well as best known Cryptocurrency

Musk's influence

Musk is followed by over 45 million people on Twitter, but his social media influence is also boosted by his pop icon status.

Neil Wilson, chief analyst at online broker Markets.com, said 'People are literally investing in him and his ideas.' The contest of those ideas does not matter, according to the expert.

Though Musk vowed recently to take a break from Twitter, beyond making several online comments there that pumped up the value of Dogecoin, he recently sparked a rally around Bitcoin.

Its price rose above $38,000 last week after Musk changed his Twitter bio to include '#bitcoin.'

By Thursday morning, its price had increased to over $38,741.

A tipping point for Bitcoin?

mb/dj (Reuters, Dpa)