What is Dogecoin and how to buy it in New Zealand

What is Dogecoin & Should You Buy Dogecoin in 2019?

  • Dogecoin was created in 2013 as a fork of Litecoin
  • Unlike other cryptocurrencies, Dogecoin is considered a novelty coin, thanks to having been created to parody a popular 2013 meme
  • Despite poor Dogecoin mining and no recent development, the total Dogecoin circulating supply was valued at over $1 billion in early 2018

Click here to buy Dogecoin at the best rates in New Zealand

doge coin coin on a stack of money

What is Dogecoin?

Dogecoin in effect is an avowedly worthless cryptocurrency. Initially created by Billy Markus and Jackson Palmer, Dogecoin was designed to parody a popular meme characterized by a cartoon image of the Shiba Inu dog breed. Sadly, active development in Dogecoin ended in 2015. The coins original creators have, therefore, warned investors not to take Dogecoin seriously.

How are Dogecoins created?

How are dogecoins created

Bizarrely, despite warnings that Dogecoin has no intrinsic value or real use case, coin prices routinely spike during bullish market conditions. For this reason, some argue that Dogecoin is still worthy of speculative investment.dogecoin coin with shitzu face and white background

Do You Have to be Mad to Buy Dogecoin in 2019?

In many ways, Dogecoin is a cryptocurrency dinosaur. Founders Billy Markus and Jackson Palmer created Dogecoin as a parody of a 2010 photograph of a female Shiba Inu puppy. However, Dogecoin was an instant hit among 2013 social media users.

From 2013 to 2014, Dogecoin was used as the cryptocurrency of choice when tipping content creators on Reddit and Twitter. Moreover, this social media fanbase quickly launched Dogecoin into the mainstream media spotlight.

In January 2014, Dogecoin users and developers put the mainstream media spotlight on cryptocurrency, by successfully raising $50,000 to send the then Jamaican bobsled team to the Winter Olympics.

Darth vader with dogecoin doggo face

Other Notable Fundraising Projects Include:

  • A partnership with ‘I Can Has Cheezburger?’ co-founder Eric Nakagawa, which raised over $30,000 to build wells in Kenya
  • $25,000 raised in aid of a UK charity which trains service dogs for disabled children
  • $55,000 raised to sponsor professional NASCAR racer, Josh Wise.

Sadly, Dogecoin’s founders left Dogecoin in 2015 and since then, Dogecoin mining and development has ground to a halt. To make matters more complicated, ex-lead dev Jackson Palmer has since become a public critic of cryptocurrency overall. For this reason, it is widely accepted that it is not a good idea to buy Dogecoin in 2019.

dogecoin meme

Should You Buy Dogecoin Anyway?

Despite being forked from Litecoin, Dogecoin has what is effectively a limitless supply. This makes Dogecoin the world’s only inflationary cryptocurrency. In fact, there are more reasons not to buy Dogecoin than are reasons to invest. However, Dogecoin is still popular among investors, especially during bullish market conditions.

In early 2018, Dogecoin trading levels briefly surpassed those of Bitcoin and Litecoin. This has been attributed to new-to-market investors buying Dogecoin without researching coin fundamentals. For this reason, Dogecoin is still worthy of speculative investment, albeit for the wrong reasons.

To start buying and selling dogecoin at the best rates in the country, click here.