Dogecoin (DOGE) has been making headlines lately as cryptocurrency continues to gain mainstream attention. But what exactly is Dogecoin, and should you consider investing in it? This article aims to explain Dogecoin's basics, how it works, and what you should consider before investing. 

Dogecoin is a cryptocurrency created in 2013 as a joke but has since become a serious player in the cryptocurrency market. At its core, Dogecoin is a decentralized, open-source, peer-to-peer digital currency that allows users to send and receive money with low transaction fees. It is based on the Litecoin protocol, a modified version of Bitcoin. 

Dogecoin has recently gained popularity due to its rapidly-growing user base, low transaction fees, and fast transaction speeds. Despite its novelty, Dogecoin is a legitimate cryptocurrency with many advantages over other currencies, including its security, low costs, and ease of use. Whether or not you choose to invest in Dogecoin is ultimately up to you. But by understanding the basics of the currency and doing your research, you can make an informed decision about whether or not Dogecoin is right for you.

A Quick Overview Of Dogecoin

Dogecoin is a decentralized, open-source, peer-to-peer digital currency that uses Litecoin's Scrypt algorithm as proof of work. Users can send and receive DOGE, while miners can also produce new Dogecoin as a reward for verifying transactions. As of December 2022, there are over 132 billion DOGE tokens in circulation, with a total supply expected to be in the trillions. 

Dogecoin's supply has no limit, meaning it can be mined infinitely. The maximum number of coins that can be mined per day is 100,000,000, while the maximum number of coins that can be mined per hour is 6,000,000. Dogecoin is traded on an average of 50 exchanges, with the highest daily volume being over $560 million. Bitcoin's market capitalization is $320 billion, while Dogecoin stands at $11.96 billion.

How Does Dogecoin Work?

As mentioned above, Dogecoin is a decentralized, open-source, peer-to-peer digital currency that uses Litecoin's Scrypt algorithm as proof of work. The Scrypt algorithm is based on the SHA-256 algorithm, which is used by cryptocurrencies like Bitcoin. The SHA-256 algorithm is parallelized, meaning it can be divided into independent sections and computed simultaneously.

The Scrypt algorithm, on the other hand, is designed to be less predictable. This makes it more difficult for people to calculate a mining reward and for ASICs to be used for mining. This makes mining Dogecoins more decentralized, with users across the globe contributing to the mining process.

Advantages of Dogecoin

The top three advantages of Dogecoin are stated below for your best understanding:

1. Security: Dogecoin's proof-of-work algorithm is much less susceptible to hacking than centralized, third-party payment providers. 

2. Low costs: Dogecoin's low transaction fees and high supply make it a cheaper alternative to services like PayPal. 

3. Fast transaction speeds: Dogecoin's block time of one-and-a-half minutes makes it one of the fastest cryptocurrencies regarding transaction speed.

Disadvantages of Dogecoin

On the other hand, there are a couple of disadvantages that might need your attention, especially if you are looking for an active investment in Dogecoin:

• No proper accountability: While no entity owns or controls Dogecoin, there is no accountability if the cryptocurrency is hacked. This means that no one can reimburse you if your Dogecoins are stolen. 

• Fraud risk: Because Dogecoin is not monitored by a central authority, there is a risk of fraud. This means you need to be extra cautious when investing in Dogecoin and always double-check the legitimacy of any exchange or company you plan to do business with.

Dogecoin's Market Performance

Dogecoin's market performance since its inception has been impressive. In 2022 alone, Dogecoin experienced a 350% increase in value, making it one of the top-performing cryptocurrencies in the last year. While it is difficult to determine what exactly caused this surge in value, there are a few things we can point to.

Dogecoin recently announced that it would partner with a company called Dogewallet to release a new cryptocurrency wallet. This news likely drove Dogecoin's value up, allowing the currency to become even more accessible to its growing user base. Dogecoin has also made headlines due to its sponsorship of a NASCAR race car and a social media tipping campaign.

Now that you know the performance of Dogecoin over the years, let’s look at the simple process of buying and owning it.

How to buy Dogecoin?

Buying Dogecoin is not difficult. Just follow four basic steps:

1. Account Creation: Create an account on a cryptocurrency exchange that lists Dogecoin.
2. Finish your KYC: Complete the identity verification process. Exchanges typically require a scan of an identity document such as a driver's license or passport.
3. Do the Money Transfer: Transfer money from your bank account to the cryptocurrency exchange. The exchange may accept other payment methods, but bank account transfers generally have the lowest fees.
4. Just Click on “Buy”: Once the money is available in your account with the exchange, select the "buy" option to purchase Dogecoin.

Right there, you have it all ready to trade or store Dogecoin. 

The Controversy Around Dogecoin

If you are aware of Dogecoin, then you might know the controversy surrounding it. When Elon Musk first tweeted about it - supporting it - its prices soared to the sky but came down crashing. There is also a $258 million lawsuit against him for this that states:

According to an amended complaint filed in the Manhattan court, Elon, his companies, Tesla and SpaceX, Boring and others intentionally drove up the price of the Dogecoin to more than 36,000% over two years and then let it crash. As a result, the defendants made tens of billions of dollars which came at the expense of other Dogecoin’s investors, while knowing that it has less intrinsic value and will rise up or go down only by marketing. 

This might make you worry about the future of Dogecoin and make you think if you should invest in DOGE or not.

Should You Invest in Dogecoin?

Dogecoin is a cryptocurrency that has experienced impressive growth since its inception. It has several advantages over other cryptocurrencies, including its security, low costs, and ease of use. These advantages make Dogecoin a viable investment option for those who want to try their hand at cryptocurrency but do not want to start with Bitcoin. That said, cryptocurrency trading is risky, and investing in Dogecoin can come with risks. 

There is no guarantee that Dogecoin's value will continue to rise, meaning that there is a risk that you could lose money. Additionally, investing in Dogecoin means you must be comfortable keeping your money in a digital wallet. If you are interested in investing in Dogecoin, be sure to do your research, make an informed decision, and invest only what you can afford to lose.

The Bottom Line

Dogecoin has seen exponential growth followed by a drastic fall due to the fact that its value depends on the market sentiment. One tweet from Musk can spike its price overnight, and, in the long-run it might be a risky investment.

This is just our opinion as per data. Having said that, we would suggest you to always have a complete analysis of the market response to Dogecoin and how it keeps changing with times. This way you will be able to make an informed or rather a wise decision.

Disclaimer

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such.

Token Metrics does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your own due diligence and consult your financial advisor before making any investment decisions.

Investing in crypto can be intimidating, especially when a bear market is set in. And if you want to kickstart your 2023, here are a few projects you can look forward to. Note that some of these are not launched yet while some are trading.

Remember, the idea behind this is to Buy Low & Sell High; i.e., you have to get in early, accumulate, and, once you see the risk on you, start taking profitable steps to yield good returns.

Best Crypto Projects to Invest in 2023

Let's see what cryptocurrency projects you might need to look out for investment in 2023.

1. Airstack

Airstack provides data infrastructure for web3. Their APIs enable easy querying across projects and blockchains — powering a new world of data-aware experiences. It’s founded in 2014 by Ariel Seidman and Ben Wong, which now stands at a total funding of $23M - so, it's worth looking into.

2. Airchains

Airchains is a popular middleware SaaS platform that allows you to build and deploy your own dApp on any of the chains below:

• Avalanche
• Cosmos
• Polygon Edge
• Polkadot
• Celestia 
• Ethereum

Founded by Ankur Rakhi Sinha in 2021, it stands at a total funding of over $638M as of now. If you are a developer, who doesn’t like building tons of services all by yourself, then this is for you. The inbuilt features are something to look forward to.

3. Nolus

Nolus is the world's first DeFi Lease platform. It might sound risky at first, but let's say you borrow collateral that's more capital efficient; you can borrow 150% of your collateral but is locked in their ecosystem, and you can't get out until it's repaid. It does take a while to get it, but it's worth it.

The aim is to combine the leverage of Tradfi and DeFi with the advantages that decentralization brings to the table. With the Nolus DeFi Lease, users will hold the complete authority of customizing the parameters of the on-chain contractual agreement.

4. Nibiru Chain

Nibiru is an open-sourced platform and a member of the interconnected family of Cosmos Ecosystem. It's a competitor for dYdX; it can unify leveraged derivatives trading, staking, and bonded liquidity provision into a seamless user experience. It enables users with over 40 blockchains to trade with leverage using a suite of composable dApps.

5. Nillion

Nillion is a secure processing layer for web3 which is equipped with new capabilities and use cases for blockchain and the real world. It focuses on quick decentralized computation. Andrew Masanto, a serial entrepreneur and investor, is the Co-founder of Nillion and as of Jan 2023, it has a standing funding of over $20M. And it can be positive choice to invest in the near future.

6. Blockless

Blockless helps you launch your project on a decentralized global network. It is a WASM-based verifiable serverless functions platform that can ensures top-class security and reliability. They recently introduced Blockless ZK, a prover as a service solution powered by zkWASM. This is an added feature to guarantee the execution correctness to your WASM apps with just a single click.

7. Hivemapper

Hivemapper is the world's first crypto-enabled dashcam representing a fundamental shift in how maps are built by enabling people using dashcams to mine their cryptocurrency, HONEY.

It's yet to be launched, but you can earn tokens to drive. The dashcam costs around 600 bucks, and it's a no-brainer to get started. This has a good potential of 100x because if you are already driving, you might as well get paid for it.

8. Canto

Canto is a cutting-edge Layer-1 blockchain solution that aims to bring the benefits of decentralized finance (DeFi) to a wider audience. By leveraging the power of free public infrastructure, Canto aims to create a new type of digital commons where individuals can take control of their financial assets and engage in a wide range of financial transactions without having to rely on traditional financial intermediaries.

9. Moonbeam

Moonbeam is a multi-chain platform that bridges dApps from Polkadot and Cosmos. It is an Ethereum-compatible smart contract parachain on Polkadot with minimal configuration changes and pre-built integrations.

10. Mina Protocol

Mina Protocol is the world’s lightest blockchain powered by participants. Mina is building a low-tech infrastructure for the secure, democratic future - as we all anticipate. There is no risk of your personal information being hacked or sold. You are the only one who owns your data, and it never leaves your device.

11. Harmony (ONE)

Harmony is an open-sourced fast blockchain; running the transactions of Ethereum applications in as little as 2 seconds. It is also 100x cheaper compared to others in the market. The average cost per transaction lies at around $0.0001.

The three pillars that Harmony thrives to balance are: scalability, security, and decentralization.

‍It encourages random state sharding with a guaranteed security of offering 250 nodes per shard and cryptographic randomness to re-shard regularly.

12. GMX

GMX is a platform that offers up to 50x leverage directly from your wallet for trading BTC, ETH, AVAX and other top crypto currencies. This reduces liquidation risks, saves on costs, and offers a simple swap interface.

Disclaimer

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such.

Token Metrics does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Click here to buy Cryptocurrencies from Gate.io

Cryptocurrency has been around for over a decade, and it's quickly becoming a popular way to make money online. With the recent rise in the value of Bitcoin, Ethereum, and other cryptocurrencies, more and more people are looking for ways to capitalize on this new digital asset. This article will look at eight proven methods for making money with crypto in 2024 and beyond. 

Whether a beginner or a seasoned investor, you'll find something here that you can use to make money with your cryptocurrency investments. Let’s dive in.

How to Start Making Money with Crypto?

If you're interested in making money with crypto, the first step is to do your research. It would be best if you understood the different types of cryptocurrency, the various methods of making money with crypto, and the pros and cons of each. Once you have a good understanding, you can start investing.

Finding a reliable and secure way to store your cryptocurrency is equally significant. You can use a hardware wallet, a software wallet, or an online exchange. Whichever you choose, make sure it's secure, and you can trust it with your money.

8 Proven Ways for Making Money with Crypto

Following are the ways to make money with crypto in 2024.

1. Mining

The most common way to make money with crypto is through mining. Mining verifies transactions on the blockchain and adds new blocks of data to the chain. By doing this, miners are rewarded with cryptocurrency for their effort. Mining can be done with specialized hardware or with cloud mining services.

You don't need to purchase or maintain hardware with cloud mining, but the rewards are usually lower than with hardware mining. It's important to note that mining cryptocurrency is not easy and requires a lot of electricity, so it's essential to do your research before getting started.

2. Staking

Crypto staking is a method of investing in cryptocurrency that involves holding a certain amount of coins in your wallet for a certain period. By doing this, you are rewarded with a slight interest in your investment. So, you can earn passive income from your crypto investments.

The interest you can earn depends on the cryptocurrency and the number of coins you are staking. Some cryptocurrencies offer higher rewards than others, so it's crucial to do your research first.

3. Trading

Trading cryptocurrency is another popular way to make money with crypto. This method involves buying and selling cryptocurrency on a crypto exchange. You can take advantage of the price fluctuations and profit by doing so.

Note that trading cryptocurrency is risky and can result in losses. Therefore, learn your basics before you start trading. 

4. Investing

Investing in cryptocurrency is a great way to make money with crypto. You can invest in individual coins, such as Bitcoin and Ethereum, or you can invest in a cryptocurrency index fund. This is a great way to diversify your portfolio and spread your risk.

When investing in cryptocurrency, make it a point to research and understand the risks you will take. 

5. Lending

Cryptocurrency lending is another way to monetize crypto. It involves lending your cryptocurrency to someone else in exchange for interest. The interest rate you receive will depend on the type of cryptocurrency you are lending and the amount you are lending.

Click here to buy Cryptocurrencies from Gate.io

6. Earning Interest

Cryptocurrency can help you earn interest on your investments. It is done through a " yield farming process," where you lend your cryptocurrency to a platform in exchange for interest. The amount of interest you gain will solely depend on the platform and the type of cryptocurrency you are lending.

There are many platforms offering yield farming opportunities, but not all of them are safe or reliable. So, pick the trustworthy ones. 

7. Affiliate Programs

Many cryptocurrency exchanges offer affiliate programs allowing you to earn commissions on referred customers. By referring customers to an exchange, you can earn a percentage of the transaction fees they pay. It is a great way to make money with crypto without having to do any trading or investing.

Affiliate programs can be very competitive, so list out your best finds. Many great affiliate programs are available in the market, so research and find the most profitable ones.

8. ICOs

Initial Coin Offerings (ICOs) are a type of investment involving buying a company's token issued in exchange for cryptocurrency. ICOs are a great way to make money with crypto, as they can offer high returns on your investment.

However, it's essential to be aware of the risks involved. Many ICOs are scams and can result in losses, so ensure the ICO is legitimate before investing.

Research, as mentioned, is the goldmine for your crypto investment. It’s that unavoidable prerequisite that can help you predict and decide your crypto strategy. But, as you know, there are so many research platforms available up and live in the market and it’s quite challenging to pick the best one for you.
So, we made it easy for you.

We, at Token Metrics, offer comprehensive crypto data which can help you make an informed investment decision. Based on the data our AI tool articulates, you can find the best coins for your portfolio, a complete end-to-end analysis, touch points and everything else you need to make the final call.

The Bottom Line

Making money with crypto is a great way to generate passive income and grow your wealth. Be it any method, before getting started; it's essential to do thorough research and understand the risk as well as the potential. You can make money with your crypto investments in 2024 and beyond with the right analytical approach.

Disclaimer

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other advice, and you should not treat any of the website's content as such.

Token Metrics does not recommend buying, selling, or holding any cryptocurrency. Conduct your due diligence and consult your financial advisor before making investment decisions.

Click here to buy Cryptocurrencies from Gate.io