In the world of meme coins, you would hardly find someone looking for an answer to how does Dogecoin work because, in reality, Dogecoin doesn’t function like any other crypto. Meme coins are not created to work in a meaningful way like the rest of the lot because they support some basic functions. People buy Dogecoin and store them in their wallets because their value doesn’t really budge significantly.
As for its system, Dogecoin runs on its own blockchain, which gets updated every single moment with new transaction details. Dogecoin’s blockchain keeps these transactions secure with the help of cryptography, which takes the shape of a proof-of-work consensus mechanism. Miners receive additional Dogecoin that can be either sold or kept in wallets.
Doge has no maximum supply, which means there is no ceiling value to how much it can grow. The fact that one can mine as many DOGE as they want makes Dogecoin quite inflationary, but it can still be used for making payments even though its value is dangerously volatile.
DOGE meaning has changed ever since it hit the crypto market shelves as one of the very first meme coins. Any outsider would think that an almost zero-valued crypto wouldn’t be able to stay active for very long. But Dogecoin has exceeded every research analyst's expectations. It has survived many price crashes and other difficult events without losing too much.
DOGE price reflects the value that meme coins are supposed to have, which is less than $0.1. But in May 2021, due to the extreme bull market, Dogecoin successfully hit $0.73. But after that, Dogecoin started descending and reached its vital support level.
Dogecoin prices are mostly unpredictable, and that is why DOGE was the second-most searched crypto after Bitcoin in 2022. People want to know whether Dogecoin has risen or fallen lower than before to decide whether to sell or buy more of it accordingly. As a meme coin, there are a few unconventional factors influencing the price of Dogecoin, which are:
Firstly, demand and supply have to be considered to determine whether Dogecoin's value will rise or fall. Meme coins like Dogecoin are heavily influenced by breaking news, whether it turns out to be true or not. So any trending news would have a particular effect on DOGE.
Elon Musk has a history of supporting Dogecoin on the Twitter platform, where the majority of crypto enthusiasts exist. A few times, Musk’s tweets sent this meme coin into an uptrend, which later stabilized, but it was enough to turn several supporters into crypto millionaires overnight.
Dogecoin price today according to the major crypto monitoring site, is $0.071, and it is going down by 1.47% consistently. This price point shows that it’s currently not a profitable investment to make. The point of checking the Dogecoin price live is to stay informed of the price increase or decrease and make a sensible choice.
The current Dogecoin price proves beyond doubt that meme coins are not only intriguing and interesting but also quite a risky form of crypto investment. If a newcomer gets their hands on Dogecoin, then it would be a better idea to stay informed about the historical as well as current price conditions of DOGE.
