Dogecoin is now the fourth largest cryptocurrency by market cap

Shawn Knight

Posts: 13,160   +132
Staff member
In brief: Dogecoin, the red-hot cryptocurrency that started life as more of a joke than anything else, is now the fourth largest cryptocurrency in the world by market cap following an impressive run over the last month.

The virtual currency, which utilizes the face of a Shiba Inu hunting dog from the “Doge” meme as its logo, is trading at $0.67 as of writing. That doesn’t seem like a big deal at face value, but what’s important to note here is the sheer number of coins in circulation: 129.33 billion as of writing.

For comparison, Bitcoin, the world’s largest cryptocurrency by market cap, will only ever have 21 million coins minted (and that isn’t expected to happen until around 2140). What's more, some percentage of those coins have been "lost" to various circumstances (for example, someone holding a couple coins dies and their family is unable to recover them from their digital wallet). Thus, the true number of coins that'll be in circulation will be lower.

Speaking of market cap, Bitcoin’s cap is around $1.05 trillion as of this writing, while Dogecoin is sitting at $85.51 billion. Ethereum has a current market cap of $390.59 billion. Litecoin, another leading virtual currency, has a cap of $23.67 billion as of today.

Dogecoin has developed a solid community following on platforms like Reddit, and serial entrepreneur Elon Musk occasionally tweets about it. Since his last tweet about it, where he also announced he would he hosting Saturday Night Live on May 8, Dogecoin has doubled in value.

Image credit Virrage Images

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Adi6293

Posts: 796   +1,060
I have 280 coins, maybe in few years time this will be worth something, I really wish I got on this last year....
 

Mister_K

Posts: 2,061   +766
Invest, make profit, take out initial investment, HODL and maybe you will make crazy money. Simple.

DOGE a Scam? Nope.
DOGE an absolute joke? YES!
Is it a bad thing? Maybe, might paint further bad picture of crypto as a whole. MKBHD explained DOGE fairly well.

Lastly, crypto is a real thing, diamonds are a joke too and overpriced yet people still buy them. There are places on this planet where crypto > fiat so if you are too much of a boomer to understand it, I pitty you.

Never invest more than you can loose and potentially could ruin your life (bye bye mortgage).
 

QuantumPhysics

Posts: 4,873   +5,401
In 2013, Bitcoin was $1.

Buying Bitcoin back then wasn't easy because there were few digital wallets. Some people bought in and lost their keys to the wallets.

Some people bought in, and then SPENT their Bitcoin on common stuff like food, games and music albums.

If they'd only known that 8 years later, it would be worth $55,000?

During the lull between 2018 and 2020, many Bitcoin holders spent their money on cars like Aventadors, Teslas and Ferraris.

THEY WASTED THOSE BITCOIN because they spent at below $19,000.

If they'd held those tokens, they'd be worth more than TWICE that value.

So now we are in the early stages of Dogecoin, XLM, XRP and arguably Ethereum, Litecoin and Cardano.

Will Doge, XRP and XLM hit $1?

Will they hit $1000?

You say: "there has to be a point when you're willing to get out".


I say: it's not a matter of "price"...it's a matter of "time". HOW LONG WILL IT TAKE?

Are you willing to HOLD for 5 years?

Are you willing to hold for 10 Years?

The uncertainty in these speculative assets is second to none.
 

RedGuard

Posts: 99   +72
I say: it's not a matter of "price"...it's a matter of "time". HOW LONG WILL IT TAKE?

Are you willing to HOLD for 5 years? Are you willing to hold for 10 Years?

I take it as a pension fund. I know my pension will hover around 200 - 250 euros in 2050 so I'm investing in anything that will give a boost to that measly state pension. And probably some 20-30 year olds will buy 100-1000-10000 euros worth of currency and just forget it until they retire.

From a different perspective people missed 2 tides of huge increase in value for Bitcoin, one in 2011 when it hit $1300 and the other one in 2018. I think people, individuals or companies, got it in their head by now that electronic assets are huge when it comes to increasing their value over time. It might be the 3rd wave we'll get will be just impossible to comprehend for us right now.
 

fl21289

Posts: 237   +285
XRP I would say you hold that for 10 years so or. I have over 1500 xrp coins bought back when it was around 30 cents. So I'm already in the high green there. As for Doge, im waiting for it to hit $1 and pull out all my profit gains there. This is a joke coin so it can't be taken serious like other coins around.
 

fl21289

Posts: 237   +285
In 2013, Bitcoin was $1.

Buying Bitcoin back then wasn't easy because there were few digital wallets. Some people bought in and lost their keys to the wallets.

Some people bought in, and then SPENT their Bitcoin on common stuff like food, games and music albums.

If they'd only known that 8 years later, it would be worth $55,000?

During the lull between 2018 and 2020, many Bitcoin holders spent their money on cars like Aventadors, Teslas and Ferraris.

THEY WASTED THOSE BITCOIN because they spent at below $19,000.

If they'd held those tokens, they'd be worth more than TWICE that value.

So now we are in the early stages of Dogecoin, XLM, XRP and arguably Ethereum, Litecoin and Cardano.

Will Doge, XRP and XLM hit $1?

Will they hit $1000?

You say: "there has to be a point when you're willing to get out".


I say: it's not a matter of "price"...it's a matter of "time". HOW LONG WILL IT TAKE?

Are you willing to HOLD for 5 years?

Are you willing to hold for 10 Years?

The uncertainty in these speculative assets is second to none.

You are correct. Also XRP is way over a $1 already.
 

Karlos95

Posts: 167   +93
In 2013, Bitcoin was $1.

Buying Bitcoin back then wasn't easy because there were few digital wallets. Some people bought in and lost their keys to the wallets.

Some people bought in, and then SPENT their Bitcoin on common stuff like food, games and music albums.

If they'd only known that 8 years later, it would be worth $55,000?

During the lull between 2018 and 2020, many Bitcoin holders spent their money on cars like Aventadors, Teslas and Ferraris.

THEY WASTED THOSE BITCOIN because they spent at below $19,000.

If they'd held those tokens, they'd be worth more than TWICE that value.

So now we are in the early stages of Dogecoin, XLM, XRP and arguably Ethereum, Litecoin and Cardano.

Will Doge, XRP and XLM hit $1?

Will they hit $1000?

You say: "there has to be a point when you're willing to get out".


I say: it's not a matter of "price"...it's a matter of "time". HOW LONG WILL IT TAKE?

Are you willing to HOLD for 5 years?

Are you willing to hold for 10 Years?

The uncertainty in these speculative assets is second to none.
Don't say that, Doge has no limit on supply :/

I love my crypto but doge is a joke lol

As soon as it touches $1 it'll crash and everyone who bought in wanting it to go to $10 will be left with a 80% loss while the people that have been pumping it got out at 95c to lock in their profits.

I do believe most coins will lose 80% value at the end of the year, that's just the beast of the cycles, but how can doge possibly continue up with the fundamentals it has... It is almost as bad as fiat... wait! Maybe doge becomes the common currency and BTC and ETH are like Gold and Silver.
 

NightAntilli

Posts: 610   +747
In 2013, Bitcoin was $1.

Buying Bitcoin back then wasn't easy because there were few digital wallets. Some people bought in and lost their keys to the wallets.

Some people bought in, and then SPENT their Bitcoin on common stuff like food, games and music albums.

If they'd only known that 8 years later, it would be worth $55,000?

During the lull between 2018 and 2020, many Bitcoin holders spent their money on cars like Aventadors, Teslas and Ferraris.

THEY WASTED THOSE BITCOIN because they spent at below $19,000.

If they'd held those tokens, they'd be worth more than TWICE that value.

So now we are in the early stages of Dogecoin, XLM, XRP and arguably Ethereum, Litecoin and Cardano.

Will Doge, XRP and XLM hit $1?

Will they hit $1000?

You say: "there has to be a point when you're willing to get out".


I say: it's not a matter of "price"...it's a matter of "time". HOW LONG WILL IT TAKE?

Are you willing to HOLD for 5 years?

Are you willing to hold for 10 Years?

The uncertainty in these speculative assets is second to none.
The market cap can give at least some indication of where things can realistically go. Even if XRP, Doge or XLM reach the cap of BTC, they will be nowhere near the price of BTC. The reason BTC can reach so high is because of its capped supply. It's unlikely those three coins will reach $1000.

That is, unless the USD goes into hyperinflation, which is not beyond the realm of possibility at this point.
 

Geralt

Posts: 274   +317
TechSpot Elite
Invest, make profit, take out initial investment, HODL and maybe you will make crazy money. Simple.

DOGE a Scam? Nope.
DOGE an absolute joke? YES!
Is it a bad thing? Maybe, might paint further bad picture of crypto as a whole. MKBHD explained DOGE fairly well.

Lastly, crypto is a real thing, diamonds are a joke too and overpriced yet people still buy them. There are places on this planet where crypto > fiat so if you are too much of a boomer to understand it, I pitty you.

Never invest more than you can loose and potentially could ruin your life (bye bye mortgage).
Dodge, Fiat, Volkswagen, BMW, etc. and you yourself should go to...
 

Geralt

Posts: 274   +317
TechSpot Elite
XRP I would say you hold that for 10 years so or. I have over 1500 xrp coins bought back when it was around 30 cents. So I'm already in the high green there. As for Doge, im waiting for it to hit $1 and pull out all my profit gains there. This is a joke coin so it can't be taken serious like other coins around.
All of them are jokes, not only Dodge.
 

Mister_K

Posts: 2,061   +766
All of them are jokes, not only Dodge.

Not all, majority yes. There are plenty who actually are just normal companies but heavily invested in blockchain and trading publicly. Unfortunately if BTC goes down so do rest of them, which is not a great thing for the market ultimately. ChainLink/OmiseGO/ETH/BTC/LTC are among some that are very good future players. BTC is your gold, LTC is your cash, ETH/LINK/OMG have solid technologies and there to solve "issues".

Also this sums DOGE very well:
 
Definition of a currency according to the Oxford dictionary: "A system of money in general use in a particular country." Scratch the particular country, I do not think that is really relevant anymore. But the general use, that is something none of these so-called currencies actually achieve. Yes, you have some shops that accept Bitcoin, but it is still a minority. So what exactly is the function of these 'currencies'? I'd say, gambling, speculation and waste of electricity. A dog does not change that...