A clear favourite of popular entrepreneur Elon Musk, Dogecoin has risen to become a leading cryptocurrency with nearly $19 billion in market cap. This attention was a boon for the cryptocurrency, which reached its all-time high nearly a year ago, soaring past the $0.70 mark.
DOGE started out as a joke project aimed at mocking cryptocurrencies in 2013, but the support of its loyal community and attention from popular personalities propelled it to the fore, now rivalling in size other “serious” projects like Avalanche (AVAX), Polkadot (DOT) or Polygon (MATIC).
Since then DOGE’s price has dropped hard, now standing around $0.14. However, Dogecoin has been working towards creating additional utility for its currency, DOGE, in order to become more than a simple meme coin.
Notably, the Dogecoin Foundation announced a number of initiatives in its 2022 roadmap, such as the creation of a digital content library called Dogepedia, a so-called “Dogecoin standard” acting as a sort of whitepaper for Dogecoin, along with the Gigawallet.
This last solution will take the form of an easy-to-setup API solution which will enable external developers to start processing DOGE transactions in a few minutes. This Gigawallet will be non-custodial, meaning that it will let users control their own private keys instead of centralising them on the platform’s server.
With these initiatives, Dogecoin therefore embraces the decentralised finance (DeFi) revolution and insists on giving back the power to the community by developing solutions that are focused on the individual.
On top of that, Musk also stated that Tesla would start taking DOGE payments at its charging stations last month. The latest twists in the Musk x Twitter saga have also contributed to generate some fluctuations in the price of DOGE over the past two weeks.
On the whole, DOGE remains an interesting cryptocurrency which you can find on most global exchanges!