Binance is Moving! Dogecoin Explained! Insider Trading From Coinbase..Again?
3:07 Nerd Thing
8:00 Altcoin of the Week
Hey, this Is Altcoin of the Week! This week we are throwing a bone to Dogecoin!
Johnny: Dogecoin has a market cap of around 425 million and a trading volume a round 4 MILLION
Devin: Dogecoin is a decentralized peer to peer digital currency. Its mascot it the Shiba Inu and is a Japanese breed of dog that was made famous by this online meme.
Johnny: Unlike deflationary cryptocurrencies which have a limit on the number of coins that can be produced, there is no limit to how many Dogecoins can be produced, which makes it an inflationary coin. so this whole thing started with a meme Devin?
Devin: yes! It was created by a guy named Billy Marcus. Essentially it was just a joke on the internet. Making fun of how people would buy any altcoin at the time. But then! Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, was encouraged on Twitter by a student at Front Range Community College to make the idea a reality.
Johnny: So then what happened?
Devin: So Markus and Palmer Let the Dogs out… aka made dogecoin.... and everyone did exactly what Billy Marcus was making fun of! They bought all the coin droppings this coin can muster! I am obviously talking about the very fast coin release rate. But I digress. In December 19, 2013, Dogecoin jumped nearly 300 percent in value in 72 hours, rising from US$0.00026 to $0.00095,[18] with a volume of billions of Dogecoins per day.[19] This growth occurred during a time when Bitcoin and many other cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing into the Bitcoin economy. But then! Three days later, Dogecoin experienced its first major crash by dropping by 80% due to this event and due to large mining pools seizing opportunity in exploiting the very little computing power required at the time to mine Dogecoin.
Johnny: The Ol pump and dump. This says a lot about the volatility of this market… and Fomo…” “Fear of Missing out”
Devin: Indeed it does Johnny, mostly the coin is used to tip people on the internet for creating interesting content. But this coin went through some wild rides. Even though the creators of the coin have the best intentions for it, people like Alex Green have used the coin for their benefit.
Johnny: Let Dogecoin be a lesson you guys! Do your research on the coins you are investing in. And don’t just buy the hottest new thing.
Devin: Also guys be on the lookout for our initial coin offering of BitA! Bitcoin Arcades own cryptocurrency! The Hottest new Altcoin!
Johnny: wait for what?
Devin: Yea we are going to use it to buy other players microphones on Fortnight.
Johnny: So annoying!
Devin: Thanks for Watching Altcoin of the Week! Tell us what altcoin you would like featured in the comments below. If we choose it Jordan will send you an actual BitA coin!
Johnny: Like and Subscribe, please!?