What Are Dogecoins?

Published: May 13, 2021 - Last Updated: Feb 29, 2024

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When you think of cryptocurrency, your first thought may well go to BitCoin. However, there are several different cryptocurrency options available nowadays, with some more popular than others.

One brand of crypto has been much in the news of late and has even been championed by Tesla and Space X owner Elon Musk on Saturday Night Live in the United States. That cryptocurrency is Dogecoin.

What is Dogecoins you may wonder? And exploring how this form of cryptocurrency came into being is very different to your typical story for the development and propagation of an online currency.

What are Dogecoins and How were they developed?

As incredible as it may sound, Dogecoin was invented as a joke. Software engineers Billy Markus and Jackson Palmer had noted how speculative cryptocurrencies were at the time. Their creation was Dogecoin, which featured a Shiba Inu dog as its mascot.

The mascot itself came from a popular meme named “Doge” and the two became inextricably linked. Despite its humorous beginnings, Dogecoin was introduced into the market on December 6th, 2013, and has become known as the “fun and friendly internet currency”.

What are dogecoins

Dogecoin has since seen its value increase to a maximum amount of $.711, although since it reached that price in early May 2021, it has seen its value decrease somewhat since then. Even so, it has been one of the best performing cryptocurrencies in 2021 to date.

Additionally, on May 9th, 2021, Elon Musk announced that SpaceX would have a mission to the moon completely funded by Dogecoin, the first space mission ever to be completely funded by cryptocurrency. Lift off is expected in the first quarter of 2022.

Dogecoin’s flexibility means that it can be used in many ways, it is often used as a form of tipping someone online for noteworthy online content, it is used as a means to trade items on Reddit or Twitter. It has even been used to sell and purchase property.

Now, it is also starting to gain popularity amongst people who enjoy betting with cryptocurrencies as a viable alternative to betting with bitcoin.

Or in truth, the answer to the question ‘what are dogecoins’ is very much a case of a cryptocurrency that is growing rapidly in popularity and that has a myriad of potential uses.

Can I mine Dogecoin?

One of the most appealing aspects of bitcoin was that users could mine their own bitcoin using their computer’s processing power. What are Dogecoins owners going to offer to users as an alternative?

The answer is Dig with Folding @ Home. Rather than simply a processing exercise, this programme was created by Stanford University and runs in the background using idle time on your computer and it has been designed to help scientists run complex simulations to help in the study of diseases such as Alzheimer’s, Huntington’s and Parkinson’s.

When you sign up, you become a member of a DogecoinFah team where you join other uses in harnessing your processor to help scientists and earn yourself a percentage of Dogecoin.

What is Dogecoin worth?

As with all types of cryptocurrencies, Dogecoin’s value can be volatile and can change rapidly in the space of just a few hours. At the time of writing, Dogecoin (DOGE) is currently worth just over $0.436 per coin and it has a market cap of $56.46 billion.

However, over the last week, the price has been as high as $0.711 and as low as $0.359, which reflects the volatility of the currency at the present moment in time.

Even so, this represents a massive growth for the value of Dogecoin as for many years, its price was around the $0.15 mark and it is only recently that we have seen a large spike in its value.

Dogecoins worth
Image credits: coindesk

Can I use Dogecoins for Esports Betting?

It is fair to say that of the different cryptocurrencies available for esports betting, Dogecoin is perhaps one of the less commonly available ones, although that is now starting to change with the surge of interest in the currency and its corresponding increase in value.

As such, you are now finding a number of sites are starting to offer dogecoins for esports betting services and fewer asking ‘what are dogecoins’?!

What Crypto Betting Sites offer Dogecoin Esports Betting?

So what are Dogecoins users’ options when it comes to esports betting using this form of cryptocurrency? At the moment, there are a couple of options available to you.

One of the most appealing options is the popular Unikrn Esports betting site. This site has been designed from the bottom up to be entirely compatible with many different forms of betting with cryptocurrencies and it has now announced that it is going to support Dogecoins too.

Given that Unikrn ranked so highly in our review of the site, and that it is a crypto esports betting specialist, we think this is the perfect site for people to begin betting with Dogecoin.

However, Unikrn is not the only option available to you. Another is the popular sports betting, esports betting, and casino gaming site Stake.com, which offers a wide range of cryptocurrencies, including Dogecoin.

Another potential alternative is the Betwinner site, which offers esports betting, online sportsbook, and a casino site that accepts deposits in Dogecoins.

The Future Of Dogecoin?

What is Dogecoin’s future? What are Dogecoins likely to morph into in a few years? Will it be a forgotten cryptocurrency, a joke that caught the imagination for a while but which eventually died? Or will it go on to become a behemoth in the cryptocurrency industry like Bitcoin?

This year’s surge in interest in Dogecoin and the far higher profile the currency has been receiving thanks to its coverage in mass media and promotion by personalities like Elon Musk, does bode well for the future for the currency. However, its value does remain highly volatile as we have seen just this week.

In terms of esports betting, Dogecoins offer users a simple, easy, and imaginatively thought out form of cryptocurrency with which they can bet on their most favourite esports games, tip content creators, and do much more.

Ian John

Since: August 10, 2015

Ian is a regular contributor to EsportsBets. Ian is well-versed in the world of esports betting and casino gaming and has written extensively on the online gambling industry. Ian brings fresh insight into all facets of gaming.

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