The latest price of Dogecoin at 12:00 on August 2, 2024

(24-hour Dogecoin price trend)

Dogecoin: A Detailed Overview

As of August 2, 2024, at 12:00 PM, Dogecoin (DOGE) is valued at $0.11775095244244, with a 24-hour trading volume of $856,116,581.52985. Over the past day, DOGE has witnessed a price decline of -2.70715328%.

Key Statistics:

• Circulating supply: 145,362,816,383.71 DOGE
• Max supply: N/A
• Total supply: 145,362,816,383.71 DOGE
• Market capitalization: $17,116,610,078.897

Understanding Dogecoin

Dogecoin is a decentralized, peer-to-peer cryptocurrency created in 2013 as a satirical response to the surging popularity of cryptocurrencies like Bitcoin. Despite its humorous origins, DOGE has gained significant traction as a legitimate digital asset.

DOGE is based on the Litecoin blockchain and shares many of its technical features, including a proof-of-work consensus mechanism. This means that DOGE miners compete to solve complex computational puzzles to validate transactions and add new blocks to the blockchain.

Factors Affecting DOGE Price

Like other cryptocurrencies, DOGE's price is influenced by a combination of factors, including:

• Market conditions: Overall sentiment towards the cryptocurrency market, supply and demand dynamics, and economic events can impact DOGE's value.
• Elon Musk: The CEO of Tesla and SpaceX, Elon Musk, has been an outspoken advocate for Dogecoin on social media. His tweets and comments can have a significant effect on DOGE's price.
• Popularity and adoption: As DOGE gains wider acceptance as a means of payment, its value tends to increase due to increased demand.
• Technical innovations: Updates to the DOGE blockchain or new features introduced by the development team can also impact its price.

Conclusion

Dogecoin has become a popular digital asset with a devoted community. While it originated as a joke, DOGE has proven to have staying power and has attracted interest from investors around the world. Its price is influenced by various factors, including market conditions, celebrity endorsements, adoption rates, and technical innovations. As the cryptocurrency market continues to mature, it remains to be seen whether Dogecoin will maintain its value or face volatility.