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Dogecoin Wallet: From Meme to Mainstream
Dogecoin, the crypto underdog, has attracted so much attention in the community. Many people are looking closely to see where Dogecoin is going. If you're interested in Dogecoin and looking to invest in the coin, you'll need a Dogecoin Wallet. The Atomic Wallet is just the thing you need! Keep reading to discover Dogecoin's interesting history and the Atomic Wallet's features!
Well, Dogecoin set off a sensation in a relatively short time. If you own Dogecoin or want to own it, you need a wallet to keep it in. Your wallet needs to be a nice place to keep all those furry-friend Dogecoins in. Atomic Wallet offers you a place to store your Dogecoin. It also lets you stake, buy, sell, and exchange them. Continue reading to learn more about Dogecoin and Atomic Wallet!
When creators Billy Markus of IBM and Jackson Palmer of Adobe created Dogecoin in 2013, they probably never thought it was going to become a sensation. They had created it as a parody of Bitcoin. What's funny is that Dogecoin's block time is only 1 minute. It's also way faster and cheaper to use than Bitcoin. What started as a joke actually has better technology than Bitcoin. Two weeks after its launch in December 2013, Dogecoin's value skyrocketed by 300% within 72 hours only. It increased from US$0.00026 to $0.00095! Let's look back at some price action Dogecoin has had over the years.
Historical Dogecoin Price Action
As mentioned above, Dogecoin's first big price action was only two weeks after it went live. Unfortunately, Dogecoin's wallet, Dogewallet, was hacked on Christmas of 2013. That created a ton of attention for Dogecoin, to the point it trended more than Bitcoin. All this attention, despite being negative, positioned Dogecoin to soar. Only a few weeks later in January 2014, its trading volume surpassed Bitcoin and all the other altcoins combined! Dogecoin had really proved that its underdog status was really a surprising force to reckon.
For 4 years, Dogecoin had relatively low price action, until the start of 2018. Dogecoin's price hit $0.017! This was at the peak of the first cryptocurrency bubble that preceded the first major crypto crash in 2018. That was an impressive feat for a crypto parody. A few years later, during the Coronavirus pandemic of 2020-21, the term memecoin was coined. We'll touch on some other Memecoins that appeared throughout the pandemic.
Before we get to that, let's continue the history lesson after Tesla's CEO, Elon Musk started touting the coin and inadvertently started the meme coin outpouring in 2020 and beyond.
Elon Musk's Dubious Relationship with Dogecoin
From its high point in 2018 until about 2021, Dogecoin's price dropped down and stayed relatively steady at around $0.001. During the pandemic's height in 2020, small retail investors started driving the stock market higher and higher. That's why some Tiktokers started a following to push Dogecoin up to a dollar.
In early 2021, Elon Musk noticed Dogecoin when it rallied 800% to $0.07, an all time high! To egg on the price climb, Musk started writing slightly cryptic tweets to garner attention and create extra attention to drive the price action higher; and it worked! It really worked. On April 18, 2021, Dogecoin surged to $0.40 to the supporters' delight! Just a few weeks later, it hit its $0.68 all time high on May 6th, 2021. This was just two days before Elon Musk hosted the famous American sketch-comedy show Saturday Night Live (SNL). Fans, supporters, and investors were all waiting for Musk to give a special announcement or mention to Dogecoin. At that time, the announcement would've sent the price up to a dollar.
Musk said, “Shiba Inu!”
He meant it as a reference to Dogecoin, because Shiba Inu is the Dogecoin mascot's dog breed. This reference could've provided much support for Dogecoin, but it didn't. The message got lost because of a little-known cryptocurrency called Shiba Inu (SHIB). Many people watching that SNL broadcast thought that Musk was now supporting Shiba Inu coin. This crashed Dogecoin, as many supporters felt duped. Investors also sold the news that Musk was supporting another coin now. Dogecoin's price dropped.
By June 2021, the price fell back down to $0.42. It has continued in a downward trend to the present time, where it's hovering around $0.16.
Musk has continued to make references to the Shiba Inu coin and dog breed. He recently got a Shiba Inu puppy and all the tweets and mentions around his dog tend to drive up the Shiba Inu coin, not Dogecoin. While Musk was all about Dogecoin and accepting it as payment for Tesla cars, the miscommunication on SNL lifted up Shiba Inu and inadvertently left Dogecoin in the dark.
We can't deny that Dogecoin's mechanics have attracted many to the coin. Let's take a look at Dogecoin's peculiar tokenomics.
Compared to all the cryptocurrencies, Dogecoin has very simple tokenomics. It's very inflationary: it doesn't set a limit for how many tokens can be in circulation. Miners receive 10,000 Dogecoins as a reward for every block they verify. More than 132 billion tokens are currently in circulation, with 10,000 tokens being added into circulation every minute a block is verified. Since Dogecoin started out as a joke, it never really intended to have some ground-breaking, revolutionary, economic-changing mechanism.
That said, the creators added one thing: Doge tipping. Since Doge is inflationary by nature, most people want to sell it. Tipping was a way to pass on tokens to others.
Now that we've covered some Dogecoin background, it's time to get into what you need in a wallet… an Atomic Wallet that is.
Atomic Wallet is a desktop and mobile app, a multi-coin wallet that can store more than 300 different cryptocurrencies. Atomic Wallet allows you to buy, sell, trade, stake, send, and receive cryptocurrencies. You can even use it to add any ERC2 token! The Atomic Wallet rewards its users with a 1% cash back on your transactions. This cash back is through our native token, AWC. What's more, the more people who use Atomic Wallet and get AWC, the more valuable it will become! Join today and invite your friends!
Follow these 5 easy steps to start using your Atomic Dogecoin Wallet today:
Go to Atomic Wallet's main website, and download the installation file for your operating system. You can also get the app for your mobile devices from the Apple or Google Play Stores.
Click Run Atomic, then click Create Password.
Enter a strong password, and click Set Password.
Save your 12-word seed phrase in a safe place. This seed phrase will allow you to restore access to your newly created wallet. Don't let anyone get this seed phrase. Otherwise, they could take over your wallet.
Click Start Using Atomic, and you're ready to start trading!
Now, let's navigate 3 Atomic Wallet feature tabs.
The first screen you'll see on the app is the wallet interface. In the Wallet tab, you can see all the available coin balances and your wallet addresses for different currencies. You can also sort the tokens by volume and hide zero balances. Atomic Wallet allows you to add any custom ERC-20 (Ethereum-based) token to the wallet.
The Exchange tab allows you to exchange tokens through partner exchanges, like ChangeNOW, Changelly, and ShapeShift.
In the Settings tab, you can change your password and store private keys securely in an encrypted form. What's more, you can import external wallets into the Atomic Swaps Wallet. That said, you have to enter that wallet's private key. You can also use the wallet to connect to another decentralized exchange or import external wallets.
Let's examine your Dogecoin wallet's features. These features can give you a seamless crypto experience.
Dogecoin Wallet Features
Atomic Wallet's Dogecoin wallet has many features. For now, we'll go over 4 of the most important features. We'll also show you how to use them.
1. Dogecoin Wallet Address
You give your Dogecoin wallet address to anyone who wants to send you Dogecoin. It's just like your mailing address.You'll find it on Atomic Wallet's main screen for each asset. Follow these 3 steps on Atomic Wallet to find your Dogecoin wallet address:
Go to Dogecoin (DOGE) and open it (If you don't see what you're looking for, just start typing in the search bar)
Find Send and Receive at the bottom
Click on Receive, and you'll see your wallet's address for that particular asset (each asset has its own wallet and address)
A wallet address is a long string of characters. A Dogecoin wallet address's starts with a capital “D” and its length is 34 characters.
An example of a Dogecoin Wallet address is:
Always ensure you're sending your Dogecoin tokens to the correct Dogecoin address, or you could lose it forever. You can't reverse what you've sent, so always make sure the address is correct. This applies to all cryptocurrencies, not just Dogecoin. If your Dogecoin goes to the wrong address, you won't ever see it again.
We can't emphasize this enough, always double-check your addresses!
2. Seed Phrases
When you create a new wallet, you'll need to create a seed phrase. It's usually 12 random words in a particular order. It's important to remember the words and their order, too! Write down your seed phrase and place it somewhere safe. That's the only chance to set up your passphrase. Save your seed phrase for now, and we'll get to passphrases next.
If you have your seed phrase, you can access your wallet even if you forget your password. It also helps you activate your old wallet on a new phone or tablet. Don't forget to delete your wallet from your old phone. Don't leave any data on your old device once you've moved everything to your new device.
Passphrases enhance your wallet's security. After all, you want your crypto to be as secure as possible.
A passphrase is like two-factor authentication but stronger. Many traditional security questions ask things like: what's your mother's maiden name, what was your first car's model, what was your first pet's name, etc. Cunning cybercriminals can easily coax that info from you. That's not the case with passphrase questions. The questions are about things you know, not things you are/have.
4. Private and Public Keys
Private and public keys are echoing terms in the encryption universe. The private key is your wallet's identification on the network. You can't share it with anyone, like your seed phrase. Learn how to store it properly in our blog post. Your wallet uses the private key to generate a public key.
The public key is your private key, but hashed. The hashing protects your private key. Your public key is only available for decryption in one direction, for one time. The public key is decrypted to show the private key and send funds to the correct address. This encryption is called hashing, and it's the most prevalent encryption form in the crypto world.
5. Transaction Fees
Let's take a look at transaction fees. Crypto investors pay attention to how much it costs to transact.
When you buy cryptocurrencies on Atomic Wallet, you'll pay a flat 2% fee with a minimum $10 fee per transaction. Your bank might also charge a fee, so you should check that. You also have to pay a network fee or miners' fee.
When you exchange, send, or receive crypto on Atomic Wallet, you'll pay us zero fees. You still need to pay the network fees to that respective network. The Atomic Wallet has an exchange pairs page for each transaction. You can open that page to see the network fee.
Dogecoin continues to be a bit of a paradox. It's still called a meme coin, but at the same time, it continues to hold its price. It also has better technology than bitcoin, and is a more favorable cryptocurrency to pay for things. Many places accept Dogecoin as payment.
After the big letdown from Musk and his SNL announcement, it's easy to see why the price dropped and so many people jumped on the Shiba Inu bandwagon. Despite all the negativity, Dogecoin is still holding in. That could be because Dogecoin is a first-mover meme coin, and it still has many dedicated supporters. Either way, it's always good to have a diversified portfolio. If you're interested in diversifying with DOGE, download your Atomic Wallet today and start filling it up with Dogecoin.
This isn't investment advice. Always do extensive research before making any investments.
What is Dogecoin?
Dogecoin started out as a joke to parody Bitcoin in 2013. Still, the technology behind it is more advanced. It processes transactions faster, and for a lower fee. That makes it a great contender to be a true digital currency for buying and selling things. Dogecoin's simplicity makes it attractive for newcomers to cryptocurrency. You can jump right in and start using it.
What is unique about Dogecoin?
Dogecoin is an actively used meme coin. People trade it, and it has a very large market cap. That's what sets it apart from other cryptocurrencies. It doesn't have smart contracts like Ethereum, or proof of history like Solana. It's just a store of value that people can easily transact with. Let's not forget to mention that it's cute, too!
Can I stake Dogecoin?
Dogecoin, like Bitcoin, uses the Proof-of-Work consensus mechanism. That means staking isn't available for Dogecoin yet. That said, we've been hearing some rumblings of moving to Proof-of-Stake in 2 years, but nothing is definitive.
Can I mine Dogecoin?
Yes, you can mine Dogecoin. You need a wallet to mine Dogecoin. More specifically, you need the Dogecoin wallet from Dogecoin to take part in mining. Still, you don't have to limit yourself to one wallet, so be sure to check out Atomic Wallet, too. You can do many extra things you can do with an Atomic Wallet.
How many Dogecoin tokens are in circulation?
Every block verified increases the amount of Dogecoin tokens in circulation increases by 10,000. Currently, more than 132 billion tokens are in circulation. So far, we have no end in sight for this number.
Check the latest assets and new wallets on Atomic Wallet's official website.
Atomic Wallet FAQ
Learn more about what Atomic Wallet has to offer and answer any questions you may have on the Atomic Wallet FAQ section.
Get A Wallet
Click here to download Atomic Wallet and get started right away.
Learn more about Dogecoin and what it does on the official site.
Explore all the transactions with DogeCoin's block explorer.
Learn more about what the foundation has planned for Dogecoin at the Dogecoin Foundation.