Dogecoin

Billy Markus and Jackson Palmer are the two brains behind Dogecoin. Both were software engineers from two sides of the globe—Markus worked for IBM in Oregon while Palmer for Adobe in Sydney. Markus had jokingly tweeted about how investing in Dogecoin would be the next big thing, attracting Palmer's attention and turning DOGE into reality ten days later. But it wouldn't be until eight years later, in 2021, before Dogecoin officially became the "next big thing."

Despite starting off as a joke, Dogecoin was quickly able to round up a following of meme-loving individuals, giving it a spot in the micro-tipping sector in online communities—hubs that bring the internet together for memes and slightly serious discussions. Price-wise, DOGE skipped most bull markets prior to 2021, paving through a slow and steady gain even amid the 2017 bubble. But from December 2020 to mid-May, DOGE was able to rally 17,400% in gains—its largest climb in history.

Elon Musk's tweets were the culprit for Dogecoin's sudden rise from the shadows, prompting the massive surge in DOGE's value and the market's scramble for other potential meme coin sensations. On Twitter, the billionaire labeled himself as "The Dogefather" and posted a series of memes in early 2021, eventually forcing DOGE to break past the $0.7 all-time high right before Musk appeared as a guest for Saturday Night Live. Even after the cryptocurrency sell-off in late May, Musk strongly vouched for Dogecoin—over more realistic choices like Cardano crypto, which tried to court the billionaire but failed—as a sustainable alternative to Bitcoin.

DOGE is the native cryptocurrency to the Dogecoin blockchain, which is an independent blockchain—like Bitcoin and Litecoin crypto—that isn't hosted by a third-party platform.

DOGE withdrawal limits vary between exchanges and wallets, which also impose different policies for each coin. Therefore, it's best to check the platform you're using for the specific minimum and maximum DOGE withdrawal amount if any.

The official DOGE wallet is supported on Android devices but not iOS. However, Apple users can still enjoy the app through macOS, as well as Windows and Linux.

Dogecoin used to only be supported in a handful of wallets, so most investors used the official app to store their DOGE. However, its recent market breakthrough has attracted larger platforms, including Coinbase and hardware options, to support DOGE transactions—a convenient alternative if you prefer to store all your coins in one wallet.

DOGE was created as a joke to make lighthearted fun of Bitcoin, which had started gaining traction in 2013—putting it at the center of many internet memes. The Dogecoin blockchain was modeled directly after Bitcoin, with a code almost completely the same that it took founders Billy Markus and Jackson Palmer only a few days to complete the development.

However, a few key differences include the lack of a built-in scarcity in Dogecoin, which doesn't have a maximum supply capacity, unlike Bitcoin's 21 million—subsequently making it more difficult for DOGE to significantly grow in value. Bitcoin was also founded to be a serious response to the unfair financial ecosystem, making it a more serious project with a robust community—though Dogecoin has recently started becoming serious as well. Finally, mining the two cryptocurrencies is slightly different. DOGE is easier to mine due to the more accessible Scrypt algorithm behind its consensus model, resulting in faster transactions on its network.

The Dogecoin blockchain ensures that all DOGE transactions are anonymous. While transactions can be publicly traced through its peer-to-peer and open-source network, no names or identities are involved in any part of the process.

Theoretically, it's possible to hack any cryptocurrency as they live in the online realm. However, DOGE is almost impossible to hack due to its high network mining activity, which processes transactions quickly, making it difficult for hackers to find an opening. Moreover, the high mining hash rate means that hackers would need significant power and funding to execute an attempt to attack the network, which is realistically impossible.

The DOGE price AUD grew due to the hype surrounding meme coins, making its value highly speculative and prone to the opinions of influential figures. And because the blockchain was built as a joke, it lacks a development ecosystem that could help Dogecoin complete larger projects and become more useful in today's competitive market. However, all these issues can be remedied, especially due to the new attention surrounding the network in mid-2021.

DOGE's high market cap also puts it in a favourable position for most investors. So while DOGE may not be the safest option in the market, it still has potential as an investment opportunity—but without guarantees, like all other coins on the market.

You can purchase DOGE with PayPal from an exchange that supports this payment method, such as eToro.

To buy DOGE with a credit card, you first need to visit any cryptocurrency exchange that carries Dogecoin, such as Coinbase. Then, select a credit card as your payment method and directly purchase DOGE or any other cryptocurrency!

Experts believe that it's highly unlikely for the DOGE to AUD conversion to ever reach $1,000 due to its lack of scarcity, making it an always-available resource that can't generate as much value as scarce predecessors like Bitcoin and Ethereum. However, some analysts believe that DOGE has the potential to reach $1 and possibly even $10 within the decade. However, do note that forecasts may change periodically depending on market behaviour.