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Dogecoin co-creator says he’ll never return to the project: Here’s why

Dogecoin’s Shibetoshi Nakamoto said he has no plans to ever return to the coin project citing an unappreciative community

On Monday, Billy Markus (going by the handle Shibetoshi Nakamoto on Twitter) spoke out about a number of topics around his meme coin, DOGE. Most significantly, the DOGE co-founder reiterated that he had no plans to return to the project, saying he would never be its official leader.

Some in the DOGE community don’t appreciate his efforts

His reason, he justified, was that the more effort he put into the space, the poorer the treatment he received from the community. He, however, reaffirmed his support for those who were actively trying to improve the state of the space.

„Yet another reminder: I don’t speak for dogecoin… I will defend those who I feel are actively making the space better. I will discourage those who I feel aren’t. I will talk about whatever I want,“ Markus posted on his Twitter yesterday.

Markus revealed that he intends to remain a part of the community, revealing that he held a stash of 220,00o Dogecoins.

His partner in the creation of DOGE, Jackson Palmer, is absolutely no fan of the crypto industry at large. Taking a more than just casual stance, Palmer has previously shown distaste for the industry as it propagates a capitalist system that churns wealth only to the rich, empowering them to evade tax via loose regulations.

In a series of tweets expressing his views back in July, Palmer labelled crypto a „right-wing, hyper-capitalistic technology“ whose claims of decentralization were non-existent and was instead a system tied to the current centralized financial structure.

In a different Twitter conversation sparked by former Twitter CEO Jack Dorsey, the DOGE co-founder said he did not believe any reasonable runaway from corporate gatekeepers was possible. He pointed out that his goal was to create, have fun, and make money from crypto. Tesla CEO Elon Musk chipped in, saying he loved DOGE for that very reason.

Both the Tesla chief and Block’s Jack Dorsey have relentlessly ridiculed the idea of Web3 and the metaverse as being neither here nor there.

A community staking concept on DOGE

Meanwhile, those actively building the DOGE space have been busy as per a recent announcement. The Dogecoin Foundation last Thursday released the Dogecoin Trailmap, which revealed a current partnership with Ethereum co-founder Vitalik Buterin to set up a proposal for a community staking version of proof of stake on the network.  

„(The PoS version) will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes,“ the Foundation’s team said.

The post Dogecoin co-creator says he’ll never return to the project: Here’s why appeared first on Coin Journal.

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5 Reasons why you should buy Dogecoin today for 2022 gains

Dogecoin is one of the many altcoins that came into existence after Bitcoin. The developers Jackson Palmer and Billy Marker developed this coin as a joke mimicking a meme that featured a Japanese dog breed called Shiba Inu. The coin later gained popularity and began growing in value as both a digital currency and an investment. Dogecoin is currently ranked number 12 on Coinmarketcap, with an impressive market capitalisation of more than $22.8 billion. Despite being a meme coin and having no real tangible value, there are still a few reasons why you should consider having this coin as part of your crypto investment.

Keep in mind that all cryptocurrencies are volatile. That means that they are prone to sudden market swings. You should only invest that which you would be willing to lose. Additionally, make sure you carry out intensive and extensive research before settling on any coin. That said, here are five reasons why you should invest in Dogecoin.

Dogecoin is popular

Since its inception in 2013, Dogecoin has significantly grown in popularity. In fact, it is arguably the most popular coin after bitcoin. On social media, this coin has a growing list of followers. For instance, it has more than two million followers on Reddit, and the number is growing. Cryptocurrencies have the tendency of growing in value as they attract more supporters and users. Their value is pegged on the number of people that believe in its use and value. On those metrics, Dogecoin is doing fine. Additionally, it has not only had the support of random individuals online but also of high profile personalities such as Tesla’s CEO Elon Musk, Paris Hilton and the popular hip hop artist Snoop Dogg. Such personalities have millions of followers some of whom may get an interest in cryptocurrencies and particularly in Dogecoin, and push its demand higher. The more its demand spikes, the higher its price will be.

Considering that all cryptocurrencies are speculative in nature, their popularity plays an integral role. Dogecoin growth has been spurred by this popularity. If those investing in it continue doing so and continue believing that it will grow in value, then it is more than likely going to grow. The more the hype, the more the growth. Dogecoin is still popular, so investing in it now could be a good idea. However, you should keep an eye on the market just in case another coin starts becoming more popular.

Dogecoin is highly liquid

Liquidity refers to the ease with which a particular commodity or an asset can be converted into cash. This also applies to cryptocurrency or digital coins. The ease with which a coin can be transformed into cash is its liquidity. It is easier to make profits with a highly liquid coin since you can easily buy and sell the coins and take advantage of opportunities for making gains. It is easier to enter and exit trades when the market is highly liquid.

Determining the liquidity of a digital coin is easy. You can simply refer to the various exchanges that list that particular coin and check its trading volume. Looking at Dogecoin, it recorded a trading volume of more than $868 million in the last 24 hours. This volume is quite big considering that this is just a meme coin. It means there is still a significantly high demand for the coin.

Dogecoin nominal price is still low

Dogecoin buying price is still very low as compared to other big coins like bitcoin and Ethereum. This coin’s price is still below a dollar. That means that, unlike bitcoin that you have to buy a fraction due to its very high price, you can buy whole Dogecoins and buy in a sizeable volume.

If you buy about 1000 coins, at less than $1000, you could make a handsome profit if the coin hits about $10. Hitting this price is very possible considering the popularity this coin has garnered in the cryptocurrency circles.

Dogecoin has a team of experienced developers

It is vital for any coin to have a team of good developers if it hopes to have a positive future. It is for this reason that bitcoin and Ethereum continue to dominate the market since there is a team that is constantly carrying out updates and ensuring the security of the projects. In the case of Dogecoin, developers Jackson Palmer and Billy Marker are still pretty much involved in the sustenance of the Dogecoin ecosystem.

Advanced features

It is also important to consider the features of a digital coin before investing in it. Most coins are just generics of mainstream cryptocurrencies that simply aim at raising funds and then going under. Dogecoin is different from most of these coins. Despite having copied most code from bitcoin and then tweaking it to make bitcoin, Dogecoin developers ensured that they actually made an improvement.

Dogecoin uses an advanced SCRYPT in its algorithm, which is structurally different from bitcoin’s SHA256. This script allows for faster block creation and confirmation, making transactions on Dogecoin much faster than bitcoin. Dogecoin platform also prevents double-spending, significantly enhancing peer to peer transactions. These changes show that Dogecoin, despite being perceived as a kind of a joke, has serious mechanisms that apply to digital coins as a whole. If the developers continue improving the code and the coin’s community keeps growing, it could become a serious coin to contend with in this market.

The post 5 Reasons why you should buy Dogecoin today for 2022 gains appeared first on Coin Journal.

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5 Reasons why you should buy Shiba Inu today for 2022 gains

Shiba Inu is a relatively new coin created in August 2020. It is an Ethereum based altcoin whose mascot is a Japanese breed hunting dog called Shiba Inu. The cryptocurrency industry considers this coin an alternative to Dogecoin but fundamentally different in structure and purpose. Shiba Inu is one of the biggest coins in terms of market capitalisation, with a value of more than $21 billion. It is currently ranked at number 13 on Coinmarketcap.

Shiba Inu has shown tremendous growth for the last few months. This year, Shiba Inu has grown by more than 47 million percent enabling a few lucky people to make massive profits. However, its price, like any other cryptocurrency, has been fluctuating due to varied reasons. If you are looking to invest in this coin, here are a few reasons that you can consider.

All cryptocurrencies are volatile. It means that their prices could swing on either side at any time. For that reason, you must take caution. Never invest any money that you would not be willing to lose. Diversifying your investments in various coins instead of just putting everything in one project is the best way of doing it.

1. Listed in multiple exchanges

There is a strong correlation between the value of a digital coin and access. If a coin is easily accessible, then its value tends to grow. More investors can buy and speculate it is spiking its demand. Shiba Inu has been on various exchanges but has recently got listed in a few others, including OKEx and Binance. Its price surged significantly when it was listed on these two exchanges in May 2021. In October, Shiba Inu got a listing in Coinbase Global, the biggest exchange in the United States of America (USA). After this listing, the coin surged by 40% in just two days and later by 20% in November when it got listed on Kraken. In 2022, this coin could be listed in more exchanges like Robinhood, which will likely spur its value. If you get a few tokens now and this happens, you are likely to make some money in 2022.

2. Shiba Inu growing use cases

Shiba Inu has been derided as a joke coin, just like its predecessor Dogecoin. This coin’s value has largely been dependent on its meme status, but as more people get interested in the coin, the coin’s utility seems to be growing. A few serious companies have already shown interest in having this token as payment. These companies include AMC Entertainment Holdings, the largest movie-theatre chain in the world that also stocks memes, and Newegg Commerce, a computer and electronics e-commerce shop. These companies plan to begin accepting Shib tokens as payments for their products. Another potential company looking forward to accepting these tokens as payment is BitPay. These could be a few companies, but the Shiba Inu community pushes this coin to get more acceptance. If more companies and establishments adopt this cryptocurrency as a means of payment, its value will grow in the next few months.

3. Nominal price is still low

Shiba Inu, like most other altcoins (these are other digital coins other than Bitcoin), still has a low nominal price. Compared to Bitcoin currently trading at about $51,000, Shiba Inu’s price is too low. When writing this article, this coin was trading at $0.00003839. Unless you have massive capital, you can only invest in a fraction of bitcoin. However, you can buy more than 1000 Shiba Inu tokens for just about $100. $100 will get you 2.6 million tokens. If the coin grew to one dollar, you would have a cool $2.6 million. This growth is possible considering the factors surrounding this coin and the growth progression it has been showing in the last few months.

4. Shiba Inu growing demand

Shiba Inu began as a meme coin. Most people consider it a joke. However, this perception has led to more people joining the Shiba Inu community to share in the joke and as a result of FOMO or Fear of Missing Out. As more people join the community, they buy more coins and surge demand. Considering that the total supply of this coin is limited, the surging demand has seen the value of this coin oscillate depending on how investors are buying and selling. It has seen more growth than dips and shows the same growth progression. Investing in this coin now is not a guarantee that you will make profits, but there is a high likelihood of doing so come 2022. You can have a couple of thousands of tokens in your portfolio as the token price is still very low.

5. Shiba Inu whales ownership

Very few investors own a significant portion of Shiba Inu. These large owners are known as whales. Research in the cryptocurrency world indicates that about 70% of shib tokens are under the custody of fewer than ten investors. These investors believe in this coin and are looking forward to driving its price up. A majority of them have been adding more coins into their portfolios, an action that has spurred shib token’s demand and pushed its price up. Two whales added more than eight billion tokens in their portfolios in the last few weeks. These purchases and support will see the price of this token rise in 2022, making it a worthwhile investment.

The post 5 Reasons why you should buy Shiba Inu today for 2022 gains appeared first on Coin Journal.

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Enjin Coin (ENJ) continues bullish surge for the week – Price action and analysis below

As sentiment in the crypto market has improved drastically in the past few days, some coins have managed to ride this positive wave and are seeing outstanding growth. Enjin Coin (ENJ) is one of these coins, in fact, the metaverse related token is now outperforming the broader market, posting gains of nearly 40% over the last 7 days. But does this bullish uptrend have enough left to keep going? Well, check out these highlights.

  • At the time of writing, Enjin Coin (ENJ) was trading at $3.23, up about 6.5% in 24-hour intraday trading.

  • The coin is also trading above all crucial DMAs, including the 50, 100, and 200-day moving averages.

  • Improved sentiment in crypto is likely to help Enjin Coin (ENJ) maintain this uptrend in the near term.

Data source: Tradingview.com 

Enjin Coin (ENJ) – Price action and analysis

Enjin Coin (ENJ) is currently showing a decent bullish alignment in all its technical indicators. For starters, the coin is trading well above its 50-, 100-, and 200-day moving averages. We had expected a bit of resistance around $3, but ENJ has managed to smash past that. 

Right now, the next main hurdle will be $4. We are seeing a bit of consolidation around $3.22, but if ENJ was to break out in the coming days, a push towards $4 could see it reclaim its November highs in no time. But this will largely depend on sentiment across crypto in general.

Should you buy Enjin Coin (ENJ)

Enjin Coin (ENJ) is a decent investment; in fact, in 2021 the coin has delivered some decent growth for investors. The recent surge appears to be digging ENJ out of its December dip, so for long-term buyers, it’s a good time to buy. However, short-term traders can also ride the gains, especially if positive sentiment in crypto pushes into 2022. 

The post Enjin Coin (ENJ) continues bullish surge for the week – Price action and analysis below appeared first on Coin Journal.