Differences between Dogecoin vs. DogeCash

Anyone familiar with the crypto market has heard the term ‘meme coin.’ Among this category, Dogecoin has attained enormous popularity and has become one of the top cryptocurrencies worldwide. As with most successful cryptocurrencies, derivatives such as DogeCash have emerged. How do these cryptocurrencies differ from each other? What are their similarities? Learn more about these digital assets in the following Dogecoin vs DogeCash comparison.

What Is Dogecoin?

Dogecoin (DOGE) is a cryptocurrency launched in December 2013. One of its creators, Australian software developer Jackson Palmer, meant Dogecoin to be just a joke. He tweeted about a new cryptocurrency whose logo was based on the original Doge meme, an image of a Japanese Shiba Inu dog named Kabosu. A few days later, Billy Markus, a developer from the United States, contacted Palmer with the proposal to create a real Dogecoin. And so the first meme coin came to exist.

Since its inception, Dogecoin has been almost entirely driven by its community. This coin is forked from Litecoin and uses the same proof-of-work (PoW) consensus mechanism. According to CoinMarketCap, Dogecoin began trading on December 15, 2013, at $0.0002993. Although the DOGE price did not significantly increase during the following years, it exploded in 2021. This cryptocurrency hit its all-time high price on May 8, 2021, at $ $0.7376.

As of October 26, 2022, Dogecoin traded at around $0.073, making it the tenth most valuable cryptocurrency by market capitalization.

What Is DogeCash?

DogeCash (DOGEC) is a community-driven cryptocurrency launched in 2018. Its founders, a group of Dogecoin enthusiasts, wanted to develop a cryptocurrency that could make up for some of Dogecoin’s flaws. Additionally, one of the stated goals of this new cryptocurrency was to make it competitive in the field of decentralized finance (DeFi), which was emerging at the time.

DogeCash utilizes the proof-of-stake (PoS) consensus mechanism, which makes this coin more environmentally friendly. According to CoinMarketCap, DogeCash began trading on January 7, 2019, at $0.06665. This cryptocurrency’s price has exhibited a lot of volatility throughout the years. It reached its all-time high price on February 27, 2021, at $0.7159.

As of October 26, 2022, DogeCash traded at around $0.018. It ranks #1,780 in the list of most valuable cryptocurrencies by market capitalization.

Advantages and Disadvantages of Dogecoin and DogeCash

DogeCash is not a hard fork of the Dogecoin blockchain. Hence, DogeCash is an entirely independent cryptocurrency with its own blockchain. As expected, Dogecoin and DogeCash significantly differ from each other. For example, DogeCash has a capped supply of 210 million DOGEC coins, whereas the maximum supply of Dogecoin is uncapped.

Despite their differences, both cryptocurrencies have advantages and disadvantages. Let us review the most prominent ones.

Advantages of  DogeCash

The advantages of DogeCash over Dogecoin are:

• Environmentally friendly thanks to the PoS consensus mechanism.
• No gas fees.
• Charity-oriented (it supports animal welfare projects, shelters, etc.).

Advantages of Dogecoin

For its part, Dogecoin also has several advantages:

• Prominent position in the top ten most valuable cryptocurrencies.
• Large market capitalization and trading volume.
• An active and engaged community.

Disadvantages DogeCash

Despite its multiple advantages, Dogecash has significant drawbacks:

• Low market capitalization and trading volume.
• A meme coin with no intrinsic utility or value.

Disadvantages of Dogecoin

• Not environmentally friendly because of the PoW consensus mechanism.
• A meme coin with no intrinsic utility or value.

FAQ

How can I buy Dogecoin and DogeCash?

Dogecoin is a popular cryptocurrency. Hence, many crypto exchanges list it for trading. If you want to buy this coin at competitive rates, you should use LetsExchange.io. DogeCash is less popular, and few exchanges list it for trading because of its low market cap and liquidity. If interested in this asset, you can likely get it on a decentralized exchange (DEX) platform.

Are Dogecoin and DogeCash legit?

Yes, they are legit cryptocurrencies (not scams).

Are Dogecoin and DogeCash good investments?

These two cryptocurrencies are meme coins with no real utility value. Most investors do not consider meme coins as reliable investment vehicles because of their high volatility. Meme coins can sometimes show tremendous price rallies, but they are usually the result of trivial events like a tweet by a celebrity supporting the coin. However, if you can tolerate high risk in hopes of massive gains, Dogecoin can be a better investment than DogeCash.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.

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