Dogecoin is an open-source cryptocurrency that launched in 2013. Its blockchain is based on the Litecoin blockchain, with various tweaks having been made to it. One notable feature of the crypto coin is its use of a Scrypt algorithm. As a result, mining DOGE is extremely cheap; another important feature is that it has an unlimited supply.
Every day, millions of new coins are released, which are used to reward miners of its blockchain. The result is that, unlike other coins, speculative price gains do not hold much.
For years, DOGE was a coin with a small following on Reddit. Its community would give it out to others as a reward. These tokens were handed out in jest since it was worth so little. To be valued at 1 cent, one must receive millions of DOGE coins. However, its fate changed recently when Elon Musk, the richest man in the world, began tweeting about it on his Twitter social media site.
After a short while, demand for the coin shot through the roof. It was also listed on numerous mainstream exchanges, which caused the ecosystem to climb in value. A coin worth a few hundred dollars grew overnight to be valued at billions. Many of its holders became overnight millionaires.
However, DOGE has to deal with a major issue at the core of its creation. One of these issues is that it has an unlimited supply. That means there are millions created daily. Any coins that you hold slowly lose their comparative value due to inflation.
Another issue is that it has no real utility. When it was formed, it was a joke. The creators were not thinking about creating a sustainable ecosystem. They were doing it as a joke to make fun of the Bitcoin ecosystem. While it had previously been used as a gift amongst friends, it can no longer be used for that. Many holders have a feeling that it could rise again. As such, they hoard their DOGE.
In light of the lack of utility for DOGE coins, Oryen Network was created as a perfect alternative. The tokens have real value. Those holding the ORY tokens will receive a fixed APY of 90%. At that number, it is the highest fixed APY ever offered in the crypto world.
Another benefit of holding ORY tokens is their value rising. Thus far, the demand for ORY tokens has been quite high, causing the tokens to increase in value by 200%. This was even covered by Youtuber Steven Clarke.
Everyone in the crypto world aims to make some money off their investment. However, with DOGE, that is not sustainable. The best alternative is to hold ORY tokens. The fixed APY guarantees holders some respectable gains for their staking effort. Unlike DOGE, $ORY tokens were not created as a joke; they are a real opportunity to make real money.
Join Presale: https://presale.oryennetwork.io/register
Ruby is a content editor and writer who has been creating content in the finance space for 4 years. Ruby attended the University of Winchester where she received an upper second-class honors degree.
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