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Introduction of Dogecoin

Jeremy
Jeremy Posts: 15037 Points

What Is Dogecoin?

Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. Launched in Dec. 2013, Dogecoin has the image of a Shiba Inu dog as its logo.

While it was created seemingly as a joke, Dogecoin's blockchain still has merit. Its underlying technology is derived from Litecoin. Notable features of Dogecoin, which uses a scrypt algorithm, are its low price and unlimited supply.

Understanding Dogecoin

Dogecoin started as something of a joke, but after it was created, it gained a following. By late 2017, it was participating in the cryptocurrency bubble that sent the values of many coins up significantly.1

After the bubble burst in 2018, Dogecoin lost much of its value, but it still has a core of supporters who trade it and use it to tip content on Twitter and Reddit.

Users can buy and sell Dogecoin on digital currency exchanges. They can opt to store their Dogecoin on an exchange or in a Dogecoin wallet.

The Rise of Dogecoin

Dogecoin marketed itself as a "fun" version of Bitcoin with a Shibu Inu (Japanese dog) as its logo. Dogecoin's casual presentation suited the mood of the burgeoning crypto community. Its scrypt technology and unlimited supply was an argument for a faster, more adaptable, and consumer-friendly version of Bitcoin.

Dogecoin is an "inflationary coin," while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Every four years the amount of Bitcoin released into circulation via mining rewards is halved and its inflation rate is halved along with it until all coins are released.

In Jan. 2014, the Dogecoin community donated 27 million Dogecoins worth approximately $30,000 to fund the Jamaican bobsled team's trip to the Sochi Winter Olympic games.6 In March of that year, the Dogecoin community donated $11,000 worth of Dogecoin to build a well in Kenya and $55,000 of Dogecoin to sponsor NASCAR driver Josh Wise.

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Comments

  • Damilola247
    Damilola247 Posts: 156 Points
    Dogecoin is a peer to peer open source altcoin.It was earlier introduced as. Meme coin between to engineers just for fun sake.Rhe dogecoin was named a doge for meme sake which has the picture of Shiba Inu dog as it's logo.
    Of late,dogecoin was made popular and an altcoin to recon with by the famous Elon Musk who hyped the meme coin and helped or grow in popularity and market value size.
    Elon Musk and some other developers are seriously working to increase the efficiency and effective of the coin in upgrading it's standard as as a safe and reliable means of payment.
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