Dogecoin
Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and a meme coin. Dogecoin was launched in December 2013 and has a photo of Shiba Inu dog as its logo.
Dogecoin started out as a “meme coin” that made fun of new altcoins entering the market. Initially, Dogecoin did not have any value and was initially used as a way to thank users on social media and online forums like Reddit.
Although it was made apparently as a joke, the Dogecoin blockchain is still relevant. Its basic technology is found in Litecoin. The notable features of Dogecoin, which uses the scrypt algorithm, are its low value and unlimited supply.
Two software engineers, IBM engineer Billy Marcus and Adobe engineer Jackson Palmer, created Dogecoin on December 6, 2013. It was started as a "joke" of earning cryptocurrencies like Bitcoin, inspired by the popular Doge meme with a picture of Shiba Inu. But it was a quick thing after that, and today, the value of Dogecoin is around $17.5 billion in the crypto market.
In 2013, Dogecoin became very popular among the public who just wanted to play cryptocurrencies freely. Later, online forums such as Reddit and Dogecoin started rewarding Dogecoin for their content creators, prompting Dogecoin to increase the trading volume of other cryptocurrencies, particularly Bitcoin, in 2014.
Dogecoin is one of the thousands of cryptocurrencies that have recently emerged. But unlike many other digital currencies created to solve the problem, Dogecoin was created literally to make fun of Bitcoin and the craziness of buying digital assets that were not supported by any asset or cash flow. Now times have changed, and Dogecoin is worth money.
One notable feature of Dogecoin is that it borrowed a script-based proof-of-work (PoW) algorithm used by the Lucky coin, which borrowed most of its technology from Litecoin.
PoW methods create agreements using a computer network that uses the software. This allows anyone with a legitimate computer service and an internet connection to offer computer services to become a guarantor on the Dogecoin network. In exchange, the guarantors receive mining rewards in the form of additional Dogecoin. The PoW approach also ensures that Dogecoin offers fast transactions and low fees, which contribute to its acceptance by cryptocurrency enthusiasts.
Dogecoin has been used primarily as an advisory system on Reddit and Twitter to reward the creation or sharing of quality content. Like other cryptocurrencies, such as Bitcoin, Dogecoin can serve as a means of transferring money between individuals, such as paying for goods or services or simply sending cash. Users can also perform anonymous transactions, even if the record is publicly available on the blockchain. And they can do it without going through a traditional consultant like a bank.
DATE NEWS/EVENTS IMPACT 27/10/2022 Dogecoin price spikes in response to Elon Musk and Twitter's crypto wallet rumors +97% Increase 14/12/2021 Dogecoin shoots up after Elon Musk confirms that Tesla will accept DOGE for merchandise +25% Increase 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -35% Decrease 10/08/2021 As altcoins continue their upward trend, Dogecoin and Shiba Inu see rising prices +22% Increase 22/07/2021 Dogecoin becomes the 7th cryptocurrency supported by Coinbase Commerce +38% Increase 13/05/2021 Tesla will no longer accept Bitcoin as a mode of payment, which crashes the cryptocurrency market -32% Decrease 24/04/2021 Elon Musk tweeted “The Dogefather SNL May 8” on the US comedy sketch show, and Mark Cuban also tweeted positively about Doge +100% Increase 04/02/2021 Elon Musk showed his support for Dogecoin +50% Increase
Despite the fact that Dogecoin’s existence revolves around an online meme, Dogecoin has developed a dedicated community of users. Over the next six years, it retains a market capitalization of hundreds of millions of American dollars. Introducing the well-known and easily identifiable DOGE-y symbol of Shiba Inu, Dogecoin recorded nearly 5000% of profits by 2021 and was welcomed by celebrities including Elon Musk and Snoop Dogg, raising the amount of money at the top.
It is not entirely clear whether the market calls Dogecoin as a new currency, an active financial asset, or something in between. But few cryptocurrencies have had an impact on the Shiba Inu currency it has - if only it's status as a meme character.
