“I have a lot of faith in the Dogecoin core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it, which hasn’t released a software update in over 2 years, has a $1B+ market cap”.
Jackson Palmer – Creator of Dogecoin
Dogecoin was born in 2013, when two software engineers Billy Markus from IBM and Jackson Palmer from Adobe combined the two greatest phenomena of 2013: Bitcoin and the popular “doge” Internet meme. Dogecoin price today is $0,069432 USD with a 24-hour trading volume of $3 308 181 113 USD.
With Shiba Inu on its logo, Dogecoin is similar to Bitcoin. It’s a cryptocurrency for peer-to-peer transactions across the Internet. Since it was based on a dog meme, Dogecoin is seen as a fun, light-hearted cryptocurrency “promoted” by Tesla CEO Elon Musk through his posts on social media.
Principally Dogecoin has been used as a reward tip on Reddit and Twitter for quality content creation or sharing. You can get your first Dogecoin from the Dogecoin faucet – a website that provides a small amount of Dogecoin for free to become familiar with the currency for further interactions in Dogecoin communities.
In the world of cryptocurrency, Dogecoin has one of the most active and largest communities. This community has funded a number of charitable projects and not only. They even sponsored a NASCAR.
Dogecoin differs from Bitcoin’s by using Scrypt technology. Dogecoin’s block time is 1 minute as opposed to Litecoin’s 2.5 minutes. You can mine Dogecoin alone, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. The main thing that differentiates Dogecoin from other cryptocurrencies is that it is an inflationary and not deflationary cryptocurrency.
Dogecoin has not been updated since 2015, so any talk about new features could lead to an increase in prices. Keep an eye on the Dogecoin Reddit account to anticipate any new features or services to utilize Dogecoin as a payment method.
Anyway, in January 2021, Dogecoin went up over 800% in 24 hours as a result of attention from Reddit users and the GameStop short squeeze. In February 2021, Dogecoin hit its all-time high price following Twitter encouragement from Elon Musk, Snoop Dogg and Gene Simmons.
Six interesting facts about Dogecoin
- Dogecoin was created as a prototype of Luckycoin based on Litecoin technology.
- To buy Dogecoin you need to have Bitcoins that will be exchanged to Doge, and the easiest way is to create a wallet and make purchases from reliable exchangers.
- Dogecoin is overwhelming to hacking as it has several safety levels.
- Dogecoin’s mining process is very fast. Transaction fees within the Dogecoin network are about 1 DOGE per transaction. Within the first year of its existence, 100 billion coins were mined.
- Dogecoin is using a proof of work system of transactions verifying. The same system uses Bitcoin.
- Dogecoin is widely represented in social media such as Twitter and TikTok. In summer 2020 the Dogecoin TikTok challenge popped-up encouraging people to invest in this cryptocurrency.
You can purchase Dogecoin on some of these popular crypto exchanges: Coinbase, Kraken, BitFinex, Binance and to follow its chart on https://www.coindesk.com/price/dogecoin
