What started out as a parody of Bitcoin – BTC turned out into one of the largest cryptocurrencies, pumping due to the hype flowing from Tesla’s CEO Elon Musk tweets. By describing Dogecoin as “the people’s crypto”, the billionaire inspired large crowds of investors to invest in Dogecoin.
Dogecoin – DOGE is a cryptocurrency that was forked from Litecoin in 2013 and was intended to be a parody of Bitcoin – BTC. The memecoin represented itself by an image of the Shiba Inu dog breed. The creators chose this image because of popularity of the internet circling meme.
This review of Dogecoin – DOGE was created for informational purposes. This article is not intended for promotion.
A Japanese man regularly posted funny pictures of his dog named Kabosu. Several photos of the dog went viral in no time and became a well-known meme reaching millions of people. The famous meme of 2010 was used by Billy Markus and Jackson Palmer, to create Dogecoin in 2013. The two decided to use the hype and create a cryptocurrency with the Shibu Inu as their logo.
In July 2020, Dogecoin was trending on the social video sharing platform, TikTok with the intention to raise the price of DOGE up to $1.
On May 14, 2021 the billionaire Elon Musk announced that he was partnering with Dogecoin causing the cryptocurrency’s price to rise by more than 20 percent. The large community behind Dogecoin and tweets from Elon Musk, Snoop Dogg, Gene Simmons and Mark Cuban are surely the motives behind its success.
Photos of the original Doge, Kabosu, can be found on instagram @kabosumama
Bitcoin and Dogecoin characteristics are rather similar but Dogecoin differs from Bitcoin when it comes to the underlying algorithm.
With over 129 billion DOGE in circulation, the supply is exponentially higher than Bitcoin’s 21 million maximum supply. This might also mean that Dogecoin will never reach a high valuation in comparison to Bitcoin.
Dogecoin features a block confirmation time of just one minute, compared to Bitcoin’s ten minutes per block. Dogecoin processes around 33 TPS (transactions per second), much faster than Bitcoin’s average of 7 TPS. DOGE’s low transaction fees (around an average of $0.65 per transaction) makes it more suitable for microtransactions. Approving Dogecoin transactions also costs less energy than Bitcoin.
Dogecoin was founded by Jackson Palmer and Billy Markus. Both are no longer working on the project. Jackson Palmer from Sydney, Australia is known to have worked for Adobe Systems as a software developer.
Billy Markus from Portland, Oregon is known to have worked for IBM as a software engineer.
2013-12-06 Dogecoin was founded.
2014-01-19 A fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics.
2014-03-25 The Dogecoin community raised 67.8 million DOGE (around $55,000 at the time) to sponsor NASCAR Sprint Cup Series driver Josh Wise.
2021-02-06 Snoop Dogg tweeted an image, referring to himself as ‘Snoop Doge’.
2021-05-09 SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin, therefore becoming the first space mission funded by a cryptocurrency.
2021-12-14 Elon Musk said that Tesla will accept DOGE as payment for Tesla merchandise. DOGE’s value rose by more than 20%.
Dogecoin – DOGE is suitable for micro payments due to its low transaction fees. The ultimate goal of Dogecoin is to make it as usable as possible.
At the time of this writing, Tesla accepts Dogecoin for the purchase of some items on its official website.
Circulating Supply: 129,000,000,000
Total Supply: infinite
Max Supply: infinite
The Dogecoin Foundation (non-profit organization behind the development of Dogecoin) has announced a partnership with Ethereum co-founder Vitalik Buterin to create a staking mechanism for DOGE.
Whether we like or dislike Dogecoin, DOGE is here to stay. History was written with the birth of this very first memecoin. Not only that, DOGE is offered more and more when it comes to crypto payments. We are curious what Dogecoin has in store for the future.
Thereby Dogecoin is incredibly cheap to transact with. If you want to transfer cryptocurrency with low transaction fees, Dogecoin – DOGE might be suited for you.
It is known that the Dogecoin price is subject to extreme volatility. With a supply of over 129 billion DOGE and the fact that DOGE can be mined indefinitely, this cryptocurrency might never reach a high valuation. Yet Dogecoin is backed by a strong community and is encouraged by some of the richest people in the world.
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