Dogecoin (DOGE) was created in 2013 as a fun alternative to traditional cryptocurrencies and features a Shiba Inu as its mascot.
What is Dogecoin?
- Dogecoin is a fork of the Litecoin blockchain created in December 2013. It features the doge internet meme of a Shiba Inu as its logo and was created with fun, light-hearted intentions to appeal to a wider audience than core digital asset audiences.
- As a fork of Litecoin, the Doge network inherited many similar characteristics such as its proof of work mining mechanism known as Scrypt meaning it can be jointly mined with Litecoin.
- Dogecoin however has an unlimited supply, meaning that with every new block mined, there will be new DOGE placed into circulation for perpetuity.
- Despite being introduced as a “joke currency”, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter
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Who is behind Dogecoin?
Dogecoin was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. Jackson has stepped away from the project with Billy now the de-facto face of the project. Dogecoin’s development is now coordinated by the Dogecoin Foundation which is a not-for-profit organisation based in the United States of America. The foundation’s advisors include Ethereum co-founder Vitalik Buterin and Jared Birchall who represents Elon Musk.
What is the purpose of Dogecoin?
Dogecoin was created with no specific purpose in mind but quickly garnered a large online following given it could be easily and affordably sent to friends and family. As a result, it was and still is used as a tipping system on Reddit and Twitter where users tip each other for creating or sharing good content.
The community is very active in organising fundraising activities for deserving causes, with $30,000 raised by the community to help send the Jamaican bobsled team to the winter Olympics.
- Dogecoin social media sites have some of the largest followings in Crypto and the Dogecoin ‘brand’ has become synonymous with the industry and a stepping stone for new retail investors to get into the space.
- In Q2 of 2021, Dogecoin transactions on the popular Stock and Crypto trading platform Robinhood accounted for 62% of all digital asset trading revenue and over 30% of revenues for the platform, showcasing its popularity among retail investors.
- DOGE does not have a capped supply, meaning that with every block that is mined, more DOGE is put into circulation.
- There are currently limited use cases for DOGE although it is popular as a currency used for tipping content creators on sites such as Redditt.
- The top holder of DOGE holds over 30% of the total supply of DOGE meaning that if they were to sell it would crash the price.
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