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What is Dogecoin (DOGE)?

Based on the popular “Doge” Internet meme, Dogecoin is an open-source peer-to-peer digital currency that enables you to easily send money online, favored by Shiba Inus worldwide. While Dogecoin was introduced just for fun in 2013, it got pretty serious when the public began to lap it up and thrust it into celebrity coin status. It began to see some development as well, which only helped it rise higher among the other cryptocurrencies.

what-is-dogecoin-doge

The coin was created by Billy Markus, Jackson Palmer, and “Shibetoshi Nakamoto” – an obvious play on the name of Bitcoin’s creator – Satoshi Nakamoto. Dogecoin was forked from Litecoin in Dec. 2013. In 2014, Dogecoin also goes its first ATM, with a launch in Vancouver. Elon Musk used to share that Dogecoin is his favorite cryptocurrency.

The differences between Dogecoin and Bitcoin

Specifications Dogecoin (DOGE) Bitcoin (BTC)
Coin limit 123,627,040,637 DOGE $21 million
Price $0.002462 $9,771.75
Market Cap $304,384,188 = 33,373 BTC $178,186,673,404
Trading Volume $91,056,918 = 9,983 BTC $47,331,971,189
24h Low $0.002452 $9,700.40
24h High $0.002516 $9,951.75
7d Low $0.002223 $9,507.64
7d High $0.002531 $10,191.68
Market Cap Rank 33 1
Creator Billy Markus and Jackson Palmer Satoshi Nakamoto
All-Time High
$0.018773 (Jan 07, 2018)
$20,089.00 (Dec 17, 2017)
All-Time Low
$0.000085 (May 07, 2015)
$65.53 (Jul 05, 2013)
  • Dogecoin seems to be the only cryptocurrency that was begun as a joke. With a meme as its mascot and center of attention, Dogecoin is the one cryptocurrency that does not take itself too seriously, unlike nearly all the others.
  • On the consumer front, while other cryptocurrencies charge you for transactions like spending or remittance, Dogecoin charges you significantly lesser than the other cryptocurrencies. This is due to the low value of an individual token. It is also expected to have greater worth in the coming years.
  • Dogecoin has also built a reputation as a tipping system of sorts, with sites like Reddit using the Dogetipbot or other services via which users can tip others in Dogecoins.

Dogecoin has two reasons why you should consider to invest in it:

  • Dogecoin mining is quicker in comparison to Bitcoin.
  • There’s no limit for the number of Dogecoins mined, whereas the limit for bitcoins is 21 million. Miners could literally mine Dogecoin forever!

Who has created Dogecoin?

Billy Markus is one of the co-founders of Dogecoin, along with Jackson Palmer. Markus is the programmer who modified an existing litecoin wallet, creating dogecoin-qt. He leads a less public life than Palmer, going by the pseudonym Shibetoshi Nakamoto on Twitter.

Conclusion

The cryptocurrency’s association with the popular Doge meme is what seems to have been driving its popularity single-handedly. Of course, it helps that the cryptocurrency has become an accepted way of tipping others on social media, and as a currency for smaller, lower-valued transactions in general. It still has the potential to go further in the future.

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