Dogecoin (DOGE) is an open-source cryptocurrency that is based on a fork of the Litecoin code. As the name implies, it’s mostly based on the Doge meme, which swept the Internet in 2013. The original artwork features a Shiba Inu dog with an inner monologue written in comic sans font.
Billy Markus, an Oregon-based programmer, first proposed the concept of a “joke” cryptocurrency. He reasoned that a more humorous coin, rather than Bitcoin, would have a better chance of gaining general acceptance. In a now-deleted tweet around the same time, Adobe’s Jackson Palmer wrote that he was “investing in Dogecoin, quite convinced it’s the next big thing.”
Palmer went on to start dogecoin.com after receiving some support. When Markus came upon the website shortly after its creation, he contacted Palmer to help make it a reality, and they started working on Dogecoin.
The cryptocurrency quickly gained traction on social media after its inception. It grew to a multi-million dollar market value in a matter of months.
The Dogecoin community has a reputation for giving back to the community. On sites like Reddit, it became popular as a tipping system, with users sending modest sums of Dogecoin to content authors.
Its more ambitious fundraisers reflected this giving spirit: in 2014, it raised nearly $30,000 in Dogecoin for the Jamaican bobsled squad competing in the Sochi Winter Olympics. The squad had qualified for the competition, but they couldn’t afford to travel to Russia for the competition.
The community also started two other programs in the same year. Doge4Water raised an additional $30,000+ to drill wells in Kenya, while Dogecoin supporters eventually donated over $50,000 to NASCAR driver Josh Wise. As a result, Wise famously painted the Dogecoin emblem on his automobile.
Elon Musk, the CEO of Tesla, has previously stated that Dogecoin may be one of his favorite cryptocurrencies on Twitter. He was humorously named the coin’s CEO following a community referendum.
A viral film on the video-sharing app TikTok set off a chain reaction in mid-2020, leading the DOGE price to skyrocket. A user encouraged others to join him in acquiring Dogecoin, claiming that by buying coins and selling them once the price reached $1, they would “all get rich.” The buzz grew to the point that Dogecoin was trading at more than 2.5 times its previous value in just a few weeks. The pump, however, was short-lived, and prices began to fall dramatically after that.
This type of action could be classified as a pump and dump. Due to the risks to investors, this type of plan is banned in traditional markets. Before establishing enthusiasm about an asset, promoters buy big amounts of it, encouraging others to FOMO into the investment. As a result, the price (the pump) climbs considerably. The promoters then sell their interests, resulting in a dump—as a result of the tremendous sell pressure, the price plummets, leaving later investors with massive losses.
Dogecoin, like Bitcoin, operates on a blockchain, with blocks added by Proof-of-Work. Participants in the network install open-source software on their computers so that they can act as full nodes. For those unfamiliar with blockchain technology, this means that each member keeps a complete copy of the database on their computer (which contains all transactions).
Because there is no administrator in charge of the system, it is decentralized. Users transfer data directly to one another and rely on cryptographic techniques to determine whether or not their peers are being truthful.
Dogecoin, like many other cryptocurrencies, may be purchased in a variety of ways. You may mine it or accept it as a form of payment for goods and services. The simplest way to get it is to buy it on a cryptocurrency exchange. In most cases, you’ll need to buy Bitcoin or another popular cryptocurrency first, then trade it for DOGE.
Once you’ve received your Dogecoin, you can treat it like any other cryptocurrency by storing it in a hardware wallet, trading it for other coins, exchanging it for goods, or tipping others with it. Bitrefill is probably the most convenient way to spend as it allows you to buy gift cards and vouchers from a variety of stores.
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