Even today it’s still a widely used, traded, and community supported cryptocurrency. It’s available on almost every exchange, and is supported by a number of popular multi-asset wallets.
So read on as we go over more about the history, present, and future of this silly yet highly effective cryptocurrency. Cryptocurrency as satire? Created back in December 2013 by creators Billy Markus and Jackson Palmer, the currency was originally intended for two main purposes. Arguably, the primary purpose of Dogecoin was to act as a satirical commentary on the sudden explosion and ridiculous valuations of the new currencies coming out at that time. Back in 2013, all sorts of random and debatably pointless cryptocurrencies were created and had million-dollar market caps after just a few days online. One of those was “BBQ Coin“, which at one point had a market cap of nearly $8 million, and is now effectively worth nothing. The second goal was to create a currency that was fun and more readily accessible than the dominant bitcoin. Dogecoin was also designed to have a very large supply in the hundreds of billions so that each individual unit would always have a low price. Other intentions for the currency were to be used as an online tipping currency, such as for Reddit comments or YouTube videos, among other things. The creators of Dogecoin used the popular Doge meme as the name and symbol for the new cryptocurrency. Word of the currency spread quickly through the Internet thanks to an innovative guerrilla marketing campaign using the characteristics of the Doge meme. This usually involved a picture of the Doge character alongside various broken English sentences that often took the structure of “much something”, “very something”, “such something”, “wow”. For example, “such crypto, many coin, very currency, wow” or something like it. Dogecoin technology and economics Dogecoin was created as a fork of Luckycoin, which itself was a fork of Litecoin. Therefore, Dogecoin contains a number of characteristics that are similar to Litecoin but not identical. For example, it uses the Scrypt algorithm which was originally designed so that bitcoin ASICs could not mine it. Of course, Scrypt ASIC miners exist today, but that was not the case back in 2013. Dogecoin also has a shorter block time than Litecoin. Dogecoin was designed to have a very large supply, for the express purpose of keeping the currency accessible. As a result of the low cost of the individual tokens, transaction fees are also significantly lower than other competitors. Typically less than one cent or so is all that it takes to send a transaction. Further, Dogecoin transactions are very fast and confirm quickly. Dogecoin has recently seen a fast rise in price, as of Feb 2021 it trades for around 3cents, it did hit as high as 7cents after a huge pump in price after going viral on TikTok, Twitter and other social media sites.
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