Uncountable cryptocurrencies are being used every day, but some cause more controversy than others. If you’re familiar with internet lore and memes, the name of this coin might sound familiar to you.
Dogecoin is a cryptocurrency inspired by the popular meme Doge, a Shiba Inu with a somewhat funny expression. Many people have been using it for several years to trade and invest money. Please keep reading if you want to know everything you need to get into this cryptocurrency.
What is Dogecoin?
Although this altcoin is used as a meme and an inside joke within the crypto community, it did have a significant value at some point in its history.
It is based on Litecoin technology, and its logo is an image of the well-known Shiba Inu. Moreover, it has caught people’s attention as it is a very inexpensive coin with unlimited supply and a script algorithm.
Dogecoin has been through a very tumultuous history throughout the years, as personalities such as Elon Musk directed attention towards it. This sudden awareness rapidly created a supportive community around the coin, and some of its members still have a lot of respect and love for this cryptocurrency.
Jackson Palmer created this cryptocurrency in 2013 as a satire coin, but he wasn’t aware of the craze he would start after tweeting about it and releasing it to the market. He ended up buying the domain dogecoin.com, and everything seemed normal until a software engineer called Billy Markus contacted him to ask for his permission to create an actual technology behind Dogecoin.
He based the software on Litecoin’s technology, and by December of 2013, Dogecoin was a real cryptocurrency that could be used like any other.
Most people would look at Dogecoin as a joke, as its punchline was being a “fun version” of the regular cryptocurrencies we tend to use. However, it entered the “bubble” of cryptocurrencies, which made its prices blow up for a while.
This was enough to create a massive community around the coin, which donated enormous amounts to social causes such as building a well in Kenya and sponsoring athletes.
Nonetheless, this community faced several controversies, and the world of crypto began to forget about it as the whole business became more serious. The community was called toxic, and one of its members, Alex Green, was found guilty of taking advantage of his power to steal money from its members.
Everything good must come to an end, which is why Dogecoin’s bubble popped in late 2017 and started to slowly decrease in price, as well as several other cryptocurrencies.
Since then, its use has been reduced to tips for social media content in Twitter, Reddit, and Twitch.
One of the only reasons why Dogecoin remains active today is its miners. This is because it is based on Litecoin, which is still a highly mined coin, and it doesn’t take extra effort to mine Dogecoin at the same time. Therefore, most miners decide to double the profit by mining both currencies.
Moreover, Elon Musk has shown a high interest in this cryptocurrency and even contacted its creators to try and improve its technology.
Dogecoin is quite a funny chapter in cryptocurrencies’ history, and although it isn’t widely used anymore, it is always interesting to know more about these controversial meme coins.
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