Cryptocurrencies have been taking over the financial world for the last years, and this seems to be a future trend. In the beginning, there was only Bitcoin, but today, there are more than 4,000 cryptocurrencies available.
One of the popular cryptos for the last few years is Dogecoin. It is a hot, yet very strange cryptocurrency, and the fun thing is - it all started as a joke.
How did it start?
Dogecoins first appearance was on the 6th of December, 2013. It was created by two software engineers - Bully Markus (IBM) and Jackson Palmer (Adobe). Their primary goal was to differentiate the new crypto from the Bitcoin which, at that time, had attracted a small group of miners. Unlike other cryptocurrencies, Dogecoin was created for the masses.
They bought the dogecoin.com domain, referring to the famous “doge” meme. Their website slogan says "Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide."
Actually, Dogecoin was created as a joke, making fun of the crypto speculations that took over the world at that time. Despite this, it quickly became a famous currency with a huge online community. Today, Dogecoin's total market capitalization is over $80 billion.
What is Dogecoin?
Cryptocurrencies have their similarities and differences. Dogecoin, like all other currencies, can be bought and sold like an investment. It’s code is based on the litecoin script, but of course, it has some differences.
If the Bitcoin has a 21 million finite amount, Dogecoin has no limits and has more than 120 billion coins in circulation and they become more and more each year.
One of the best parts of the Dogecoin cryptocurrency is it’s strong online community. For many people, Dogecoin is the first step of entering the crypto world.
One of the disadvantages of the currency is that it is not actively maintained and it’s last update was in 2019.
Dogecoin growth
While Dogecoin's total market worth is over $80 billion, the price for a single coin is not so remarkable. Until April, 2021, the price for a Dogecoin was less than 10 cents. It crossed that line, at the moment Elon Musk started tweeting about it. According to him, Dogecoin could become one of the strongest cryptocurrencies.
Dogecoin benefits
Although it all started as a joke, Dogecoin has some benefits that make it a preferred investment.
Safety
Dogecoin has safety levels, based on its 1090 nodes, that make it stable for hacking.
Community
We have already mentioned it’s huge online community, and they all believe that Dogecoin is the future of cryptocurrencies. The community provides full support to the currency and even tries to make it more famous.
Easy to buy
This is maybe the easiest cryptocurrency to buy. All you have to do is create a wallet and choose an exchange. You will also need a few Bitcoins to exchange it with Dogecoin.
Based on Luckycoin
Both Dogecoin and Luckycoin use the scrypt language. One of the features of Dogecoin, inspired by Luckycoin, is that miners would receive 10 000 coins for producing new blocks.
Supply
Dogecoin has the biggest supply of coins, as it’s founders aimed for it to generate as many units as possible. They made a supply of 127 million coins and today the number is much bigger.
Mining process
Almost 100 000 Dogecoins could be mained daily. This is one of the fastest mining processes. Besides that, one block could be mined per minute which provides a great opportunity for miners.
Social media
Dogecoin is being promoted on social media sites like Twitter, Reddit and even Tik Tok. It has success in catching users attention as every day, there is a post about Dogecoin.
Fan base
As we already have mentioned, Dogecoin has a huge online community, but it also has a fan base in the world of entertainment. It has become popular among celebrities like Elon Musk, Kevin Jonas, Snoop Dogg and others. They have been posting memes and comments, and have even been trying to change people's perception of Dogecoin.
What started as a joke, referring to the cryptocurrency madness, today is one of the most popular cryptocurrencies, trying to differentiate from all the other existing cryptocurrencies.
It is hard to tell if Dogecoin is a good and profitable investment, because of its lack of support, although its large community has a potential to make an actual cryptocurrency.
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