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Explore DOGE, the funniest and fast-growing asset.
What is Dogecoin
You could have seen a funny doge on the Internet resources. But now you still have no idea how it relates to the cryptocurrency topic? If yes, then we are going to explain what Dogecoin is, its history, and tell some interesting facts in the article.
What is Dogecoin?
Dogecoin or DOGE is an open-source, decentralized cryptocurrency, based on Litecoin. DOGE’s distinctive feature is a fast period of initial mining, which is a great advantage. Also, it is not so expensive in comparison with other crypto assets. Nowadays, there is no limit on the total amount of DOGE. In March 2014, the rewards of Dogecoins became fixed. It was an important step because at the very beginning the coin reward was randomized.
Developers Bill Marcus and Jackson Palmer launched the Dogecoin cryptocurrency as a joke on the wave of bitcoin rate growth in 2013. The famous “Doge” meme became its symbol, depicting a Shiba Inu dog with text on its photo. The main goal of the developers was to create such crypto-assets, that would be understandable for the majority of people. At the same time, something that would be radically different from bitcoin. In 2013, Dogecoin had set a record for the number of daily transactions. Dogecoins are mainly used for fundraising.
Also, people use it as a so-called crypto-tipping on internet resources. The Dogecoin community is actively involved in fundraising for charity. In its turn, the Dogecoin Foundation was opened in 2014.
Tesla and SpaceX founder Elon Musk triggered a spike in the price of Dogecoin with his Twitter post.He posted a photo of the Falcon 9 launch with the word Doge below it. The rate of Dogecoin increased by 19% in 15 minutes. Then, Elon Musk posted a few publications about DOGE. As a result, its cost has grown by 47.5% in total over the past day.
Dogecoin came under serious attack in a few days of its launching. Hackers cracked the Dogewallet and stole $12,000. The Dogecoin community launched the “SaveDogemas” campaign to collect donations to help people who lost their money after the cyber attack.
The community has raised enough money to cover all the losses in a month. However, price rates are quite unpredictable and a lot of factors can trigger their surges. First of all, we define news background: news about banning or limiting crypto influences the prices greatly. For instance, Elon Musk, in the past an ardent supporter of bitcoin, has changed his point of view and informed the public about the shortcomings of the first cryptocurrency. Musk questioned the decentralized nature of the DOGE and recalled the recent drop in the hash rate that occurred due to a power outage in China. As a result of the temporary shutdown of a large number of mining farms in China, transactions in the blockchain system were slower, and the BTC exchange rate decreased by 10% on 10, May.
The Dogecoin crypto community defines the following advantages of DOGE:
- Transactions commission is 1 only DOGE
- Easy to mine
- No scalability problems
- Gains popularity rapidly
Dogecoin was developed during the establishment of the cryptocurrency market. The coin quickly gained popularity as it was based on one of the most popular Internet memes. Dogecoin has experienced various ups and downs over years and now seems to be at its next peak in popularity. Many people registered the DOGE wallets in 2013 and now its community is huge! Dogecoin’s users appreciate its most important advantages: high transfer speed and low commission. You can buy and exchange Dogecoins with more than 20 crypto-assets on bit4you.