Dogecoin (DOGE) is a cryptocurrency coin, just like Bitcoin and Ethereum, but its advent is slightly different. In December 2013, Dogecoin came into being, with a meme being its source of influence. Emblazoned with a Shiba Inu dog breed, Dogecoin gained popularity due to its lighthearted advent and is still sometimes taken as a meme. However, its market cap is an astounding $10.44 Billion, taking it to #9 on CoinMarketCap.
With its core technology inherited from Litecoin, Dogecoin’s blockchain has appeal. Dogecoin, which uses a cryptographically secure algorithm, is notable for its affordable pricing and limitless supply.
A product manager from Sydney, Australia, named Jackson Palmer, is the founder of Dogecoin, who thought of this masterpiece in the office of Adobe Inc in 2013. His purpose wasn’t making a soaring crypto but was to decrease the hype around the popular cryptocurrencies. He intended for individuals to comprehend that anyone can launch and grow a cryptocurrency. It is a volatile way to invest your savings and should not be taken seriously.
Though, his creation became popular due to the idea behind its advent and the interest it received on social media. After receiving positive feedback and the rise in its price, Palmer bought the domain dogecoin.com.
A software developer at IBM, Billy Markus, wanted to create a digital currency but struggled to make people aware of his efforts. So, palmer and Markus got together and built the software behind DOGE.
Markus modeled Dogecoin’s code on Luckycoin, which was developed from Litecoin, and initially employed a stochastic reward for block mining until switching to a static payment in March 2014. Litecoin’s cryptographically secured algorithm is utilized in DOGE’s Proof-of-Work system.
How Does it Work?
Dogecoin has the same working procedure as all the other cryptocurrencies. Its system is modeled on a public ledger or decentralized network, which is publically available, but you can make anonymous transactions from it. A group of miners verifies and authenticate the transactions, which leads to the further processing of rewards.
You can set up a mining rig with expensive equipment if you can afford the cost. It is a one-time investment, but it can cost you a lot. Afterward, you can freely mine whenever you like, wherever you like. You can also switch to online brokerages like Biticodes. They only need some of your information and the minimum investment amount, and they handle the rest of the trade.
Dogecoin is set to become one of the most popular altcoins as Tesla’s CEO, Elon Musk, has announced that his company will accept all payments made through DOGE. Musk already has the rule over crypto, as his tweets can make the market go up and down at any instant.
It is a good investment option if you’re tired of Bitcoin’s decrease and want to switch to another option. In the end, your research and understanding of market trends will let you make a good amount of money as you’ll be able to apply the right tricks and techniques. Make sure to take advice but don’t apply all the same trading methods, as everyone experiences the market differently.