What is Doge Coin ?

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Dogecoin (DOGE) is a parodic cryptocurrency developed in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. Dogecoin piqued interest in the meme-fueled crypto community. Its creators saw it as a fun, light-hearted cryptocurrency with great appeal to the core audience of Bitcoin, and it is based on the popular Doge internet memes.   

Dogecoin was launched on December 6, 2013 as a joke currency and quickly developed its own online community and had a capitalisation of $60 million by January 2014. In January 2014, DogeCoin's trading volume briefly surpassed that of Bitcoin and all other cryptocurrencies combined, but its market capitalization remains well below Bitcoins. 

 

The Dogecoin mining difficulty adjustment controls how difficult or easy it is to find a block by optimizing each block, much like Bitcoin was customized for each block in 2016. Each block produced according to the new timetable contains 10,000 doge coins, which means that 5.2 billion doge coins are mined every year.   

The Dogecoin blockchain is verified by miners using the Scrypt algorithm, which is also used to extract litecoin, a bitcoin spin-off. Those who like Dogecoin and Litecoin for this reason would like to verify this.    

Investors who want to send Dogecoin up to a price of $10 must buy the coin before posting a tweet. A price of $10 means the coin must surpass Bitcoins "market capitalization to stay afloat.   

 

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While dogecoin is an inflationary coin, cryptocurrencies like bitcoin have a deflationary upper limit on the number of coins that can be produced. In addition, Bitcoin has a cap of 21 million coins, which limits the number that Dogecoins can produce.   

Demand for dogecoin surged so much in April that it broke through Robinwood's cryptocurrency trading system. The total value of dogecoins in circulation now exceeds $50 billion, which is not bad for a digital currency that started out as a joke. The price of a dogecoin doubled on Friday after Elon Musk tweeted about it for the upping of time (more soon on that).    

 

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Dogecoin is like all cryptocurrencies a digital currency that can be bought and sold as an investment or to spend money. It is a cryptocurrency like Bitcoin, except that it does not use SHA256, but has proof-of-work (PoW).

Dogecoin differs in several ways from Bitcoin's proof-of-work protocol, among which is the use of scrap metal technology. Dogecoin takes development instructions from Tenebrix and Litecoin and uses a simplified version of Scrypt.    

Dogecoin is an additional Proof-of-Work (Auxpow) crypto with an unlimited offering of 5 billion doges that are put into circulation every year. From the 600,000th block on, there is a permanent reward of 10,000 Dogecoin for each block spent. Due to the Dogecoin "10,000 Rule," miners can only earn this doge amount per block, which happens every minute.    

 

 

 

 

 

Markus developed the Dogecoin protocol based on the existing cryptocurrencies Luckycoin and Litecoin [10], both of which use Scrypt technology for their proof-of-work algorithms. Markus Dogecoins code is based on Luckycoin itself which is derived from Litecoin and used a random reward for block mining which was converted into a static reward in March 2014.    

 

 

 

 

 

Two weeks later, on the Reddit channel / r / Dogecoin, which has more than 19,000 users, the price of Doge, the official token of the project, jumped to over $300 after China announced a ban on payment companies trading in Bitcoin. Tesla CEO Elon Musk has been responsible on several occasions for driving up the Doge price by sharing several references and memes related to Dogecoin on his social media feeds.    

 

 

Dogecoin was founded by IBM software engineer Billy Markus in Portland, Oregon and Adobe software engineer Jackson Palmer, who set out to create a peer-to-peer digital currency that would reach a wider demographic than Bitcoin. Markus and Palmer named the satirical cryptocurrency Dogecoin (pronounced "DojeCoin") after the soft G in the sound of the popular "Doge" (Shiba Inu) meme. The cryptocurrency bears the face of the Shiba Inu dog from the Doge meme as the logo and namesake.   

 

 

 

In addition, IBM software engineer Billy Markus of Portland, Oregon and Adobe software engineer Jackson Palmer wanted to distance Dogecoin from the controversial history of other coins.   

 

Elon Musk, the Tesla billionaire (TSLA) who has alienated much of the bitcoin and cryptocurrency community in recent months has renewed his support for the meme based cryptocurrency Dogecoin. The price of dogecoins has exploded this year, rising to more than $10,000 in October 2020, catapulting it into the top ten cryptocurrencies thanks to Musk's quirky Twitter personality. Jackson Palmer, product manager in the Australian Sydney office of Adobe Inc., launched DogeCoin in 2013 to satirise the hype surrounding cryptocurrencies.   

 

 

In addition to buying Dogecoin, there are other ways to access the cryptocurrency: promoting it, getting tips, and networking with the community. The crypto bubble that pushed up the value of many coins burst in 2018 and although the currency lost much of its value, its key supporters still trade and use it to upend content on Twitter and Reddit. The price of Dogecoins today is $0.005949,781, with a 24-hour trading volume of $1.848,120,075.    

The Dogecoin-based approach helps cryptocurrency avoid obsolescence, where people buy coins for fun and profit, not usability. If this approach goes too far, large stakeholders will step in.    

 

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Dogecoin is an open source cryptocurrency, launched by Jackson Palmer and Billy Markus in 2013. It is based on the popular internet meme "DOGE" with a Shiba Inu and the Dogecoin logo. DOGEcoin, the cryptocurrency branded after the viral dog meme of the year, hit a new all-time high on Friday afternoon. 

 

 

Dogecoin, the cryptocurrency branded years ago after a viral dog meme, now has a market capitalisation of $9.2 billion and has risen more than 26,000 per cent in the six months since. With the recent support of celebrities such as Tesla CEO Elon Musk, Dogecoin has gone from a symbol of little real significance to a top-10 cryptocurrency by market capitalization. Market cap explodes DogeCoin (DOGE), an open-source peer-to-peer digital currency, has become one of the largest and most notorious cryptocurrencies in early 2021.