Dogecoin is one of the most popular cryptocurrencies that was created by IBM software engineer Bully Markus and Adobe software engineer Jackson Palmer in 2013. They were friends from Reddit, and the interesting fact about them is that they never met offline. For your information, Reddit is a network of communities where people can dive into their interests, hobbies, and passions.
At first, it was created for an amusing purpose as a meme, to make fun of the other cryptocurrencies at that time and it had relatively little value. It was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to its official page Dogecoin.com.
Name and Logo
The name Doge represents the slang term of the word “dog”. On the picture of the logo is the face of a Japanese breed of hunting dog named “Shiba Inu”. Both, the name and the Shiba Inu logo are based on a meme. The symbol of this cryptocurrency is “ Ð “.
Elon Musk and Dogecoin
Elon Musk, the creator of Tesla, and CEO of Space X, often expresses his thoughts about Dogecoin on Twitter, which leads to a sudden increase in the value of this cryptocurrency. Musk’s first tweet about Dogecoin was on December 20, 2020, and shortly after that, the value rose by 20%.
Later in February 2021 as a result of his tweets, the value of Dogecoin went up by a prodigious 40%. In April 2021, the price of the cryptocurrency rose by more than 100% after his tweet about an image where he wrote “Doge Barking at the Moon” instead of the original “Dog Barking at Moon’s painting”.
What makes Dogecoin valuable?
The difference between Bitcoin and Dogecoin is that Bitcoin was designed to be rare and resistant to inflation, and Dogecoin was created to be abundant. In the words of its creator, Jackson Palmer, Doge brought a friendly face to the crypto space.
While Bitcoin had to deal with the stigma that saw it originally linked to criminal activities like money laundering, drug purchases and other shady pursuits, Dogecoin was offering a new and cleaner image of a cryptocurrency.
From the start, it was the currency of “generosity” due to several charitable initiatives that soon entered the Reddit space in 2014. Dogecoin’s price has risen as a result of celebrity endorsements such as Elon Musk and Snoop Dog. Dogecoin had a boost after it was reported that a well-known cryptocurrency platform would accept the coin.
How does Dogecoin work?
Dogecoin is a cryptocurrency that runs on blockchain technology, similar to other cryptocurrencies, like Bitcoin and Ethereum. Blockchain is a distributed, secure digital ledger that stores all transactions made using a decentralized digital currency.
All holders carry an identical copy of the Dogecoin blockchain ledger, which is frequently updated with all new transactions in the cryptocurrency. Like other cryptocurrencies, Dogecoin’s blockchain network uses cryptography to keep all transactions secure.
Dogecoin may be used for payments and purchases, but it’s not a very effective store of value. This is chiefly because there is no lifetime cap on the number of Dogecoins that may be created by mining—meaning that the cryptocurrency is highly inflationary, by design.
Price of Dogecoin
The price of this crypto coin on 3.30.2022 is $0.14. Dogecoin had an all-time high of $0.688851 11 months ago. Dogecoin price prediction for 2022 estimates that the coin could reach $0.3500 by the end of the year.
