Dogecoin is a cryptocurrency that pays homage to the Doge meme, which is currently circulating the world wide web. However, unlike its namesake, Dogecoin is a contender when it comes to being an investment and a digital asset. Dogecoin was created by two people, Billy Markus and Jackson Palmer on December 6, 2013. The logo of Dogecoin is that of the Shiba Inu in the Doge meme, and with the capital letter D superimposed on the top. Its creators intended for Dogecoin to have a wider audience base compared to Bitcoin, and mainly as a fun and non-serious internet currency.Dogecoin is a memorable cryptocurrency since it managed to hold several notable records. In 72 hours after launch, the token reached an approximate 300% value appreciation. Furthermore, the website Dogecoin.com recorded more than a million visitors during the first 30 days of being introduced to the world.Then, on December 25 the cryptocurrency platform Dogewallet was hacked, and millions of coins were lost. This sparked a huge social outburst mainly on Twitter and made it the most mentioned altcoin, albeit in a negative manner.
Dogecoin is a crypto coin, similar to Ethereum, but it is a slightly different beast. Dogecoin was named after a once-popular meme and was developed in part as a pun for crypto fans.
It was created in late 2013 by software developers Jackson Palmer and Billy Marcus. Palmer developed the cryptocurrency's logo after mistyping the word "doge" when describing a Shiba Inu dog, which was popular at the time.
Other Uses of Dogecoin
Miners use computers to solve complex mathematical calculations in order to process transactions and record them on the Dogecoin blockchain, which uses a proof of work consensus mechanism. Miners receive more Dogecoin in compensation for supporting the network, which they can trade on the open market or trade.
Dogecoin can be used to make payments or purchases, but it isn't a particularly good store of value. This is mainly because there is no lifespan limit to the amount of Dogecoins that can be mined, making the digital currency highly inflationary by design.
Also, the platform rewards miners for their efforts by creating thousands of new Dogecoins nearly every day, making speculative price rises in Dogecoin extremely difficult to manage.
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