When cryptocurrencies started to move to the mainstream media, many coins didn’t have any significant value and didn’t serve any need in our societal matters. That was the exact case for DOGECOIN, a coin created when the internet exploded with memes, and the Doge Dog was a highly known internet figure. In the past 7 days, it’s been up more than 150% and leads the charts in the highest-increase for 1 week. Let’s get to know more about this Coin and see if it’s a good hold.
What the Hell is DOGECOIN (DOGE)
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme.
Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either alone, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
How are people using Dogecoin today?
Dogecoin is being used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities.
Dogecoin Quick Stats
- Current Price: USD 0.011796
- 24-hours performance: + 66%
- 7-days performance: + 153%
- Market Capitalization: USD 3.8 Billion
- Market Rank: #22
- Circulating Supply (uncapped): 127.7 Billion DogeCoins
Elon Musk and Dogecoin Lovestory
Tesla CEO Elon Musk has been known for tweeting memes from time to time. He has been tweeting alongside many other big investors about cryptocurrencies in general, and even posted several tweets on social media that Dogecoin is his favorite coin.
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