What is Dogecoin?
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin is the Cryptocurrency based on a Shiba Inu meme and with a mission to be the most fun and light-hearted Crypto of the sector.
As such it has become a popular hit with the internet meme culture and most notably Elon Musk is often promoting this Cryptocurrency.
Starting as a tipping service for good quality posts for internet forums, Twitter and Reddit alike – this Cryptocurrency has reached more mainstream and known levels. Thanks in part to Elon and these internet communities.
Dogecoin prides itself on its novelty factor and boosts to its price have been known to stem from internet activity; especially Twitter and Reddit.
The History Of Dogecoin
Dogecoin was formed in December 2013 by the developer Billy Markus and Jackson Palmer who had a background in Marketing. Palmer subsequently left the Dogecoin project in 2015 and an “extended leave of absence” entirely from the Crypto community.
The inspiration for Dogecoin came from a popular internet meme of a Shiba Inu dog glaring sideways at the camera. It was initially used primarily as a tipping service on Twitter and Reddit for what users deemed quality posts. The code for Dogecoin was initially replicated from a now obsolete Cryptocurrency called LuckyCoin which was a fork of Litecoin (LTC).
Being a Cryptocurrency that embraces its light-hearted nature, projects in its earthly days in 2014 involved raised $30,000 + through Dogecoin to get the Jamaican Bobsled team to the 2014 Winter Olympic Games in Sochi, Russia. This was in homage to the cult film “Cool Runnings”.
Since those early days, Dogecoin has become somewhat more mainstream thanks to the promotion of Elon Musk in July 2020, who has since continued to promote Dogecoin at various points on Twitter. Even promising SpaceX would put a “literal Dogecoin on the literal moon.” Very in keeping with Dogecoin style, tweeting on April Fool’s day 2021.
Dogecoin also benefitted from the tumultuous time for Stock Markets and Wall Street after the GameStop situation where Reddit board users had decided to take on Wall Street. Dogecoin appeared to be the chosen Cryptocurrency after GameStop stock, and it grew a staggering 800% in price from a Reddit post; helping it break into the top 10 for market caps in early 2021.
SpaceX is going to put a literal Dogecoin on the literal moon— Elon Musk (@elonmusk) April 1, 2021
How Dogecoin Works
Dogecoin was initially a replication from a now obsolete Cryptocurrency called Luckycoin. Luckycoin was a fork of Litecoin and so Dogecoin is so too.
Much like Bitcoin, computer power can be dedicated to mining (providing the service for new coins to enter into circulation) for the chance to receive newly minted Crypto coins. The mining process for Dogecoin is actually integrated with Litecoin’s and therefore users choosing to mine Litecoin could also mine Dogecoin without additional effort.
Dogecoin also has another unique characteristic vs other Cryptocurrencies (outside of the fact it is based on a meme). There is technically no max total supply of Dogecoin.
So now you know what Dogecoin is, if you’re looking for where to buy Dogecoin, the team at Complete Crypto has reviewed the best Crypto Exchanges which support Dogecoin.