Dogecoin Price (DOGE)
DOGE to USD
In December 2013, two crypto enthusiasts from two opposite sides of the planet decided to try something a little different. Portland, Oregon’s Billy Markus and Sydney, Australia’s Jackson Palmer wanted to reach beyond the typical bitcoin audience. Their method: Link a popular internet Shiba Inu meme with cryptocurrency.
Dogecoin, called Doge for short, is a form of cryptocurrency that is based on a meme that may have started as a joke, but has since amassed serious enthusiasts, including some big-name celebrities.
Markus and Palmer built their own doge-themed crypto based on a fork of Luckycoin, which is a fork of Litecoin. Their goal with their “doge” branding was to bring levity to crypto, which was then suffering from bitcoin controversies and often close-minded communities that gave crypto a less accessible feel. Markus and Palmer believed that humor and a little fun could help clean up crypto’s tarnished image. They also thought a currency based on a popular meme would make for a great satire of the abundant emerging altcoins.
On both counts, they were right. Today, Dogecoin is among the most popular forms of crypto, with the Dogecoin subreddit (r/dogecoin) among the most active communities.
The Dogecoin Network
When Markus and Palmer launched Dogecoin, they weren’t looking to outdo Bitcoin or reinvent the wheel. They were simply trying to expand crypto’s audience. As such, Dogecoin boasts the same security infrastructure as Bitcoin.
Dogecoin is a fork of Luckycoin and Litecoin, which itself is a fork of Bitcoin. However, there is no hard cap on the number of doge that will be produced. The unlimited supply is in part what helps keep the cost of doge low. The Dogecoin blockchain can confirm 30 transactions a second, and a new block is created every minute.
Doge mining happens via a process called auxiliary proof of work, which allows miners running other mining software for other blockchains to also mine doge, which is useful for miners because the block reward is 10,000 doge, essentially making mining doge by itself economically impractical for many.
The Dogecoin Community and Culture
In 2020, Dogecoin went from a meme within crypto culture to a mainstream fascination. There are a few reasons why doge had a big year in 2020. One reason was that doge did well on the popular social media platform TikTok, which in 2020 seemed to dominate news feeds and everyday life. The second reason was that doge seemed to hold the fascination of Elon Musk, who often took to Twitter to show his support for doge.
Doge, which started as a nerdy crypto meme, is now a crowd favorite. Much wow.