Knowledge

What is Dogecoin?

Dogecoin is a cryptocurrency introduced in December 2013. The Dogecoin’s logo is Shiba Inu, a Japanese breed of dog that was popularized as an online meme. In this article, we will introduce Dogecoin and provides you with useful information about this cryptocurrency.

Dogecoin’s History

When Bitcoin’s price was continuously rising, the global cryptocurrency market became more important than ever. At that time, a large number of new cryptocurrencies emerged, making the market expand day by day. It was at this time when Dogecoin emerged.

Dogecoin was introduced on December 6, 2013. The coin’s name and logo are inspired by the popular “Doge” Internet meme of a Japanese dog breed, Shiba Inu. Although many new cryptocurrencies were introduced in 2013, Dogecoin experienced fast growth in a short time. It was initially introduced as a “joke currency” and gained a lot of attention from investors after having many charitable activities. Also, many users in social media use Dogecoin for the online tipping system. They grant Dogecoin tips to other users for providing interesting content.

Who founded Dogecoin?

In the early years of the cryptocurrency market’s emergence, many believed that cryptocurrencies should not be considered as serious investments. Billy Markus, a programmer from Oregon, and Jackson Plamer, a programmer from Sydney, were two of these people. They wanted to create entertainment using a fun cryptocurrency that could reach a broader demographic than Bitcoin, and they founded Dogecoin for this purpose.

Dogecoin value

As we mentioned above, Dogecoin has attracted many investors since its release and has gained a noticeable value, but its price has risen even more lately. This sharp rise not only has satisfied the investors but also has greatly increased the total trading volume.

Dogecoine current price is $0.0045, and its current ranking on the CoinMarketCap website is #43, with a market cap of $569,446,773.

The Impact of Elon Musk’s Tweets on Dogecoin’s Price

Elon Musk is famous for many things; one of them is his controversial tweets. It might seem odd, but some of his tweets have made a fluctuation in Tesla’s stock value! However, Dogecoin has benefited from Elon Musk’s tweets, so far. He mentioned in a tweet on 20 December 2020 that Dogecoin is his favorite cryptocurrency, and Dogecoin’s share soared by 20%. It wasn’t the first time SpaceX CEO has tweeted about Dogecoin. In July, a similar tweet sent up Dogecoin’s share by 14%. It’s obvious how much Elon Musk’s tweets have impacted Dogecoin’s value and increased its transaction volumes.

How to Buy Dogecoin?

One of the important questions about any cryptocurrency is that how you can buy it. Some of the most reliable online exchanges for Dogecoin are:

  1. Binance
  2. Huobi Global
  3. OKEx
  4. HBTC
  5. Dsdaq

So it is better to choose one of these online exchanges if you are interested in Dogecoin trading.

Mining Dogecoin

Another important question about cryptocurrencies is how to mine them. The dogecoin project is created based on the POW algorithm or mining hardware. Dogecoin’s encryption algorithm is a script, which resulted in low energy consumption of mining hardware systems.

There is no limit to how many Dogecoins can be produced, so there is no limit in mining Dogecoins. Investors should notice that Dogecoin’s block time is 1 minute, and they can mine it individually or with mine pool.

The Best Wallets for Dogecoin

The number of wallets covering Dogecoin has increased with the growth of the Dogecoin market. Some of the most common wallets are:

Dogecoin: the official wallets, which is a mobile app only available on Android platforms.

Coinomi and Atomi: software wallets that are available for both mobile and computer devices

TrustWallet: a software wallet, which is only available for mobile devices

Leger and Trezor: hardware wallets that must be purchased from trusty centers

Dogecoin Price:

At the time of writing this article, each Dogecoin is worth $0.0045.

Disclaimer:

Please note that this article’s sole aim is to improve common knowledge about Dogecoin, and it is NOT a recommendation by DappGame to invest in this or any other cryptocurrencies. Please consider that investing in cryptocurrencies is always risky, and you should do adequate research before making any financial decision.

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