![]() ![]() DOGE in 2021Īfter its 2013 inception, the price of Dogecoin stayed below the $0.01 level, until 2021, where it saw unprecedented success for a meme token. This has not stopped the meme token from enjoying a successful year in 2021. ![]() Tesla has recently jumped on this trend, allowing customers to purchase accessories with the meme token.ĭogecoin has been criticised for its lack of utility and for only taking advantage of the virality of memes. DOGE is also being used as a means of payment. It is mainly used as a tipping system on Reddit and Twitter for users to gift money to posts they enjoy. There are some uses for the Dogecoin cryptocurrency, however. Instead, it was developed to be a store of value that had mass appeal. Utility is becoming an increasingly important factor for cryptocurrencies, but Dogecoin was designed with none in mind. DOGE will struggle to ever hit $1 because its supply is so vast. At the time of writing, it is sitting below $1, roughly at the $0.10 mark. This has correlated with a much lower price than some of the other top cryptocurrencies. According to Coinbase, 10,000 new coins are mined every minute. The circulating supply is currently way above 100bn DOGE. There is no supply cap for DOGE so an infinite number of tokens can be minted, making Dogecoin an inflationary currency. It has also given the meme token a block time of roughly one minute. Dogecoin uses scrypt, a secure and efficient mining algorithm that was designed to exclude bitcoin miners. The mining protocol behind Dogecoin varies slightly from Bitcoin. If anything, Dogecoin has shown how important communities are to the cryptocurrency industry, rather than the usual traditional investor. Since then, it has created a devoted community that has driven the price and developments of the project. The coin started out as a hard fork from the Litecoin blockchain in 2013. The Doge meme went viral in 2013 – Photo: Shutterstock They took inspiration from the Doge meme of a Shiba Inu breed of dog (‘inu’ is the Japanese for ‘dog’) with the classic Comic Sans text font. It was developed by the Adobe project manager Jackson Palmer and IBM engineer Billy Markus. Then along came Dogecoin (DOGE), which pioneered the meme token one that is defined by humour and social media chatter.ĭOGE was created as a joke, intended as a light-hearted alternative to the likes of bitcoin. What is Dogecoin (DOGE)?īack in 2013, the cryptocurrency market was completely different, with most coins being serious investments. While some are sceptical about its future, others think it will continue to be triumphant. The cryptocurrency was the first-ever meme token and has been around for more than eight years. After praise from Elon Musk, Dogecoin has become one of the few household names in the crypto industry. Instead it was designed as a joke inspired by a viral internet meme. Yet DOGE was not intended to be taken seriously. It enjoys a bustling community and one of the top market caps. Dogecoin (DOGE) has become one of the most well-known cryptocurrencies. ![]()
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