Cryptocurrency

All You Need to Know About the First Meme Coin: Dogecoin

  • Dogecoin was launched as a Meme but gained momentum when people started supporting it on Reddit.
  • Dogecoin has strong community support. 

Dogecoin was introduced by the software engineers Billy Markus and Jackson Palmer in r 2013 as a joke. Jackson developed the first meme coin and launched it. This meme was based on a photograph of a Shiba Inu dog called Kabosu. 

In the beginning, both the developers never thought of it as a serious project. They just released it as a joke. But to their surprise, dogecoin instantly started gaining immense popularity. It was started using as a tipping currency on Reddit. Just within 2 weeks, it reached more transactions than Bitcoin. 

Although started as a joke, its developers started taking it as a serious passionate project. The team that started with 2 developers was now expanded to 40 hardworking contributors who are still working to maintain and develop the cryptocurrency.

Dogecoin is also involved in many charitable endeavors. For example, the dogecoin community donated 26.5 million dogecoins for the Jamaican bobsled team to the Sochi Winter Olympics. 

The community also supported Kenyans by donating $30,000 for digging clean water wells in the country.

Dogecoin Stats

With a market cap of $9,178,052,127, dogecoin ranks as the 8th biggest cryptocurrency. Currently, it has a circulating supply of 139,938,116,384 DOGE. At the time of writing the news the coin was trading  at $0.06556

Dogecoins is a fully decentralized cryptocurrency. It works on the system of nodes. there is no central authority who is controlling this system. Although it has a community that maintains this network and new features are introduced to this network by the community. To enhance the working of the network and gain more user support so that more people will invest in this cryptocurrency.

Dogecoin enjoys a strong community. This community has been supporting this currency from the year of its launch.

One of the most famous contributors to the Dogecoin community is Elon Musk. His tweets have proved to be helpful in fueling the growth of the dogecoin currency.

Elon Musk started showing interest in Dogecoin in the year 2021. After his tweets, dogecoin saw a price rally. After SNL’s appearance, dogecoin’s price crashed but Musk still supports it with his tweets. 

What is the Use of Dogecoin

Dogecoin has been very famous among crypto enthusiasts as a tipping coin. Many people have been using this coin to tip the content creators for their good efforts. Primarily it is used on websites such as Reddit and Twitter to appreciate content creators. 

There is also even a website called Dogecoin Faucet. This website provides you with free dogecoin when you log in to this website. This initiative is undertaken by the website developers to promote the use of Dogecoin and strengthen the Dogecoin community.

How can a dogecoin be mined?

Dogecoin can be mined by a single miner or a group of miners in a community pool. This coin has a block time of 1 minute. The only thing you need to mine a new block of dogecoin is just a pc of Windows, Linux, or Mac and a strong GPU. Miners can mine unlimited Dogecoin because there is no limit on Dogecoin mining. 

Due to its very easy way of mining and Unlimited mining Capacity. It is very different from Bitcoin’s Proof-of-Work algorithm whose mining is very tough and energy intensive and also has a maximum mining capacity of 21 Million Blocks. 

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