What is Dogecoin the First And Largest Meme Cryptocurrency

September 9, 2023
What is Dogecoin the First And Largest Meme Cryptocurrency
  • This coin was launched in 2013 by two software engineers as a joke but later became very popular on Reddit and Twitter.
  • The community of Dogecoin includes a lot of big personalities like Elon Musk and Snoop Dog.

What is DogeCoin 

This cryptocurrency is based on the famous “Doge” internet meme, which features a shiba inu dog. It also adopted the face of the shiba inu dog as its logo. This memecoin is a fork of litecoin. And since Litecoin was made from Bitcoin, Dogecoin has a lot of characteristics of Bitcoin. Dogecoin does not have any intrinsic value. The value of Dogecoin is derived from its popularity. 

History of Dogecoin 

The memecoin was originally launched as a joke. Its founders Billi Markus, and Jackson Palmer, didn’t launch it to make it the biggest cryptocurrency. They launched it just as a joke. But just a few weeks after its launch, the cryptocurrency gained a lot of attraction on the social media sites like Reddit and Twitter. Users used this cryptocurrency as a token to reward the content creators and share it on the internet. 

After it launched, the cryptocurrency gained a huge user base within two weeks. After this, the developers took the project seriously and are still working towards improving the crypto and introducing necessary changes. But in 2015, co-founder Jackson Palmer left the community. He didn’t plan to return to the community because he believed cryptocurrencies are built to enrich their top proponents. 

The community of Dogecoin 

Since Dogecoin is a memecoin, its price majorly depends on its popularity, and a big reason for it being the best meme coin is its highly supportive community. There are many big celebrities in the community of Dogecoin. The biggest name is the world’s richest person Elon Musk. He is a big supporter of Dogecoin, which can be easily noticed in his tweets. He often tweets in favor of Dogecoin. His tweets had a major impact on the price of Dogecoin. Some of his tweets even lead to a sore in the coin’s price. 

The community was also involved in various charity programs. For example 2014, the community organized a fundraiser and funded US$50,000 for the Jamaican bobsled team, which qualified for the Olympics but couldn’t afford to go. By the second day, the price of Dogecoin rose by 50%.

Dogecoin mining 

Although it follows a lot of characteristics of Dogecoin, it is still mined differently from Bitcoin. Dogecoin can be mined by a single miner to a group of miners. Its mining does not require as much electricity as Bitcoin and can also be mined by normal hardware. The block time of Dogecoin is 1 minute which means that one block is added to the blockchain every minute. 

The interesting thing about this coin is that there is no limitation on the maximum number of coins to be mined. Miners can mine unlimited Dogecoin. 

Dogecoin live stats

Currently, Dogecoin is trading at $0.07535. With a market cap of $10,588,634,264, this cryptocurrency is the third biggest cryptocurrency in the market cap. The trading volume of this coin is  $337,452,201. As per the trading volume, Dogecoin ranks 12th in the crypto market. The maximum supply of this coin is not fixed.

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