DOGE: Everything You Need to Know
In December 2013, two software engineers Billy Markus and Jackson Palmer, built Dogecoin as a joke and as a fun cryptocurrency. If you’ve spent any time on the internet, you’ve probably come across or heard about the Doge meme. In this post, we decode the most famous meme crypto of them all.
What is Dogecoin?
DOGE (Dogecoin) is an open-source, peer-to-peer cryptocurrency. It’s classified as an altcoin and a meme coin. The Shiba Inu dog serves as the logo for Dogecoin, which was launched in December 2013.
Story of Dogecoin
How Dogecoin Started
Palmer, an Australian marketer, famously joked about combining two of the most discussed things on the internet: cryptocurrency and Doge. He also tweeted about it. Many people on the internet took notice of the tweet and began discussing Dogecoin. Palmer continued the joke by purchasing the Dogecoin.com domain and uploading a photo of Shibe on a coin.
Billy Markus, who’d been working as a software developer at IBM on the other side of the world, noticed Palmer’s remark on the specified domain. He attempted to contact him, but he began working on Dogecoin when he did not receive a response.
How does Dogecoin work?
Markus claims he invented Dogecoin with Bitcoin’s open-source code. He modified a few things and created 100 billion Dogecoins against 21 million Bitcoins. He stated that it just took 3 hours to develop Dogecoin. He explained how he scrolled through Bitcoin’s code and replaced all instances of Bitcoin with Dogecoin using the control F function. He also made it easy to mine dogecoins. Markus substituted the word dig for mine since dogs do not mine but rather dig.
Dogecoin Mining: Consensus Model
To keep the network secure, Dogecoin employs a Proof-of-Work consensus protocol. This PoW algorithm, although, is not the same as the SHA-256 version employed by Bitcoin. Instead, the network’s PoW process is based on scrypt technology. This decision was made to avoid the utilization of high-capacity Bitcoin mining rigs. Dogecoin can only be mined with FPGA and ASIC devices.
Total Dogecoin Circulation
There is no hard cap on Dogecoin circulation. The initiative began with a total of 100 billion coins in circulation. Because of the one-minute block timings, all of these coins have been mined by 2015. At that point, the developers decided to issue another 5 billion. Moreover, Dogecoin currently has a 5-billion-coin issuance schedule every year.
Dogecoin’s Launch and Early Rise to Fame
The Dogecoin network became active on December 6, 2013. Initially, the project only drew the attention of a small group of Reddit users. However, the Dogecoin subreddit exploded, providing them with the necessary attention and resources to make a cryptocurrency profitable. These users would send each other Dogecoin tips. On the day of the coin’s launch, the Dogecoin website attracted over a million visitors.
On December 19, 2013, Dogecoin reached a significant milestone. In less than three days, the coin’s value increased by about 300 percent. This was the first time Dogecoin had aroused widespread investment interest in the market. The rally, however, was short-lived, and within three days, the coin’s value was retraced by 80%.
Dogewallet, the corporation’s native wallet, was hacked a few days later. Millions of Dogecoin were stolen by the infiltrator. According to a later review, the attacker was able to change the wallet’s send and receive page to transfer coins to a static address.
‘SaveDogeMas’ and Other Fundraising Events
To replace the stolen coins, the creators and community swiftly launched the “SaveDogemas” contribution campaign. Surprisingly, this endeavor was able to cover all losses. The community organized a fundraising event in early 2014 that raised $25,000 for the Jamaican bobsled squad.
This occasion marked the commencement of a massive fundraising campaign. The community then worked on providing clean drinking water in Kenya. Dogecoin proceeded to train assistance animals for autistic individuals after another successful event.
Listing on Moolah and TikTok Trend
Dogecoin was listed on the Moolah exchange the same year. The listing boosted Dogecoin’s credibility and increased the network’s liquidity. On January 7, 2018, Dogecoin had one of several market spikes, reaching a new all-time high of $0.017/coin. This increase occurred during the crypto-breakout when all altcoins saw significant gains. Another increase in the coin’s worth happened in July 2020, after TikTok users launched a campaign to raise the coin’s value.
Another Dogecoin Rally
Dogecoin raised eyebrows once more in 2021. As a result of a campaign to disrupt opportunistic hedge funds, the token increased by nearly 800% in just 24 hours. A group of Reddit users, led by a guy known as WSBChairman, organized the rally.
Dogecoin: The Musk Connection & More
Elon Musk, the CEO of Tesla, stated this year that he would put Dogecoin on the moon. Some speculated it to be an April Fool’s joke, but Musk has ever since tweeted many cryptic messages about Dogecoin.
Only a few more celebs joined in the fun. The Dallas Mavericks, owned by business tycoon Mark Cuban, have announced that Dogecoin would be accepted as payment. Snoop Dogg, a rapper, and Gene Simmons, the bassist for Kiss, tweeted about it.
In May 2021, during his hosting appearance on “Saturday Night Live,” Elon Musk referred to Dogecoin as a “hustle,” causing Doecoin’s price to plummet shortly afterward. He recently stated that he hasn’t sold any of his Dogecoin holdings and has no plans.
How Can One Buy Dogecoin?
You can buy Dogecoin on the CryptoPerformance Buy Page, store it on the platform, or in a Dogecoin wallet. You can also tip Dogecoin in any community that accepts cryptocurrency.
Dogecoin price predictions
The future of Dogecoin appears bright. With many speculating that it has a long way to go, who knows that Dogecoin price might even reach the $1 many are hoping for.
