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Dogecoin (DOGE) is a cryptocurrency that was created in 2013, inspired by the then-popular Shiba Inu dog meme “doge.” The cryptocurrency’s blockchain has been built with underlying technology from Litecoin (LTC), a cryptocurrency often referred to as the silver to Bitcoin’s gold.
The early Dogecoin community was well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
In 2021, search interest for DOGE exploded after influencers associated with the popular WallStreetBets subreddit rallied users to try to get the cryptocurrency to the $1 mark. The rally was fueled on social media, with many jumping on the DOGE bandwagon.
Celebrities, including Tesla and Space X CEO Elon Musk, later on started joking around the cryptocurrency, adding fuel to the fire. When the rally died down, and the cryptocurrency market entered a prolonged bearish period, Musk kept on supporting DOGE and moved to accept it for merchandise payments at Tesla.
Dogecoin was created by Jackson Palmer, a product manager at Adobe, and Billy Markus, a software developer at IBM. The cryptocurrency was initially created as a way to satirize the hype surrounding cryptocurrencies back in 2013, but received immensely positive feedback shortly after launch.
The cryptocurrency initially used a randomized reward for block mining, but that reward was changed to a static reward in 2014. It uses Litecoin’s Scrypt mining algorithm and is a Proof-of-Work cryptocurrency that can be merged mined along with LTC.
Dogecoin, unlike cryptocurrencies like Bitcoin, was designed to be abundant and circulate. At the time of writing, there are 132 billion DOGE in circulation, and the cryptocurrency does not have a maximum supply.
As it was created as a meme some suggest it shouldn’t have any value. Supply and demand, however, dictate that DOGE’s value has moved up over time, partly as the cryptocurrencies starts being broadly used by the community and accepted as a payment method by large retailers. Tesla, for example, accepts DOGE payments for merchandise on its website.
Investors also piled on DOGE as they speculated its price could surge in the near future. Its adoption may grow if it’s integrated into new products and services Elon Musk’s companies – which now also include microblogging platform Twitter – may launch over time.
Blockchain data provided by: Blockchair (Main Source), DogeChain (Backup), and WhatToMine (Block Reward and Time only)
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