Amongst the multitude of meme coins in the market, one particular meme coin has stood the test of time and bear markets and has proven the concept of community rallying more than any other crypto out there. Yes, we’re talking about the one and only Dogecoin (DOGE).
Developed by programmers Billy Markus and Jackson Palmer on December 6th 2013, Dogecoin is a cryptocurrency created based on a popular internet meme of a Shibu Inu dog named Kabsou, who no longer is among us.
Although started as a complete joke with no value, Dogecoin quickly gained a large online following amongst the early crypto community who were looking for the next big altcoin gem. But as time went on, the fun meme-loving crypto started to get traction and gained value as it became a popular way to tip content creators on platforms like Reddit and Twitter.
While Dogecoin uses the same technology as Bitcoin, there are some key differences. As with Bitcoin, DOGE is a decentralized digital currency that offers users the ability to send money online without the use of banks or other intermediaries.
One of the main differences between Dogecoin and other cryptocurrencies like Bitcoin is the number of coins that will be produced. While Bitcoin has a hard cap of 21 million coins, there is no maximum limit for Dogecoin. This means that it is possible for new Dogecoins to be mined indefinitely, which has led to concerns about inflation.
Another key difference between Dogecoin and Bitcoin is the time it takes to complete a transaction. Dogecoin transactions are generally much faster than Bitcoin transactions, which can take up to an hour to be confirmed. This makes Dogecoin more suitable for small, everyday transactions where speed is important.
Despite its popularity, Dogecoin has faced some controversy over the years.
In 2014, the value of the currency plummeted after its lead developer, Jackson Palmer, announced that he was leaving the project.
In 2018, a hack of a major Dogecoin exchange called Cryptsy resulted in the theft of millions of dollars worth of the currency. In spite of these setbacks, Dogecoin has remained popular and has a dedicated community of users.
Dogecoin’s value surged in 2021 as a result of the “meme stock” craze and endorsements by celebrities like Elon Musk. The value of Dogecoin reached an all-time high in 2021 but has since declined.
Overall, Dogecoin is a cryptocurrency that was created as a joke but has gained a large and dedicated following. It is based on the same technology as Bitcoin but has a larger coin supply and faster transaction times.
While it has faced controversy and price fluctuations, it remains a popular choice for online transactions and tipping content creators.
Currently, Dogecoin has become the second-largest proof-of-work cryptocurrency after Bitcoin, as Ethereum made the shift to Proof-of-Stake via the merge in September 2022.
You can trade DogeCoin on most cryptocurrency exchanges, including DIFX. On DIFX, DOGE is available as DOGE/USDT pair for users to trade on.
Sign up for a DIFX account today and start trading!