Dogecoin fascinates the crypto community. Here are 10 things to know about this cryptocurrency

the Dogecoin (DOGE) is the first same corner known to the general public, known even to those who are far from being cryptocurrency enthusiasts, it has become so popular. Here are 10 things to know about DOGE, this crypto that initially had nothing serious…

A shiba inu dog / Adobe Stock

Who invented Dogecoin?

Dogecoin was created by two programmers Billy Marcus and Jackson Palmer. Its blockchain was launched on December 6, 2013, and the creators themselves literally considered it a joke.

Initially, in November 2013, Adobe marketer Jackson Palmer joked on Twitter that he “invested in Dogecoin”. The topic was picked up by other users, and Palmer started the site dogecoin.com. It interested a Portland programmer, Billy Marcus, who began developing the code.

Why was it created?

The developers wanted to create a cryptocurrency that would be closer to the mass audience, while distancing itself from the history of Bitcoin, which at the time was labeled as a means of payment for trafficking drugs, weapons on the Darknet .

Dogecoin turned out to be a cryptocurrency that people started using immediately after its launch — much to the surprise of Marcus and Palmer. Only in the first month after the official launch in December 2013 on dogecoin.com more than one million unique visitors had already come.

Read also: Buy or mine Dogecoin (DOGE) crypto? 2 extremely profitable solutions!

The Dogecoin, inspired by…

The creators of Dogecoin took Litecoin as the basis of their cryptocurrency. Initially, the mechanism of mining was borrowed from the Luckycoin currency. In March 2014, the Dogecoin blockchain saw a major update. It was expected that the number of coins issued would be 100 billion, but following this update, the issuance became fixed at 10,000 units per block.

Where does the name “Dogecoin” come from?

The name Dogecoin is inspired by the meme Doge became popular in 2013 on social networks. It featured a Shiba Inu breed dog. We therefore find this dog on the Dogecoin logo, a “fun” idea that we owe to the creators.

The Doge Meme

Elon Musk and the DOGE

Although he has no direct relation to the creation of Dogecoin, the richest man on the planet, Elon Muskhas become one of the emblematic figures in the history of the first memecoin. After it was first posted on Twitter quoting DOGE, the price of the coin more than doubled.

Elon’s first post on February 6, 2021 contained a poll named “Earth’s Future Cryptocurrencies” and there were two answer options:

  1. Dogecoin on the moon
  2. All the rest of the cryptocurrency

This tweet blew up the markets and the value of DOGE rose instantly, but Elon didn’t stop there and posted more tweet.

Later, the billionaire wrote that he bought Doge for his son and has now grown into a young hodler.

The benefits of Dogecoin

Users have started using Dogecoin to donate. They transferred dogecoins to each other using special robots, thanking each other for interesting information, funny messages, exchange of ideas, other useful content.

Consequently, the Doge exploded instantly on Reddit, creating at that time a market value of $8 million. Just a week after launch, Dogecoin became the second highest yielding cryptocurrency. Around the Doge an active community of users has gradually formed who have been attracted by the characteristics of the altcoin: simplicity, ease of mininganonymity.

How to buy Dogecoin?

The easiest and safest way to buy it is on an exchange, because you can use a bank card (Mastercard or Visa) to make this purchase. You may have to prove your identity (KYC). Here is the list of the most practical options:

  • On an exchange like that of our partner, PrimeXBT;
  • On a DeFi platform (in exchange for another cryptocurrency);
  • From individuals, directly.

Where to store your dogecoins?

As of today, most wallets and exchanges already support this crypto, which means you can store your DOGE:

Hardware wallets are the most secure, but always remember that your cryptocurrencies are YOUR responsibility.

Analyst predictions

WalletInvestor shows one- and five-year price predictions at $0.285 and $0.816, respectively.

Gov Capital predicts that DOGE could hit the $0.274 mark in one year and $0.937 in five years.

Dogecoin price as of April 27, 2022 (Messari)

Finally, the site Digital Coin Price shows the average target prices for Dogecoin in 2023 and 2027: $0.21 and $0.32, respectively.

Charity and Dogecoin

Dogecoin has become popular in part thanks to the charity. In January 2014, Reddit raised nearly $30,000 in DOGE to send the Jamaican bobsled team to the Winter Olympics.

In addition, as part of an international program Doge4Water$32,000 was raised to provide clean water in Kenya.

Dogecoin has managed to make a name for itself in the cryptosphere. It is at the time of this writing in 11th place among cryptocurrencies (on Mesari).

The recent arrival of Elon Musk at the head of Twitter may be able to speed things up positively for Dogecoin, the richest man in the world indeed considering using it on the social network with the very blue bird. shortly. So we may not have finished hearing about the Doge…

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