Network participants install open-source software onto their machines so they can act as full nodes. Similar to Bitcoin, Dogecoin uses a blockchain, where blocks are appended via Proof-of-Work. However, notable changes have since been made to the protocol. How does Dogecoin work?ĭogecoin is based on a fork of Litecoin (LTC) called Luckycoin. Binance Academy has a wealth of resources on trading and economics, which can help you better understand the cryptocurrency markets. Then, the promoters sell their holdings, leading to the “dump” – with such high sell pressure, the price plunges as later investors are left with huge losses.Īs always, do your own research into prospective investments. As a result, the price rises significantly (the “pump”). Promoters purchase large amounts of an asset before generating hype around it, causing others to FOMO into the investment. This type of scheme is illegal in traditional markets due to the dangers to investors. Note that this kind of activity could be considered a pump and dump. However, the pump was short-lived, and prices began to sharply decline afterward. The hype snowballed, causing Dogecoin to trade at over 2.5x what it had in the weeks prior. A user called for others to join him in purchasing Dogecoin, stating that they would “all get rich” by buying coins and selling them once the price hit $1. In mid-2020, a viral video on the video-sharing app TikTok created a chain reaction, causing the DOGE price to rise significantly. Following a community poll, he was jokingly declared the CEO of the coin. Tesla CEO Elon Musk has previously tweeted that Dogecoin “might be” one of his favorite cryptocurrencies. As a result, Wise famously painted his car with the Dogecoin logo.
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Doge4Water raised another $30,000+ to drill wells in Kenya, and Dogecoin enthusiasts later sponsored NASCAR driver Josh Wise with over $50,000 in the cryptocurrency. In the same year, the community launched two other initiatives. The team had qualified but couldn’t afford to get to Russia for the event. This giving spirit was echoed in its more ambitious fundraisers: in 2014, it raised over $30,000 worth of Dogecoin for the Jamaican bobsled team to participate in the Sochi Winter Olympics.
It took off as a tipping system on sites like Reddit, where users would send each other small amounts of Dogecoin to reward content creators. The Dogecoin community has earned a reputation for charitable contributions. Within months, it hit a multi-million dollar market capitalization. Upon launch, the cryptocurrency rapidly spread across social media. When Markus stumbled across the website shortly after its launch, he reached out to Palmer to make it a reality and began work on what’s now known as Dogecoin. Around the same time, Adobe’s Jackson Palmer stated that he was “Investing in Dogecoin, pretty sure it’s the next big thing” in a now-deleted tweet.įollowing some encouragement, Palmer went on to create.
He reasoned that a more lighthearted coin would have a better chance of attracting mainstream attention than Bitcoin. The original image depicts a dog of the Shiba Inu breed, whose inner monolog is displayed in comic sans font.īilly Markus, a programmer from Oregon, initially came up with the idea for a sort of “joke” cryptocurrency. As the name suggests, it’s largely based on the Doge meme that took the Internet by storm in 2013. And in this article, we’ll explain why.Ī brief history of Dogecoin Founding and launchĭogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency stemming from a fork of the Litecoin codebase. It has captivated cryptocurrency enthusiasts since 2014. Some seek to establish themselves as money, while others aim to fuel smart contract platforms like Ethereum.Īmongst the earlier coins, Dogecoin is perhaps one of the most unique offerings. Since its launch, thousands of alternative cryptocurrencies (or altcoins ) have emerged to accommodate a vast range of use cases. The arrival of Bitcoin in 2009 opened the floodgates for digital currencies. It boasts a dedicated community of users who have raised funds for a number of initiatives over the years. Remarkably, its comedic nature hasn’t harmed its survival. Yep, Dogecoin is a cryptocurrency based on one of the most famous memes of all time.
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