Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.
The Shibu Inu is a Japanese breed of dog that was popularized as an online meme. “Doge” is a Shibu Inu and Dogecoin’s friendly mascot.
Dogecoin’s Community members are referred to as Shibes.
Holders are also known to use Dogecoin to “tip” fellow internet-goers who create or share great content.
Who invented Dogecoin?
Jackson Palmer and Billy Markus created Dogecoin.
Dogecoin was born as a concept in 2013 and launched in December 2013 by engineers Jackson Palmer and Billy Markus.
Before the creation of Dogecoin, the two engineers had reportedly never actually met in person.
Other popular exchanges supporting the buying and selling of Dogecoin include:
What is going on with it now?
Its rise to fame has led to a far wider acceptance of Dogecoin.
Across the U.S, CoinFlip announced in early 2021 that people could purchase Dogecoin at 1,800 ATMs across 46 states.
Unlike other cryptos, such as Bitcoin and Litecoin, there is an infinite number of Dogecoins. As a result, Dogecoin will not face the same supply and demand outlook as the likes of Bitcoin and Litecoin.
The endless supply does mean that Dogecoin is ideal for smaller transactions.
At the time of writing, DOGE stood at $0.0575. While well below the January 2021 all-time high of $0.1004, DOGE has managed to retain much of its 2021 gains.
The crypto newswires contributed to late January’s spike and the upside for the current year.
What are the risks of investing in Dogecoin?
As previously mentioned, the other issue that Dogecoin holders face is the endless supply.
As Bitcoin and Litecoin gain market interest, their finite supply remains an allure that Dogecoin is unable to compete with. This leaves holders facing downward pressure as the broader market makes ground.
As things stand, the Dogecoin community has been key to delivering price support. The community has, in the past, raised funds to return monies to those who have been hacked.
Once the community begins to weaken, Dogecoin may lose ground without any blockchain enhancements.
Why is Dogecoin so popular?
In the early years, Dogecoin’s almost instant popularity was attributed to the founders’ lightheartedness.
More significantly, however, was undoubtedly the generosity of the Dogecoin Community.
Not only did the community raise funds for multiple charities and good causes but also raise funds to cover losses faced by hacked Dogecoin holders.
Celebs and Dogecoin
Elon Musk, Gene Simmons, Mark Cuban, and Snoop Dogg are perhaps the most famous of them all.