The price Dogecoin today is 0.197321 USD, and the trading volume in 24 hours - 1,662,606,695 USD. The crypto asset has grown by 1.56% over the day. Currently, the coin’s market capitalization is 25,764,500,365 USD, and has 130,571,507,162 coins in circulation with the max supply of 130,571,507,162 coins DOGE.
What is Dogecoin (DOGE)?
Dogecoin is a cryptocurrency inspired by a popular meme known as Doge, an image of a shiba inu dog accompanied by colorful Comic Sans phrases designed to convey its inner monologue.
Launched in late 2013, Dogecoin became popular at a time when developers were just beginning to explore the possibilities provided by the invention of Bitcoin (BTC).
Indeed, its creation was an attempt to make the new technology personalized and accessible, which helped propel Dogecoin into the center of industry discussion in 2014.
Even more surprising, even for its creators, is that Dogecoin continues to enjoy fan enthusiasm and a dynamic online community. To this day, its cryptocurrency, DOGE, is still exchanged, mostly for tipping online content creators or for crowdfunding.
One reason is that Dogecoin works just like many other cryptocurrencies, as it offers users the ability to exchange valuables over the internet without traditional financial gatekeepers.
Who created Dogecoin?
Dogecoin was launched in December 2013 by programmer Billy Marcus and marketer Jackson Palmer, who created the coin as a kind of joke based on the Doge meme.
Palmer left the project in 2015, but Marcus remains its lead developer even today.
Despite the humorous look, Dogecoin developers have insisted over the years that they take the project and their responsibility to users seriously. As proof, the project has even undertaken several notable experiments in cryptocurrency design.
Dogecoin also highlights the importance of community in crypto-money systems, as its users have been behind some high-profile crowdfunding efforts, including raising $ 50,000 in DOGE to help send Jamaica's bobsleigh team to the 2014 Olympic Games.
What is the uniqueness of Dogecoin?
The Dogecoin code was originally copied from a previously defunct cryptocurrency called Luckycoin, which itself is a fork of Litecoin (LTC).
From this earlier design, Dogecoin borrowed a Scrypt-based consensus algorithm to force the network of computers running its software to come to a consensus on the transaction history.
As with Bitcoin, anyone using the Dogecoin software can allocate the power of their computer to provide a service - a process often referred to as" mining " - in exchange for the opportunity to receive the newly released cryptocurrency.
However, Dogecoin's most notable experiment was its monetary policy. For example, there is now no limit on how much Dogecoin can be mined using the software.
Initially, the total Dogecoin offering was limited to 100 billion DOGE, but the developers abandoned this decision a few months after launch to make its money supply inflationary.
Over time, this abundance of supply would deprive miners of incentives to ensure the security of the Dogecoin blockchain, and in 2014, the mining process was integrated with Litecoin. This meant that anyone mining Litecoin could also mine Dogecoin without extra effort.
How many Dogecoins (DOGE) is in circulation?
As of January 2021, more than 127 billion DOGE have been mined, and 5 billion DOGE continue to be released by the software each year.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.