Menu

What is Doge Coin?

0 Comment


 What is Doge Coin or Dogecoin? It is another digital currency or cryptocurrency that was made by Billy Markus and popularized by Jackson Palmer. It was first introduced as a joke currency on December 2013. It quickly gained its own online community and the joke became real with a capitalization of US$60 million in January 2014. If you don’t know what is Doge coin and the term is completely new for you, then you should read the text below.

Shiba inu logo

Their logo is from an internet meme “Doge”, the Shiba Inu dog which was very popular in 2013. They chose this certain meme because it looked fun and friendly perfect for a cryptocurrency that was initially started as a joke.

If you want to know more about the meme and the dog, here: knowyourmeme.com/memes/doge

Popularity

On December 19, 2013, Dogecoin’s worth soared almost 300% in 3 days, from USD 0.00026 to USD 0.00095 per coin, with billions of coins mined per day. People were quick to ask what is doge coin in search engines.

On December 25, 2013, the first major theft of Dogecoin happened. Millions of coins were taken during a hack on the online wallet platform, Dogewallet. This event flooded social media about Dogecoin, making it the most cited cryptocurrency on Twitter at the time. So more and more people, by this time, were asking what is doge coin.

Dogecoin also held plenty of fund raising events. In the 2014 Sochi Winter Olympics the community raised USD 50,000 for the Jamaican Bobsled Team. Another fund raising event was Doge4Water in 2014. They began collecting donations to make a water well in Kenya, partnering with the non-profit organization Charity: Water.

Since then the popularity of Dogecoin steadily rose and is primarily being used as an internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content.

Dogecoin supply and trade

Dogecoin initially were limited to 100 billion coins, which was much higher than the top digital currencies were permitting. Dogecoin founder Jackson Palmer decided to remove that limit in February 2014. It should bring the constant reduction of its inflation rate in the long term.

You can use free Dogecoin faucets from the websites Dogefaucet.com and InDogeWeTrust.com and if you are an expert in Bitcoin mining then you can also apply your knowledge to Dogecoin mining.

When you have the coins, you can trade them for commodities in the Dogecoin community. You can trade Dogecoin for bitcoins or other cryptocurrency on exchange sites like https://www.evonax.com/ .