Dogecoin is a very well-known coin because many people find it cute, especially because of the picture that comes with it. Dogecoin actually started as a big joke, as a reaction to the wild days of cryptocurrency in 2013. They wanted to ridicule speculation in crypto, but became hugely popular despite everything. Consequently, they demonstrated that people were investing in crypto without doing any research. The early adopters of Dogecoin must have missed little sleep over it, given the huge rise in value of this coin. It is a so-called meme coin, which means as much as a coin that has a funny picture as its symbol. In the case of Dogecoin, that's a Shiba Inu dog, a Japanese breed, looking at you sideways. A meme coin doesn't actually have a utility function. It is just a cute picture with a cryptocurrency with no use value for developers. The ticker symbol is DOGE.
Dogecoin is an open-source peer to peer digital currency. Their motto is "Do Only Good Everyday." Dogecoin is built as a fork on Luckycoin, which in turn is based on Litecoin blockchain technology. Dogecoin wants to be seen as the friendly community, which they have proven over time, as you can read in the remainder of this story. Over time, this coin has achieved cult status.
December 6, 2013, Dogecoin was introduced as a joke to create a payment system that would ridicule wild speculation in cryptocurrency. The designers of this coin were IBM software engineer Billy Markus (sometimes jokingly called Shibetoshi Nakamoto after his Twitter account, after Satoshi Nakamoto, the creator of Bitcoin) and Adobe software engineer Jackson Palmer. They are from America and Australia. They wanted to create a peer to peer coin that had a wider reach than Bitcoin. The joke was soon on them, as within a month the website Dogecoin.com already received more than a million visitors.
December 19, 2013, the coin soared 300% to nearly 1/10th of a dollar cent, followed by an 80% crash in response to China's decision to ban banks from investing in the Bitcoin economy. December 25, 2013 followed already the first hack, in which large amounts of DOGE were captured. The topic "hack of Dogecoin" was trending on Twitter and the Dogecoin community started the Twitter thread "SaveDogemas" to donate coins to those who had been stolen. Not much later, enough had been raised and everyone had their money back. In January 2014, Dogecoin traded more in volume than all other coins, including Bitcoin, combined! In this year, the random reward was also replaced by a fixed one for mining a new block. In 2014, Jamaica's poor bobsled team (!) did not have enough money to leave for Sochi. Consequently, they had by no means counted on placing. The Dogecoin community liked it so much that they placed, they started a campaign to get this team to Sochi. No sooner said than done, and the boys from Jamaica were able to pack their bags anyway with a $50,000 budget. March 22, 2014 was World Water Day. The Dogecoin community then raised $30,000 to drill wells in the Tana Valley in Kenya. This project is ongoing and more often new wells are being drilled in Africa through their Dogecoin Foundation. In the same month, Dogecoin fanatics (nickname: Shibes) sponsored a NASCAR racer named Josh White. All over the car was the text Dogecoin and that dog's logo. The whole prank cost only $55,000.
In 2015, there followed a re-fork on top of Bitcoin, building Litecoin technology on top of Bitcoin, using the advantages of both blockchains while still building out their own blockchain with advantages these networks did not have, such as speed, usability and low transaction costs. During the crazy days of late 2017 - early 2018, Dogecoin was worth close to 2 cents, for a while, then it also collapsed, just like the rest of the coins.
Since the year 2020, Dogecoin has had competition from another little dog. Well, another little dog, it is also Shiba Inu, but with the same name for the coin. Since then, you can see that there is a competition going on: who has the cutest dog? So far Dogecoin almost always wins, but occasionally Shiba Inu stood above them. To be continued!
May 8, 2021, Dogecoin was worth the most ever, 60 cents. There had been a campaign to get Dogecoin to $1 and they almost succeeded. When Elon Musk, a great proponent of Dogecoin, talked about Dogecoin on the show "Saturday Night Live," everyone expected that the coin, then at 71 cents, would have touched the dollar after the show. The opposite happened. DOGE dropped to 47 cents during the beginning of the show and to 40 cents after. It's quite a fun clip on Youtube, in which Musk is asked several times what Dogecoin really is. After each answer, they ask him again, "But what exactly is Dogecoin?" At one point, the presenter asks him, "So, it's a hustle?" And Musk says with a wink, "Yeah, kinda." On May 9, 2021, SpaceX, Elon Musk's space toy, announced a lunar mission funded entirely by Dogecoins, which of course was a symbolic nod to send Dogecoin to the moon (moons).
A more frequent FUD is that virtually all Dogecoin is owned by a few whales, but it turns out that these "whales" are exchanges, which must have lots of Doge in cold storage as collateral for their clients' funds.
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This nonprofit organization was founded in 2014 by members of the Dogecoin team. Their mission is to gain support for the Dogecoin project by further developing and advocating for it. They are also concerned with defending the trademark to prevent fraud and other less-than-pretty activities.
They also develop the roadmap, which is put on the calendar in consultation with the community. When they want to implement something new, they first discuss it with the community on GitHub and Reddit. On their trailmap page you can see what they are focusing on in the near future.
At Dogecoin they believe in a decentralized concept, with the community having the heaviest voice in decisions about the future of the network. The developers take a dog walk through their Trailmap to see what's on the community's menu for the future. On their prologue page, you can see what their road- er, Trailmap is based on, such as the fact that they want user value above all else.
Prominent members of this team are Jens Wiechers, Michi Lumin and Timothy Stebbing. Advisors to Dogecoin are not the least of these: Vitalik Buterin, Elon Musk and Shibetoshi Nakamoto. Its registered names are Much Wow Ltd and MadeUpNumbers Ltd in England and Wales.
Dogecoin is primarily used as money. As you can read above, Dogecoin allows you to raise funding for larger projects. Charities like the "American Cancer Society" and "The Giving Block" have already found their way to Dogecoin as well. With the hashtag #DoOnlyGoodEveryday, anyone can contribute who wants to spend a little DOGE for charity.
Because of its low fees and transaction speed, it is also used for tips and gratuities in all sorts of places. Adoption in (especially online) stores is also starting to become more widespread, so you can use it to purchase consumer products as well. BitPay and Coinbase facilitate the use of prepaid cards that you can deposit DOGE onto. In Australia, you can pay with crypto, including by paying with DOGE, through the "Living Room of Satoshi" payment system.
Dogecoin's "Folding at Home" allows you to use computer time and power that you are not using to support projects that scientists can use to work on diseases such as Alzheimer's, cancer, Parkinson's and COVID-19. Regular deposits from DOGE then follow to make this happen. The team behind Dogecoin is constantly trying to find new ways to use DOGE, always with a big smile on their faces.
In the past, if you wanted to mine Dogecoin you could just turn on a PC and start. As the coin began to enjoy more popularity that was quickly over. Nowadays you can almost only mine in pools, where the group's hashing power is enough to successfully find blocks and distribute them to participants. In 2014, merged mining was created. If multiple Proof of Work networks use the same algorithm (namely Scrypt in this case) to find new blocks, you can try to earn coins on multiple networks at the same time. The main coin on the Scrypt algorithm is Litecoin, but you can therefore mine simultaneously on DOGE and Litecoin as well as any other coin that works with Scrypt. Most miners who get started with Scrypt do so with an ASIC (Application-Specific Integrated Circuit) computer designed specifically to work with Scrypt.
You can also get started as a node, to support the network. For this, however, you do not get any rewards, so you would do it purely as a donation to the network. However, it does require considerable technical knowledge to do this. A lot of DOGE have been added since the beginning. In the beginning, you got random rewards for mining a new block, from 0 to 1 million. Today, 10,000 DOGE are added every minute, which has resulted in more than 100 billion on the market. About 5 billion are added every year.
The Dogecoin Manifesto
“We are Dogecoin, the accidental crypto-movement that makes people smile.
We are developing a currency for the people,
and we strive to do only good everyday.
Through this work we have come to value:
Being useful, we value utility over technical brilliance.
Being personable, we value individuals and interactions over profit-driven economics.
Being welcoming, we value collaboration and trust over competition and exclusivity.
Being reliable, we value working solutions over speed of delivery.
That is, while there is value in the items on
the right, we value the items on the left more.”
– Billy Markus
– Gary Lachance
– Jens Wiechers
– Max Keller
– Michi Lumin
– Ross Nicoll
– Timothy Stebbing