Dogecoin (DOGE) is one of the most popular cryptocurrencies. Despite being a relatively new player, Dogecoin is now able to compete with big names in the crypto market, such as Bitcoin and Ethereum. Thanks to Elon Musk who brings Dogecoin up to the moon!
Dogecoin’s popularity explodes and gains more than 5,000 percent by 2021. One of the driving factors is Tesla CEO Elon Musk. In his Twitter account (@elonmusk) a few days ago, Elon Musk said Dogecoin was his favorite cryptocurrency.
What is the story of Dogecoin?
Dogecoin emerged on the idea of Jackson Palmer, a manager of Adobe Inc. in Sydney, Australia. Palmer created Dogecoin as a form of allusion to cryptocurrency.
Palmer gave the Dogecoin logo taken from a popular meme at the time which featured the word “doge” which was purposely misspelled to describe the Japanese dog, Shiba Inu.
In Portland, Oregon, a software developer at IBM named Billy Markus wants to create a digital currency. However, he had a hard time promoting his business. Mark then discovered the Dogecoin rumor. Markus contacted Palmer to get permission to build the software behind Dogecoin.
December 6, 2013, Palmer and Markus officially launched Dogecoin. Two weeks later on December 19, 2013, Dogecoin’s value jumped 300 percent.
In its first year, the Dogecoin fan community donated 27 million Dogecoin to fund the Jamaican Bobsleigh team’s trip to the 2014 Olympics by drilling a well in Kenya and sponsoring NASCAR drivers.
Then in 2019, Dogecoin experienced a surge in value along with other coins. The increase was influenced by Dogecoin being listed on the Binance cryptp exchange. Another factor that helped push Dogecoin’s price up was the support from Elon Musk.
How Dogecoin Works
Dogecoin also uses blockchain technology. Like other cryptocurrencies, the Dogecoin blockchain network uses cryptography to keep all transactions safe.
Like everything else, after buying Dogecoin, the next step is moving it to a crypto wallet.
Buying Dogecoin is now a reward.
“It’s just that security and code-level surveillance aren’t the same as those of Bitcoin or Ethereum, plus Doge doesn’t have a community so the exposure for mining-level attacks is way above Bitcoin,” explained Bitwave CEO Pat White.
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