The purpose of Dogecoin is to create a payment system that is fun and free from traditional banking fees. It was invented by Billy Markus and Jackson Palmer. Dogecoin carries a Shiba Inu breed dog in its logo and name. Litecoin is an electronic currency based on. Introduced in 2013, Dogecoin quickly developed its own internet community, reaching a market capitalization of US$5.4 billion in 2021. Dogecoin “To the moon! it is referred to by the slogan “. The coin, which was issued as a joke, surprised the public by rising to the level of $0.57.
Dogecoin’s Ascension process;
Dogecoin was officially launched on December 6, 2013.Within the first 30 days Dogecoin.com more than a million people have visited. Palmer was working in Sydney at the time and is known for turning the idea of Dogecoin into reality. Palmer had purchased the domain Dogecoin.com he bought the domain name and added Dogecoin’s logo to the homepage.He chose to use Comic Sans. After Markus saw the site, he reached out to Palmer and began his efforts to develop this cryptocurrency. Markus had designed Dogecoin’s protocol on the basis of the then existing cryptocurrencies, Luckycoin and Litecoin.These cryptocurrencies used scrypt technology in their proof-of-work algorithms. The use of Scrypt meant that crypto miners could not use SHA-256 bitcoin mining equipment and instead had to use special FPGAs and ASICs, which are known to be more complicated to manufacture.
In 2013, Doge surged nearly 300 percent in 72 hours. It has reached a daily volume measured in billions. This growth comes at a time when Bitcoin and many other cryptocurrencies have been shaken by China’s decision to ban Chinese banks from investing in the Bitcoin economy.. Doge suffered its first major crash three days later. Due to this event, it lost 80% of its value due to large mining pools taking advantage of the small amount of computing power required to mine at the time.
ELON EFFECT TO DOGE
In January 2021, the value of Dogecoin increased by over 800% in 24 hours as a result of interest from Reddit users. The events of ‘GameStop short squeeze’ and Elon Musk’s references to Doge also contributed to this value increase.
Elon Musk’s interest in Dogecoin is not related to Reddit or any other community. Interest exists as of 2019. It has been reported by Doge developers that he sees and evaluates Doge as a project.