Dogecoin is a crypto asset that was created in 2013 by two software developers. Despite being designed as a joke, the crypto asset has garnered traction in 2021, with significant price spikes.
Dogecoin is a peer-to-peer cryptocurrency that was created in 2013 by software programmers Billy Markus and Jackson Palmer. Dogecoin, like other cryptos, is based on blockchain technology.
Dogecoin originated as a joke and survived for several years with very little awareness. Between May 2015 and May 2020, the average price of Dogecoin was close to a fifth of a cent.
Its popularity grew in tandem with a surge in retail investment during the epidemic, as well as regular Twitter attention from well-known entrepreneurs like Elon Musk.
Dogecoin’s path since its birth has most certainly drastically altered the world as we know it. In the years leading up to Dogecoin’s emergence, crypto was gaining popularity. However, after Dogecoin found its way into everyone’s social media feed, crypto talks became frequent. That was the intention of Dogecoin Crypto creators Markus and Palmer.
Doge, according to its developer, Jackson Palmer, “gave a nice face to the crypto realm.” While Bitcoin was dealing with the reputation of being associated with illicit activities such as money laundering, drug transactions, and other nefarious activities, Dogecoin was giving a fresh and healthier vision of crypto assets. It was an asset of “generosity” from the outset, thanks to various philanthropic efforts that quickly entered the Reddit domain in 2014.
Dogecoin’s first creation saw the announcement that there will be a 100 billion coin maximum supply. The cap has now been removed by the creators, allowing for an unlimited supply of coins. There are exactly 132.7 billion DOGE in circulation as of 5th August 2022. Doge crypto price has seen a massive increment since its inception and the DOGE graph is pretty evident of that.
Dogecoin Crypto has a few distinguishing characteristics that set it distinct from other crypto assets. For starters, there is no limit to the quantity of Dogecoins that may be mined. This is in contrast to Bitcoin, which has a maximum limit of 21 million coins. Because there are an endless amount of Dogecoins, it has the potential to be very inflationary.
The method Dogecoin is mined is another aspect that distinguishes it from other famous cryptocurrencies such as Bitcoin. Dogecoins can be mined much quicker than other digital currencies since they employ Scrypt technology.
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Since May 7 2021, the value of Dogecoin has increased by over 26,000% in the previous six months, more than any other cryptocurrency.
13,267 Cr. DOGE
54% Buy 46% Sell
We're here to help! Speak to our 24/7 customer support team anytime!Connect Now