Launched in 2013, Dogecoin (DOGE) is famous for its logo inspired by the Japanese breed dog, shiba inu. DOGE actually started out as a sarcastic cryptocurrency because at that time the crypto sector was so popular. There are also sources that say Dogecoin is a parody of Bitcoin.
Dogecoin was developed by IBM developer Billy Markus and Adobe data scientist Jackson Palmer in 2013, relying on Litecoin (LTC) technology and can be mined just like any other cryptocurrency.
What differentiates DOGE and LTC is that there is no production limit for this shiba inu currency. In addition, it uses the Scrypt algorithm and offers cheap prices.
Interestingly, Scrypt miners prefer this altcoin over other proof-of-work cryptocurrencies. Although the hash rate of DOGE is around 150 TH / s, lower than LTC (170 TH / s), DOGE mining can be integrated with LTC.
This means that miners can mine both cryptocurrencies simultaneously. Basically, those who mine LTC will also choose to mine DOGE because concurrent mining is more profitable.
DOGE once saw a price spike during bubble 2017 before declining sharply by 2018. At that time, Dogecoin traded at $ 0.018 with a market capitalization of over $ 2 billion.
2020 saw the sudden rise of DOGE when Musk chose the currency as his entertainment. Starting April 1, 2020, the world millionaire called himself the ‘CEO of DOGE’ before turning to the ‘former CEO of Dogecoin’ in his Twitter profile space.
Not only that, Musk labeled DOGE as the crypto currency of the people so much so that the joke was welcomed by American rapper Snoop Dogg and rock band vocalist, Kiss, Gene Simmons.
Interested in investing in Dogecoin? You can do this on any exchange platform that offers DOGE. However, you need to buy Bitcoin or any well-known currency like Ethereum (ETH) or USDT and then trade with DOGE.
As of this writing, DOGE market capitalization reached $ 10 billion with a trading value of $ 0.079, up 12.40% in 24 hours.
