‘Much wow, very crypto’—You would have seen these phrases when you go online nowadays. This is because of the iconic Shiba Inu, which is famously known as Doge. The photo of this popular dog is mainly used as a meme and creates visual content that is relatable to most social media lurkers. However, it was unexpected that this pop culture icon became the face of one of the most popular cryptocurrencies—Dogecoin.
But what is it exactly? If you want to learn more about Dogecoin, continue reading the rest of the article to find out more!
From being a meme to becoming a cryptocurrency
In 2013, Jackson Palmer and Billy Markus released Dogecoin to the public as an open-source cryptocurrency. At first, the founders created this as a joke and to make fun of the hype regarding cryptocurrency. During that time, Palmer was a sceptic of the advancing technology, which fueled his passion for creating something out of mockery.
When Markus heard about the popularity of Dogecoin, he reached out to Palmer since he wanted to release his cryptocurrency. From there, Markus was the one responsible for building the software of an actual Dogecoin.
Why is it called ‘doge’?
Of all the words that they can use to name this cryptocurrency, why did they use ‘doge’? Well, Palmer and Markus decided to mesh two popular things together in 2013, which is the cryptocurrency and the Shiba Inu dog. This dog is one of the memes that skyrocketed to fame back in 2010 because of its suggestive side-eye expression to the viewer. Aside from that, ‘doge’ was the misspelt word of ‘dog’, which gives it a more lighthearted tone.
Dogecoin became an icon to users of discussion website Reddit and social networking service Twitter since this was used as a reward or tip for good content.
The satirical nod on Bitcoin and other cryptocurrencies
If you try and take a closer look at a Dogecoin, you would see that it resembles the appearance of Bitcoin. Instead of the usual ‘B’ logo, a Shiba Inu replaces the front of a gold coin, with a letter ‘D’ overlaying the whole surface. The similarities between the two cryptocurrencies stem from how Dogecoin was created as a ‘fun’ version of Bitcoin.
The casual appearance of Dogecoin creates a friendly and welcoming atmosphere for people who want to learn more about cryptocurrency. This kind of approach is more appreciated by people since the serious and straightforward nature of other cryptocurrencies tends to be intimidating for some.
Abundance of Dogecoin
Another feature that makes Dogecoin stand out from other cryptocurrencies is that it is inflationary which means that it does not have a maximum amount of supply. Every minute, there are 10,000 Dogecoins mined, and the total amount of coins in circulation is around 130 billion. In other words, the Dogecoin will not run out of coins since there are thousands created in just a short span of a minute.
The creators of Dogecoin decided to keep the cryptocurrency inflationary so that people are encouraged to continue DOGE ‘tipping’, which is the act of giving Dogecoin to Reddit and Twitter users, as well as for other transactions. This shows that Dogecoin is a more accessible cryptocurrency compared to Bitcoin, which has a strict coin production cap.
What makes Dogecoin valuable?
In 2017, the value of Dogecoin went up but immediately went down in 2018. However, when Elon Musk, Tesla owner and SpaceX CEO, posted a tweet about Dogecoin in 2019, its value started to ramp up again. On top of that, another celebrity endorsement done by Snoop Dogg made the coin value high and popular again to the masses.
Aside from celebrity endorsements, Dogecoin has a good reputation in the public because of its constant presence in charitable acts. In 2014, the Dogecoin Foundation was registered in Colorado, and it strived to help multiple people by donating the coins to their causes. The most famous charities of Dogecoin are the Jamaican bobsled team support, clean water for Kenya and the entrance of Josh Wise from NASCAR to the Talladega Superspeedway race.
Additionally, Josh Mohland created a tipping option for Twitter and Reddit and named it the DogeTipBot. All users of these social media platforms have the freedom to tip content that they deem fun and entertaining.
How does Dogecoin work?
Like Bitcoin and Ethereum, Dogecoin also uses blockchain technology. It utilizes cryptography to keep the network secure from hackers and thieves on the internet. Additionally, Dogecoin requires using mining rigs to participate in mining the cryptocurrency. Miners also earn extra Dogecoin, which they can opt to sell or use in the market.
What can you do with Dogecoin?
Aside from social media tipping, you can use Dogecoin as gaming credits in casino games! People in India often use this as a form of payment method to play various casino games online.
How to get Dogecoin
If you are interested in having a Dogecoin of your own, here are some cryptocurrency exchanges where you can get them:
One of the leading cryptocurrency exchanges is Binance. This was released in 2017, and it supports over 200 cryptocurrencies. If you want to own Dogecoin tokens, this is one of the best options to choose. The best part is that it offers you to pay using traditional currency and other payment methods.
You can also get your Dogecoins from Bitpanda! This exchange site allows European users to pay through various payment methods such as Neteller, Skrill, SEPA and more. If you plan to buy a lot, make sure to take note of its limit of transactions per day.
A cryptocurrency exchange site based in New York, Gemini, also offers Dogecoin! You can make instant purchases by using your bank cards or depositing fiat currency via wire transfers.