Most of you will know about the cute and crazy Doge. The Doge memes made rounds in social media, not long ago. It inspired a team of cryptocurrency enthusiasts to make a cryptocurrency out of that. They combined the cure dog avatar with crypto and named it, Dogecoin. It was developed by Billy Markus and Jackson Palmer in 2013. Interestingly, they introduced this cryptocurrency as a Fun. Even now, if you look at the website, it includes Doge memes for the most part. Overall, you can feel the comic sense that is prevalent throughout the website. For the most part, they have been goofing up right on the homepage.
Crypto Model of Dogecoin
Dogecoin was modeled after crypto called LuckyCoin. The latter uses the same script for proof of work (POW) protocol that originated from LiteCoin. In a nutshell, Dogecoin is internet money. It operates in a decentralized ecosystem that enables users to trade it at the accepted exchange rate. The aim of developers was to introduce a cryptocurrency that is devoid of controversies. At that time, there was a cloud of suspicion over the crypto tag. Though it intends to be an alternate payment system, the coin was initially used for tipping. Reddit users tipped others with Dogecoin for making impressive posts, rather than just giving an upvote.
A Little Background
It was not until late 2013, Dogecoin was taken seriously. By late 2013, the value of the currency jumped a whopping 300% in just 3 days. It went from $0.00029 to $0.00095 within 72 hours. Though it is not a lot in terms of pricing, it is a considerable jump in such a short span. To their dismay, the original developers of Dogecoin got off the project in 2015. Jackson Palmer took an “extended leave of absence” from which he never returned. Fortunately, support for the project from other backers kept the coin afloat. Moreover, the pouring support for the coin gave it a ‘celebrity coin’ status.
Even in 2015, it was elevated to the status of being used as a means of charitable donations. A classic example will be, Dogecoin being used to raise $50,000 for the Jamaican bobsled team to participate in the 2015 Winter Olympics. Anyone who watches the sports flick, Cool Runnings can easily relate to what the Jamaican struggle is. In the same year, the coin was used to raise $55,000 to sponsor Josh Wise, a NASCAR driver. In addition, it was used for social projects that included raising $50,000 for Kenya’s Water Crisis. With such a strong fan base, it is hard to imagine the coin dying out. This one of a kind cryptocurrency has garnered tons of thousands of fans, year after year.
Summing it Up
Though it is very popular, let’s take Dogecoin for what it is. It is easy to trade assets with low transaction fees. Even on the website, it is described as ‘the fun and friendly internet currency’. The cryptocurrency is easy to set up, trade and is actively used in the Reddit community. It is currently traded at $0.0036 with an all-time high of $0.017.