Dogecoin is a cryptocurrency that was created in 2013 as a joke based on the “Doge” internet meme of a Shiba Inu dog. It uses a decentralized, peer-to-peer network and open-source blockchain technology, similar to Bitcoin and Litecoin. However, it has some technical differences in terms of mining and transaction processing.
The Dogecoin logo features the face of the Shiba Inu dog from the popular meme. The name Dogecoin also references the doge meme. Unlike Bitcoin, which has a limited supply, Dogecoin has a high supply of coins and low value per coin. There is no cap on the total supply of Dogecoins. Dogecoin originally had a block time of 1 minute and transaction fees of almost zero. This allowed for faster transactions compared to other cryptocurrencies.
No discussion of Dogecoin is complete without mentioning Elon Musk. The Tesla/SpaceX CEO has been a staunch supporter of Dogecoin on social media since early 2021. His tweets have catalyzed epic DOGE rallies and crashes. Though his passion has waned at times, he still holds influence over the DOGE price action.
Origins of Dogecoin
Dogecoin was created in December 2013 by software engineers Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. They forked the code from Litecoin to create a new digital currency that was based on the popular Doge meme featuring a Shiba Inu dog. Their goal was to make a fun cryptocurrency that would have a wider appeal beyond just tech enthusiasts like Bitcoin.
What Makes Dogecoin Unique
Unlike Bitcoin’s proof-of-work protocol, Dogecoin uses Scrypt technology and has a block time of 1 minute. The supply of Dogecoin is also uncapped, meaning there is no limit to how many can be mined. The quick block time and unlimited supply makes Dogecoin more accessible for miners.
Another key difference is Dogecoin has been used primarily as a tipping system on social media to reward the creation and sharing of quality content. The lighthearted nature of the meme-inspired currency sets it apart from other cryptos.
Dogecoin Price AUD
The DOGE price in AUD fluctuates frequently, having reached over $0.70 at its peak. As a highly volatile asset, the Dogecoin price can change significantly on any given day based on market forces and hype driven by influencers like Elon Musk. The lack of a supply cap makes it difficult to predict future price appreciation. But the enduring popularity of the Doge meme and Elon Musk’s promotion of it suggests continued demand.