What Is Dogecoin (DOGE): History, When it Launch, and Market Performance

Introduction

In evaluating Dogecoin (DOGE) cryptocurrency, it must be noted that it has attracted much attention since its creation. This article covers aspects of Dogecoin's beginning, significant events, and performance throughout the years for readers who want to know more about this unique type of cryptocurrency.

 What Is Dogecoin (DOGE)? 

Dogecoin is a decentralized, internet-based money system developed by programmers Billy Markus and Jackson Palmer in December 2013. Known originally from the 'Doge' meme that portrays a Shiba Inu breed of dog, its creation was more inclined towards entertainment as a brand of digital currency than Bitcoin. Thus, while it originated with humor, Dogecoin gained a community and became widespread.

Project Mission and Vision: 

Dogecoin primarily aims to be a decentralized digital currency using Peer-to-Peer technology. It seeks to create grassroots advocacy for digital currency through tipping and charitable giving. The project also aims to keep transaction fees as low as possible, making it helpful for small-scale purchases.

Key Features and Innovations: 

• Community-Driven: The Dogecoin community is known for its participation in charitable events and fundraising.
• Low Transaction Fees: Dogecoin transactions have minimized fees, making it useful for small transactions, such as donations.
• Unlimited Supply: Unlike Bitcoin, which has a capped supply, Dogecoin allows for an unlimited number of coins to be mined.
• Fast Transactions: Dogecoin has a target block time of 1 minute, much faster than Bitcoin's 10 minutes.

History of Dogecoin 

Jackson Palmer of Adobe Inc.'s Sydney, Australia branch, and software developer Billy Markus of IBM are the duo who developed Dogecoin. The aim was to create a cryptocurrency that made people laugh at the social hysteria surrounding cryptocurrencies.

2013–2014

Palmer and Markus officially launched the coin on December 6, 2013. By December 19, Dogecoin's value had risen by 300% due to China's measures to ban its banks from involvement with cryptocurrencies. It was founded with a codebase borrowed from Luckycoin, an adaptation of Litecoin, a Bitcoin fork. In March 2014, Dogecoin switched from a randomly set mining reward to a static mining reward. Like Litecoin, Dogecoin harnesses Scrypt technology, but its blockchain uses PoW.

2015–2024

Dogecoin had a significant moment in the summer of 2019 when Binance, a popular crypto exchange, added the coin to its platform. By May 2024, the market capitalization of the most popular meme token reached nearly $24.39 billion. Dogecoin's development continues thanks to active miners and developers. In May 2024, Kabosu, the dog that inspired the 'Doge' meme, died, generating many posts and memes, including tweets from Elon Musk.

Fears Associated with Dogecoin

Dogecoin started as a meme coin with no real-world blockchain value beyond its existence, but it has gained a solid fan base. Critics argue that Dogecoin lacks utility compared to other cryptocurrencies, which affects its market price. However, the community and active developers counter these arguments by highlighting Dogecoin's use in tipping, charitable donations, and as a payment method in many online stores. Their evidence of utility includes: 

• In this aspect, usage is a means of payment, as evidenced by the act of tipping and contribution towards charitable and humanitarian organizations. 
• Many online stores recognize the platform as a payment method. 
• Based on the understood functions of money, the first one can be stated as money as a store of value. 
• Ongoing development. 

By December 2023, there are only initiatives for DOGE usage for blockchain fees, which are multiple times lower than those of BTC and ETH. 

Nevertheless, it must be considered that first Bitcoin also had no practical application, and it was facilitating payment similar to the Dogecoin. After this, practical improvements have been made to Bitcoin's blockchain, adding more layers to the technology. On the same note, based on this perspective, someone might tag Bitcoin as having utility, meaning Dogecoin should also be considered valid.

Dogecoin vs. Bitcoin 

 To the public, Dogecoin was established as a Bitcoin spin-off with an iconic Shiba Inu dog mascot. The new participants in the crypto market received this relatively informal and even frivolous approach. As of using the Scrypt algorithm and not having an upper limit to its launch supply, the creators of the new coin marketed it as faster, more flexible, and user-friendly than Bitcoin. 

While bitcoin is categorized as deflationary due to its scarcity because few limit the number of tokens it has, Dogecoin is considered an inflationary coin. Every four years, the inflation rate of bitcoins through mining is cut down by half, slowing down the total supply of bitcoins until it is fully launched into the market.

How to Buy DOGE Coin on CoinEx?

Step-by-Step Guide:

1. Create an Account: Sign up for an account on CoinEx.
2. Deposit Funds: Deposit funds into your CoinEx account using a preferred payment method.
3. Navigate to DOGE: Go to the markets section and search for DOGE.
4. Place an Order: Choose the amount of DOGE you wish to purchase and place a buy order.
5. Store Your DOGE: Once the transaction is complete, store your DOGE in a secure wallet.

Conclusion

This paper attempts to track the evolution of Dogecoin and its development into one of the popular cryptocurrencies, which all started with a joke. For instance, Dogecoin began in December 2013, and other achievements include having a market cap close to $24. As of May 2024, the market cap is 39 billion, and the cash price is 0. 7376 in May 2021. This minimum costs an initial amount of $0. 00026, Such a rate still shows that the growth of the digital currency is possible and that the community plays a crucial role in developing the cryptocurrency. 

Thus, the further development of Dogecoin and other similar digital assets can be noted as a vivid example of how the cryptocurrency market can change over time. The particular case of Dogecoin can be highly informative for experienced investors and those who are getting into the world of digital coins and tokens.

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