Since mid-December, the Dogecoin rate has increased almost fivefold and today is almost one and a half cents per coin. The capitalization of this parody of cryptocurrency has grown to $1.2 billion. The rapid growth of Dogecoin is due to the fact that interest in it is growing.
Dogecoin was created in 2013 by American Jackson Palmer, who took advantage of the popularity of the Internet meme Doge. Jackson, one of Adobe's marketers, used a photo of a cute Shiba Inu dog to promote a new cryptocurrency. In tandem with programmer Billy Marcus, who was seriously interested in cryptocurrencies, literally one week after purchasing the domain, he began launching dog currency to the masses.
Dogecoin was created on the basis of the Luckycoin crypt, which, in turn, was based on Litecoin.
Dogecoin initially copied Luckycoin's random reward to miners for each block, but in March 2014 the reward size became fixed. When it was created, it was stated that the emission of this altcoin would be limited to 100 billion coins, but later all restrictions on the emission were lifted and now more than 111 billion coins have already been mined.
Therefore, due to the lack of an emission limit, as well as due to the very fast initial mining period (reward every 60 seconds), Dogecoin was not able to overcome the one-cent threshold until the end of 2017 year.
And only with the advent of the Year of the Dog, fortune turned to this altcoin full-on.
What attracts users to this cryptocurrency, besides the cute face on the coin?
- fast transaction speed and an almost symbolic commission. It amounts to exactly one dog coin, regardless of the transfer amount.
- the coin is anonymous and completely safe, since few people take it seriously.
- Dogecoin does not have any problems with scaling.
- crypto exchanges, exchangers and various services willingly use this currency, because there are no problems with it, and it diversifies the price list of services.
- many young users who love freebies have registered dog wallets, since these coins are distributed to visitors on many sites as a bonus for registration.
-dog coins are easily exchanged for other digital and electronic currencies.
- Dogecoin’s reputation is ideal. She was not noticed in any fraud or committing illegal actions..
Bitcoin parody founder Jackson Palmer noted that “it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it that hasn’t released a software update in two years has a market value of over $1 billion.”
He added that the fact that most talk about cryptocurrency in the media is about investment and the ability to make money “takes the focus away from the underlying technology and the goals on which it was founded.” movement."
Dog currency is reminiscent of Elusive Joe from the bearded joke, but there is a chance that Dogecoin will surprise us with its capabilities.
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