![]() ![]() Dogecoin's unique cultural significance provides an example of how blockchain can succeed in promoting alternative money systems. The latter has unprecedented tangible impacts on the former. ĭogecoin exists in two economies: the financial economy and the cultural meme economy. ĭuring December 2013 and January 2014, Dogecoin's developers discussed in public forums whether the inflation rate should be changed, and, on February 2, 2014, Dogecoin founder Jackson Palmer announced that the supply of coins would remain uncapped, resulting in a constant reduction of its inflation rate over a long time. Thereafter, approximately 5.256 billion more coins have been produced per year, in perpetuity. According to the current production schedule, approximately 98 billion coins had been released by February 2015, with a block of 600,000 mined on February 25, 2021. ![]() This puts Dogecoin in the same league as other inflationary coins. Unlike deflationary cryptocurrencies such as Bitcoin, there is no limit to how many Dogecoins can be produced. The Dogecoin network was originally intended to produce 100 billion Dogecoins, but later, it was announced that the Dogecoin network would produce infinite Dogecoins. ĭogecoin was officially launched on December 8, 2013. Soon after that, IBM developer Billy Markus reached out to Palmer via Twitter asking him if he would be willing to create an actual Dogecoin cryptocurrency and it was officially launched on December 6, 2013. Switching between these two tabs, Palmer had the idea to put the two elements together and quickly tweeted about a hot new cryptocurrency called Dogecoin. Palmer had two tabs open side-by-side on his computer-one was CoinMarketCap and the other was a new article about the best meme of 2013, Doge. At the same time, Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, was encouraged on Twitter by a student at Front Range Community College to make the idea become a reality. He also intended to distance it from the controversial history of other coins, mainly bitcoin. Markus got the idea for Dogecoin while thinking about creating a fun cryptocurrency that could reach a broader demographic than Bitcoin. Overviewĭogecoin was founded by Billy Markus, a programmer from Portland, Oregon, and Jackson Palmer. By mid-2021, Dogecoin was consistently polling among the top five cryptos by total market cap. Tesla CEO Elon Musk was partly responsible for the massive growth after calling Dogecoin his favorite cryptocurrency. īy May 2021, Dogecoin rose to a high of $0.68, compared to a value of just under one penny at the beginning of that year. Dogecoin is mined every minute and has no maximum supply. 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. Dogecoin had a rapid initial coin production schedule in contrast to other cryptocurrencies. However, the introduction of Doge's most popular meme into the crypto-space in 2013 increased crypto's accessibility to new participants. Cryptocurrency is typically regarded as a difficult topic to grasp. Unlike other cryptocurrencies, which marketed themselves on differentiating technical features, Dogecoin's allure likely stems from its cultural roots as a meme. Dogecoin, a Litecoin fork was introduced as a "joke currency" on December 8, 2013, and quickly developed its own online community first reaching a market capitalization of $60 million in January 2014 then $1 Billion in January 2018 before reaching a high of $82 billion in May of 2021. ![]() Dogecoin is a peer-to-peer, open-source cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. ![]()
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