Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as “the internet currency.”
What’s with Dogecoin and the dog?
“Doge” is our fun, friendly mascot! The Shiba Inu is a Japanese breed of dog popularized as an online. representing Dogecoin.
Thats exactly what is written at https://dogecoin.com/
But there is many more …..
This is the sequel to our first part of the Dogecoin history.
He got some replies encouraging him to pursue the idea, and a week later bought the domain Dogecoin.com. Inevitably, the idea got picked up on reddit, a hotbed of doge activity in 2013.
Meanwhile, in Portland, Billy Markus had been trying to program his own digital currency. Which would appeal to a broader demographic than the profiteers who’ve flooded into Bitcoin. Since the currency start in 2008. But the project had gone nowhere. Then he stumbled across Dogecoin.com within a day or two of the site going live.
“The first thing I said was. ”This is so funny”. Then I said, ‘I should just make this coin”
Markus told back in 2013.
Markus tweeted at Palmer saying he wanted to go in on the venture, and before Palmer even responded, started reconfiguring Bitcoin’s source code, which was publicly available, to turn its user-facing elements into the doge meme. When Palmer wrote back. The partnership formed. A little more than a week after Palmer’s joke tweet. And Dogecoin was launched in December of 2013.
The currency was derived from the open source software project, Litecoin. Unlike Bitcoin. Dogecoin does not have a limit to the number of coins that can be produced in the system.
Redditors helped Dogecoin develop its own subculture in 2013
The digital currency instantly exploded on Reddit, generating a market value of $8 million at the time. It became popular for the internet practice of “tipping”. Which is a way of repaying people on the web for performing “good deeds,” like sharing an idea or making a platform more accessible.
Only about a week after launching. Dogecoin became the second-most-tipped currency.
The digital currency has long contributed to a culture that distinguishes itself by a sort of irreverence for institutions like Wall Street. It’s not surprising Reddit users would take up the stock alongside GameStop and AMC in trading against big hedge funds.
Dogecoin developed its own culture of sorts in 2013, largely due to the currency having a lower barrier of entry than Bitcoin for people who might be interested in cryptocurrencies.
“It’s not taking itself as seriously. it’s not being used by people worrying about whether they’ll become rich,”
Palmer told in 2013. “It’s something to share for thanks or kudos.”
At the time, the engineers said they had no plans to compete with cryptocurrency giant Bitcoin, but in 2014 the trading volume of the meme-worthy coin briefly eclipsed Bitcoin and all other digital currencies.
A year later, Palmer took an “extended leave of absence” from the company as he said the cryptocurrency environment had grown increasingly serious and “toxic.”
In 2017, the currency crossed a new milestone — $2 billion market value.
Redditors focus on Dogecoin once again
The digital coin’s rally, much like GameStop’s rally. Is a part driven by Reddit users from WallStreetBets fueled by the subreddit SatoshiStreetBets. There users planned to send the currency “to the moon” — or at least to their goal of $1 per coin.
Dogecoin saw similar efforts in July when an unsuccessful TikTok trend called for forcing the coin to equal a US dollar. Redditors have a long way to go before the coin’s price is equivalent to a dollar; since Dogecoin jumped Friday the coin is currently worth about $0.0779.
After Dogecoin stocks surged with other volatile stocks like GameStop and AMC, Robinhood temporarily restricted crypto trading, as Bitcoin rose with Dogecoin.
Musk also tweeted about the currency in January using a mock Vogue cover, dubbed “Dogue.”