A blockchain-based cryptocurrency symbolled after an adorable Shiba Inu dog known as dogecoin started as a joke, but nowadays it is further than a pun. It is an alternative digital cryptocurrency to Bitcoin, Binance, or Ethereum. Jackson Palmer, who is a software engineer and he created Dogecoin with Billy Marcus in 2013. In the beginning, dogecoin was underway as a meme or somewhat poke to bitcoin, but now it is listed on the top 10 primary valued cryptocurrencies in there.
Although it started as a pun or meme, in the last few weeks it value rocketed above 400%, and over the few years, it gained 2000% in market value. In some cases, investors are investing in it radically. In the year 2021, some people have acknowledged it as the fastest growing cryptocurrency in the world, one of the well-known persons who acknowledged the fact most is the CEO and founder of Tesla and SpaceX, Elon Musk.
So what makes this cryptocurrency with a funny dog logo more special than any other coin? The answer to that, it is almost unlimited in the cycle. Unlike bitcoin which has a limit of about 22 million and mined about 19 million, on the other hand, Dogecoins have no limit. To mine, the whole thing is kind of impossible.
The engineers of Dogecoin coded this on a system of another cryptocurrency called Luckycoin. The origin of Luckycoin came from Litecoin, but the Doge’s main Blockchain verification or mining process is directly like Litecoin. Technically it uses the exact same script technology as Litecoin.
Just like all other cryptocurrencies, Doge is also constructed on blockchain technology. While the price of some digital currency is skyrocketing, like one bitcoin to USD is about $40,000 and the second peak next is ether or Ethereum is about $3000 or above, but one Dogecoin to USD is about equal to few cents (currently $0.40) and still rising like a rocket. At this point investing in such currency still depends on people’s personal knowledge. However, websites like Reddit, tweeter and other social media sites helped it to rise even higher.
At this time of the situation as an altcoin, means an alternative to other cryptocurrencies; it may hold a substantial potential in the crypto industry.