Dogecoin is another digital currency, just like Bitcoin, that has been in existence for quite a while. The pandemic has helped bring it to the limelight as many investors are now putting their money in Dogecoin. CEO of Tesla, Elon Musk, has also shown a preference for Dogecoin lately. So what’s new about this currency?
Dogecoin, which has gained so much popularity recently, started as a joke eight years back. Creators of the cryptocurrency Jackson Palmer and Billy Marcus created this coin in November 2013. It was created as a replica of Bitcoin, and its purpose was of a much lighter note compared to the top currency, Bitcoin.
Just like bitcoin, the Dogecoin can be mined too. Currently, there are around 128,264,356,384 Dogecoin, while there is about 18.5 million Bitcoin. The Dogecoin network, just like the Bitcoin network, is protected by coin miners. For every mined Dogecoin block, the miners are rewarded with 10,000 Dogecoins.
Billy Marcus, co-creator of Dogecoin, is reported to have sold all of his coins in the year 2015. However, the coin has shown a significant increase in market value over the past six years.
Dogecoin may have only gone so popular recently, yet it hosts one of the biggest crypto communities. The large population has attracted more users to the community and still is attracting more people.
The Dogecoin logo is actually the shiba inu, a dog breed famous for its use in hunting.
The Dogecoin community-sponsored Josh Wise, a NASCAR driver, was awarded $55,000 in the year 2014. The population of the dogecoin community only adds to its strength and force in terms of impact.
The stability point for dogecoin is 100 million Dogecoins. It is at this point that no miner would be able to mine new coins. According to some analysts, it can possibly grow beyond the rate at which Bitcoin has reached in the market.
Elon Musk’s Interest in Dogecoin
Tesla CEO has shown interest in dogecoins a couple of times. He even believes that dogecoin has the potential to become a widely accepted currency as a result of the size of its community. Yet, nothing is certain as regards the growth trajectory of the coin, and the possibility of becoming an accepted currency is unknown.