Dogecoin Price Chart

Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that was created based on the popular internet meme featuring a Shiba Inu, a Japanese dog breed. DOGE has no maximum supply as in other cryptocurrencies such as Bitcoin and Litecoin.

DOGE, the first memecoin, uses blockchain technology derived from Litecoin. It improved access speeds and lowered transaction costs.

A Brief History of Dogecoin

Dogecoin was launched in late 2013 by Bill Marcus and Jackson Palmer. At that time, they were working at IBM and Adobe Systems, respectively. Dogecoin was created by using the open-source code from Litecoin, which itself was a fork of the Bitcoin blockchain.

The Dogecoin online community has made headlines with impactful fundraising events, like raising $50,000 to send the Jamaican Bobsled Team to the 2014 Winter Olympics and sponsoring NASCAR driver Josh Wise with $55,000 in the same year. Notably, with support from influential figures such as Elon Musk, Mark Cuban, and Snoop Dogg, DOGE surged over 4,000% in 2021.

Like Bitcoin and Litecoin, Dogecoin uses a proof-of-work (PoW) consensus mechanism where miners process transactions by solving mathematical equations on the blockchain. It is relatively faster and easier for DOGE miners to complete the mathematical equations and record transactions. They earn DOGE as a reward.

DOGE miners earn 10,000 Dogecoins per block, and each block is created every minute. It entails that 14,400,400 new DOGE are created per day. Dogecoin’s unlimited coin supply makes it highly inflationary. Yet, it makes it more accessible and potentially more useful as a currency, enhancing its efficiency for processing payments.