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What Is Dogecoin?

Dogecoin is a digital currency that was created in December 2013 by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. Dogecoin is based on the popular “doge” Internet meme which features a Shiba Inu on its logo. The open-source digital currency was fork from Litecoin with the creators intending it to be used as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience. Tesla CEO Elon Musk posted several tweets on social media stating his favorite coin is Dogecoin.

Dogecoin uses the Scrypt algorithm instead of Bitcoin’s proof-of-work, has a block time of 1 minute, and an uncapped total supply. Miners can solo mine Dogecoin, or join a mining pool on Windows, Mac or Linux using a GPU. As of 2014 you can also merge Litecoin while mining Dogecoin as the processes are similar .

Dogecoin is a digital currency that was created mainly for use as a tipping system on Reddit and Twitter. Users can receive Dogecoin tips by participating in communities that use the currency, or from a Dogecoin faucet. A Dogecoin faucet is a website that gives users small amounts of Dogecoin for free to introduce them to the currency and encourage them to begin interacting inDogeoin communities.

You can purchase Dogecoin at any exchange that offers the digital currency. You can either store it on the exchange or in a Dogecoin wallet. Lastly, you are able to tip Dogecoin in participating communities. For an updated list of exchanges and trading pairs, please click on our market pairs tab.

Dogecoin’s success is inextricably linked to Elon Musk’s infatuation with the cryptocurrency. In early 2021, Musk began tweeting about Dogecoin, sharing a Lion King DOGE meme. That started a vigorous Doge rally —with occasional stumbles— that peaked with Musk’s appearance on Saturday Night Live.

After the SNL appearance, DOGE immediately crashed despite Musk’s statements that its price would moon. In the next few months, it seemed as if Musk lost interest in Dogecoin, and its value has decreased by over 70% from its all-time high. However, even though he isn’t tweeting about it as much now, Musk still controls Dogecoin with his tweets.