Dogecoin is a cryptocurrency that is famous for being signed with the image of a dog from memes on the internet. She is also known for her spectacular growth.
Interestingly, Dogecoin was originally supposed to be a joke and a virtual currency that carried a positive message in contrast to the media outcry against the most famous cryptocurrency, which is, of course, Bitcoin. however, it quickly gained fame – the largest traders or stars of the world format invested in Dogecoin.
In this article, you will learn what Dogecoin is, what is the history of this popular cryptocurrency and not only.
How much is 1 Dogecoin worth?
Many people wonder what the current price of Dogecoin is. Current exchange rate of Dogecoin DOGE (13.06.2023) is 0,2548945 PLN (market capitalization of PLN 35.62 B). What is important, the daily trading volume of the zloty is currently PLN 826.91 M. The value of Dogecoin is constantly changing, so it is worth watching different types of websites that give its course.
To keep you up to date on what the price of Dogecoin is, you can check out popular crypto-related websites. This is not just about the largest cryptocurrency exchanges, such as Binance.com or Kraken.com. CoinMarketCap is a popular website presenting current rates of the most popular cryptocurrencies, including Dogecoin.
In dollars for one Dogecoin you have to pay about 0.061129$. However, its price may increase or decrease, which depends on many factors.
The price for one Dogecoin is low, which is due to its deliberate, high supply – about 10 thousand are mined within a minute. new coins. There is also no set maximum supply of this cryptocurrency. Bitcoin, on the other hand, is rare – its supply is at a low level.
What is Dogecoin?
Dogecoin is a cryptocurrency that uses blockchain technology. This allows you to make quick payments with minimal transaction fees.
The Dogecoin cryptocurrency is indirectly based on the code of the first cryptocurrency, which is BTC. It was created as a hard fork of the now defunct Luckycoin-it was a hard fork of Litecoin. LTC became known as the first hard fork in history when it separated from the most popular cryptocurrency, Bitcoin.
Importantly, Dogecoin borrowed from Litecoin a consensus mechanism that was based on Scrypt. Because of this, this popular cryptocurrency shares a lot of functions with Bitcoin.other similarities also include derivatives of BTC hard forks.
The implementation of Scrypt in Dogecoin’s POW (Proof-of-Work) algorithm has opened up several important features for miners. First of all, we are talking about the use of ASIC, that is, specialized equipment used to extract the most popular currency – Bitcoin.
Dogecoin has gained popularity mainly for several reasons. First of all, the community of this cryptocurrency has driven its popularity, mainly through its involvement in charitable and social activities.
When was Dogecoin founded?
Dogecoin was created in December 2013 by two developers – Jackson Palmer and Billy Markus. The two decided to create a payment system as a joke, thus ridiculing the risky speculation in the crypto market that was going on at that time.
Interestingly, the idea for creating this now popular cryptocurrency was inspired by a popular internet meme with the image of a dog known as Doge. We are talking, of course, about the Shiba Inu four-legged breed.
Since the inception of the Dogecoin cryptocurrency, it has gained considerable popularity, especially in the internet community – until now it is an active virtual currency.
Dogecoin DOGE had a huge jump in popularity in 2021, thanks to several major events. It is necessary to mention here, first of all, Elon Musk, who became interested in this popular virtual currency – this contributed to its significant growth. That year, several other celebrities also invested in Dogecoin.
Thanks to the interest of celebrities and some of the most famous crypto traders, Dogecoin reached a record level in 2021, which had a significant increase in its popularity around the world.
The highest rate of Dogecoin is 0.731578 USD, which took place in May 2021. Since then, the cryptocurrency has seen several significant declines. It is now at a stable level.
Who owns Dogecoin?
Dogecoin was created by Jacksoa Palmer and Billy Markus. However, its development and management were handed over to the community.
Dogecoin is a decentralized virtual currency. This means, in short, that it does not belong to any particular institution or person. There is currently no single owner. This popular cryptocurrency is open source – its code is publicly available and anyone can view, develop and analyze it.
How does Dogecoin work?
It turns out that the Dogecoin network works on the basis of the Proof-of-Work protocol. As a result, it can be mined in a similar way as Bitcoin.
Mining Dogecoin is that miners verify and approve transactions, and also protect themselves from potential attacks and malicious entities.
The Dogecoin DOGE cryptocurrency operates on the principle of a decentralized blockchain network that allows not only to store or transfer, but also to verify transactions.
When it comes to wallet addresses, Dogecoin investors have their unique addresses – they are designed to store and receive this cryptocurrency. Addresses are generated in the form of random strings.
It is also worth mentioning the issue of Dogecoin trading. It turns out that its investors can send it to other wallet addresses by initiating transactions. They contain information about senders, receivers and more. This also includes the amount of cryptocurrencies transferred.
How to mine Dogecoin?
Many people are wondering how to dig Dogecoin. at the very beginning, it is worth checking whether it is profitable. For this purpose, it is best to use the calculators available on the websites. Just type the phrase “mining calculator” or a similar password into the search engine.
The Dogecoin cryptocurrency is mined using a Proof-of-Work algorithm. Through this process, her company uses the computing power of a computer or specialized computing machines.
Mining Dogecoin is possible thanks to the use of software that performs complex cryptographic calculations, called hashing. Nowadays, quite a lot of virtual currencies can be mined using powerful hardware and software. In the case of Dogecoin, unfortunately, it is not so simple, because the difficulty of mining has increased significantly.
In order to dig this popular cryptocurrency was worth it, first of all, you need to use a graphics card with high performance. For this reason, miners instead of them, most often use special excavators (they are built on the basis of ASIC systems).
For digging Dogecoin, the most commonly used are Antminer L5 or L3+excavators. It is worth adding INNOSILICON A6+ and several other models. Digging this popular cryptocurrency using an ASIC-based excavator is definitely a good, economical choice.
Recent events
The last big event related to Dogecoin Doge is another wave of memecoin hype. It is worth mentioning here about PEPE, which is a popular token of The mem type. It attracted huge attention of traders in the crypto market in May. This virtual cryptocurrency has surpassed its time marketcap at $ 1 billion. It had a big impact m.in. the famous ” dog.”
At the end of May, a similar standard, DRC-20, appeared on the Dogecoin blockchain. It allows you to store unique data in the smallest divisible part of each token of this popular cryptocurrency. This unit is called “Elon” – this is, of course, a reference to The “Godfather” of this virtual currency, that is, Elon Musk.
Interestingly, one full Dogecoin consists of 100 million units of Elon, which was quickly presented on social media platforms.
The above events led to the fact that at the end of May, a record daily volume of transactions of this popular cryptocurrency was recorded.
Another recent significant development related to Dogecoin is that it is going to Hollywood, mainly thanks to the actions of its enthusiasts. The history of the token will be documented on the big screen, and the film’s producer shared his details in an interview with CoinDesk.
This documentary will reveal the deeper meaning that can underlie the love of quadrupeds. Not many people know that the real “Doge”, that is, a 17-year-old Shiba Inu bitch named Kabosu, was close to death. Before Atsuko Sato adopted her, she was threatened with euthanasia.
Is it worth investing in Dogecoin?
According to some experts, Dogecoin is one of several incredible virtual currencies that will rise this year. It turns out that the Doge price forecast for 2023 predicts a significant increase in its second half. It can even be at the level of 0.107317$.
The price of this cryptocurrency has changed slightly in the last 24 hours. Users can earn and lose a lot on Dogecoin. It should be remembered that compared to some virtual currencies, Dogecoins are often seen as speculative assets – the influence of well-known figures posting on social media posts about this cryptocurrency can significantly affect its course.
If you are interested in buying Dogecoin, you can buy it on various cryptocurrency platforms that allow trading this asset. The most popular choice is definitely crypto exchanges.
You can buy Dogecoin on many cryptocurrency exchanges. It is worth mentioning Binance, Coinbase or Kraken.