Dogecoin which is the biggest meme coin by market capitalization was created as an open source cryptocurrency in 2013 by Jackson Palmer and Billy Markus. It was created following a viral internet meme featuring the Shiba Inu, a Japanese breed of dog. Dogecoin was based on Litecoin and uses the same proof of work technology.
Dogecoin has seen huge growth and adoption since its launch and is one of the most popular cryptocurrencies in the world. It further grew more popular when the worlds’ richest man, Elon Musk picked an interest in it and began tweeting endlessly about it.
Even with its popularity, there are some facts about dogecoin that only a few persons know. Let’s jump in.
1. Dogecoin started as a joke
Doge was created following a viral internet meme featuring a Shiba Inu and was never intended to be a utility token. It was created to be completely driven by the hype which would be developed around it. The founders of Doge based it on the Litecoin’s technology which means that Doge uses the same proof of work technology as Litecoin.
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When a user asked how to make Dogecoin more efficient, Billy Markus, one of the founders of Doge tweeted that Dogecoin was created in two hours without any utility or efficiency taken into consideration.
2. The Doge founder sold all his Dogecoin
Due to the fact that Doge was created as a joke, even its founder didn’t anticipate the huge move made by Doge. He once tweeted that he sold all the Doge he had in 2015 after leaving the project due to harassment from the community. According to him, this was just enough to buy him a used Honda civic.
Being one of the founders, Billy obviously would have held a good percentage of Doge. This amount of Doge would have been enough to change anyone’s life.
3. You can mine Doge
Since Dogecoin uses the proof of work consensus mechanism, it is possible to mine Doge. Doge is also known to have one of the fastest mining processes amongst cryptocurrencies.
The block rate for mining Doge is one block per minute and this provides an excellent opportunity for miners to mine more blocks and receive more rewards. A miner can make a minimum of 10,000 Doge as block reward.
4. Elon Musk loves Doge
Popularly known in the crypto space as the God father of Doge, Elon has been a key catalyst to the growth of Dogecoin. With his influence across social media, he constantly made comments about Doge and even went as far as accepting Doge as a transactional currency in Tesla.
When a follower asked Elon why he loved Doge so much, he replied saying he loved dogs and memes a lot. He has been very active with Doge and once he posted a meme from the popular lion king movie where Rafiki’s face was replaced with his and he held up Simba with the face of Doge. This is one of the most popular Dogecoin memes up till this day.
5. Dogecoin has a community of Loyal supporters
For a meme coin without any utility, Dogecoin has a very huge fanbase which has been branded with the name dogearmy. The dogearmy has become very popular on twitter where they constantly shill their beloved Doge and encourage more people to buy believing it to be the currency of the future.
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In 2014 the community raised $55,000 for NASCAR driver, Josh Wise where in return he covered his entire car with Dogecoin and Reddit alien images. This can only show the extent Dogecoin supporters are willing to go to make Doge popular.
6. Dogecoin’s logo is a Shiba Inu
Dogecoin uses the face of a Shiba Inu dog as its official logo. This was to follow the internet meme featuring a Shiba Inu dog from which Doge was born. Since the launch of Doge and following its success, a lot of dog themed cryptocurrencies have launched, one of them being Shiba Inu which became very successful within a period of one year after launch.
7. It has an unlimited supply
Since Dogecoin was created as a joke, its creators gave it an infinite supply. This means that Dogecoin has no maximum supply. As the mining process continues, new Dogecoins will always be minted.
This is unlike other notable cryptocurrencies like bitcoin and Ether which has a maximum supply.