What is Dogecoin (DOGE)?
DOGE emerged as a joke in 2013, created by software engineers Billy Marcus and Jackson Palmer, using as a basis the code of another cryptocurrency, Litecoin. Dogecoin can be considered an altcoin and the first memecoin offered in the crypto universe. Memecoins are crypto assets inspired by a meme, a joke that appears and spreads on the internet. The project emerged as a form of fun related to a meme, a photograph of a Shiba Inu dog that became popular on the internet when the token was launched. Unlike the vast majority of crypto protocols, DOGE had the sole intention of being fun without seeking to solve any market problem. Still, it became a profitable option based on its exposure and user engagement.
What makes it unique
DOGE uses a validation mechanism similar to Bitcoin (BTC) or Proof of Work (PoW). But, unlike Bitcoin, the DOGE ecosystem requires fewer computing resources, which makes the process faster and less costly.
The mining process of the DOGE coin was integrated with that of Litecoin (LTC) in 2014. So, it is possible to mine DOGE and LTC simultaneously without expending any additional energy or computational resources.
DOGE can be used in different ways: as a means of payment, as an asset held in a portfolio, or for transfers. However, much of the community uses it to reward content creators in social media, like Reddit.
It achieved great appreciation with Elon Musk´s mentions.
DOGE has another asset competing for the memecoin market leadership: Shiba Inu (SHIB).
DOGE emerged as a joke and became a widely known asset. This excitement is due, in part, to statements made by its best-known enthusiast, Elon Musk. DOGE has several functionalities; it is helpful for payment and transfer.