![]() Because of its historically low cost per coin, DOGE is commonly spent by users on social platforms, like Reddit, Twitter, Facebook, and others, to reward, or “tip,” creators for posting content. DOGE may be used for payments and purchases, but it’s not an effective store of value chiefly because there is no cap on the number of coins that may be created by mining. Overall, whales have become active in moving their Dogecoin riches this week after Elon Musk attracted public attention to the Bitcoin parody token by posting a photo of his Shiba Inu puppy as the new 'Twitter CEO. ![]() In exchange for supporting the blockchain, miners earn DOGE which they can then hold or sell on the open market. A total of 47 million DOGE exchanged hands as owners of top 20 wallets moved this amount of meme coins between their addresses. In 2014 due to network security issues, Dogecoin agreed to merge mine its network with Litecoin (LTC).ĭOGE in practice The Dogecoin blockchain uses a proof of work consensus mechanism, where miners use computers to solve complex mathematical equations in order to process transactions and record them on the blockchain. But unlike other coins, Dogecoin does not have a cap on the total number of coins that can be mined- making it an inflationary rather than deflationary coin. Like other cryptocurrencies, Dogecoin is mined by the decentralized network of computers that runs the currency. ![]() Despite its origins as a “joke,” Dogecoin’s scrypt technology (a hashing function that uses SHA-256 but includes much higher memory requirements for proof-of-work) and an unlimited supply of coins set it apart as a faster, more adaptable, and consumer-friendly version of Bitcoin. A brief history Founded in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin was created as a marketing experiment based on the popular "Doge" Internet meme and as a lighthearted alternative to traditional cryptocurrencies.
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