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Dogecoin- The Future Currency of Earth

Dogecoin (code: DOGE, symbol: Ð) is a cryptocurrency invented by Billy Markus and Jackson Palmer, software engineers, who decided to build an instant,

currencies from different countries.

What is a Currency?

Money in any form, when used or circulated as a means of trade, especially circulating banknotes and coins, is a Currency in the most basic sense. A more general concept is that a currency, particularly for people in a country, is a system of money (monetary units) in common use. Examples of currencies are, under this category, U.S. dollars (US$), euros (€), Japanese yen (¥), and sterling pounds (£). These different currencies are known as value stores and are traded in foreign exchange markets between nations, which decide the relative values of the various currencies. Currencies in this sense are specified by governments, and each form has restricted boundaries of acceptance.

What is a Cryptocurrency?

A cryptocurrency is a digital asset designed to serve as an exchange medium in which individual coin ownership records are stored as a computerized database in a ledger using powerful cryptography to secure transaction records, monitor the production of additional coins, and verify the transfer of ownership of coins. It does not normally occur in tangible form (such as paper money) and is not generally distributed by a central authority. In comparison to the centralized digital money and central banking systems, cryptocurrencies usually use decentralized power. It is usually considered essential when a cryptocurrency is minted or produced before issuance or issued by a single issuer.

Ripple, Etehereum, bitcoin, and micro SDHC card

Dogecoin

Dogecoin (code: DOGE, symbol: Ð) is a cryptocurrency invented by Billy Markus and Jackson Palmer, software engineers, who decided to build an instant, fun, and free payment system from conventional banking fees. The face of the Shiba Inu dog from the "Doge" meme is portrayed by Dogecoin as its logo and namesake. It was launched on December 6, 2013, and rapidly established its own online community on January 28, 2021, achieving a market capitalization of US $ 5,382,875,000.

History of Dogecoin

IBM software engineer Billy Markus from Portland, Oregon, and Adobe software engineer Jackson Palmer co-founded Dogecoin, which set out to create a digital peer-to-peer currency that could enter a wider demographic than Bitcoin. Furthermore, they decided to distinguish it from other coins' divisive past. On December 6, 2013, Dogecoin was officially released and there were over a million visits to Dogecoin.com within the first 30 days.

Palmer was a member of the Marketing Department for Adobe Systems in Sydney at the time and is credited with making the concept a reality. Palmer bought the Dogecoin.com domain and added a splash screen that featured the logo of the coin and scattered Comic Sans text. After seeing the web, Markus reached out to Palmer and began efforts to grow the currency. Centered on existing cryptocurrencies, Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm, Markus developed Dogecoin's protocol. Using scrypt indicates that miners are unable to use SHA-256 bitcoin mining equipment and must instead use dedicated mining FPGA and ASIC machines that are considered to be more complex to create.

logo of Dogecoin
Dogecoin jumped almost 300 percent in value in 72 hours on December 19, 2013, rising from US$0,00026 to $0,00095, with a price of Dogecoin billions per day. In a period when Bitcoin and many other cryptocurrencies were reeling from China's decision to bar Chinese banks from investing in the Bitcoin economy, this development occurred. Three days later, due to this event and to large mining pools leveraging the limited amount of computing power needed at the time to mine Dogecoin, Dogecoin experienced its first big crash by falling by 80%.

The first major theft of Dogecoin occurred on December 25, 2013, when millions of coins were stolen during a hack on the Dogewallet online crypto-currency wallet website. The hacker obtained access to the filesystem of the platform and changed its send/receive page to send to a static address any and all coins. This incident of hacking spiked Dogecoin messages, making it at the time the most discussed altcoin on Twitter, although it was in connection to a negative case. The Dogecoin group launched an initiative called "SaveDogemas" to support those who lost funds on Dogewallet after its breach, to help donate coins to those who had stolen them. Approximately one month later, enough money was donated to cover all of the coins that were stolen.

How Dogecoin started stepping towards the future currency of the Earth?

Dogecoin's trading volume briefly exceeded that of Bitcoin and all other crypto-currencies combined in January 2014, but its market capitalization remained well behind that of Bitcoin. Dogecoin initially featured a randomized reward earned for each mining block, but this behavior was later changed to a static block reward in March 2014.

Jackson Palmer revealed in April 2015 that he was taking an extended leave of absence from the crypto-currency group.

On January 7, 2018, Dogecoin briefly hit a high of $0.017/coin during the cryptocurrency bubble from 2017 to early 2018, bringing its total market capitalization near USD 2 billion.

The Dogecoin price spiked in July 2020 following a TikTok movement aimed at getting the price of the coin to $1.

As a result of publicity from Reddit users, Dogecoin went up over 800 percent in 24 hours in January 2021, partially motivated by Elon Musk and the GameStop short squeeze. Following Twitter support from Elon Musk, Snoop Dogg, and Gene Simmons, Dogecoin reached its all-time high price in February 2021.

Dogecoin's price jumped as high as 35% after Elon Musk tweeted 'Dogecoin to the Moooonn' in a Twitter poll on the future of crypto.

With a series of tweets late Saturday, Elon Musk, chief executive of Tesla and SpaceX, pushed the Dogecoin cryptocurrency price by as much as 35 percent higher. According to CoinDesk, the digital currency hit an all-time high of $0.065448, up around 35% from its 24-hour low of $0.048356. Before climbing back to about 25 percent gains, the cryptocurrency's price later fell again.

The cryptocurrency's year-to-date returns were about 1,032.91 percent, the site said. Early Sunday, the crypto-currency had a market capitalization of about $7.81 billion. A Twitter poll was posted by Musk on Saturday night, asking his 45.8 million followers to choose "the future currency of Earth."

"Dogecoin to the Moooonn"Moooonn's Dogecoin"All other crypto combined."Combined All Other Crypto. The poll resulted in 71.3% of the 2.4 million voters saying that the future of the currency would be "Dogecoin to the Moooonn".

Musk sent the coin up 59 percent on Feb 7, 2021, with another series of tweets, where he called Dogecoin "the people's crypto." He also boosted bitcoin and was a vocal supporter of the Wall Street Bets Reddit community. Dogecoin has benefited from the group's induced mania. Musk added another tweet just before midnight in California, building off a meme he'd shared last week. He posted a drawing ripped from "The Lion King," on February 4, with himself as Rafiki, the cartoon monkey, holding up a baby - Simba in the movie, but the Musk version of the Dogecoin dog.


That's all how Dogecoin became the future currency of the Earth with a single tweet from the famous businessman Elon musk. For more information like this stay stuck with us by subscribing to our email newsletter.

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