Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency.It is considered an altcoin and an almost sarcastic meme coin.Launched in December 2013, Dogecoin has the image of a Shiba Inu dog as its logo.
Software engineers Billy Marcus and Jackson Palmer created Dogecoin in late 2013. Palmer branded the cryptocurrency’s logo using a meme popular at the time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog.
In early 2021, Dogecoin gained cult status on Reddit’s WallStreetBets message board. By May 2021, Dogecoin rose to a high of $0.68, compared to a value of just under one penny at the beginning of the year.Tesla CEO Elon Musk was at least partially responsible for the massive growth after calling Dogecoin his favorite cryptocurrency. By mid 2021, Dogecoin was consistently polling among the top five cryptos.It remains among the top 20 cryptocurrencies.
Like many other coins, Dogecoin runs on its own dedicated blockchain. Dogecoin may be used for payments and purchases, but it’s not a very effective store of value. This is chiefly because there is no lifetime cap on the number of Dogecoins that may be created by mining—meaning that the cryptocurrency is highly inflationary, by design.
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