(DOGE - $0.051) March 2021
Dogecoin is a cryptocurrency based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.
It was created by Billy Markus (IBM Engineer) from Portland, Oregon and Jackson Palmer (Adobe Engineer) from Sydney, Australia. They wanted to create a "fun" cryptocurrency that would appeal beyond the core Bitcoin audience to a broader demographic.
Dogecoin is primarily used as a tipping system on Reddit and Twitter where users tip each other for creating or sharing good content. The community is very active in organising fundraising activities for deserving causes.
Dogecoin is a Litecoin fork which uses scrypt technology in a proof-of-work algorithm. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce.
Dogecoin started its initial coin production schedule with 100 billion coins in circulation. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. There is currently no implemented hard cap on the total supply of Dogecoins.
The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics.