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What is Dogecoin? Find out about the interesting features of Dogecoin and the detailed information about its tokenomics right here!

What is Dogecoin?

Dogecoin is a cryptocurrency created in 2013 based on Litecoin. The original intention of DOGE’s creator was to create a currency that is transparent, non-disputed and free from the hassles of conventional fiat money (like Bitcoin).

The logo of the DOGE coin is an image of a Shiba Inu dog.


Even the name of one of the founding members is called Shibetoshi Nakamoto. This is an unreal person, and was probably inspired by Bitcoin creator Satoshi Nakamoto. However, since its inception, the coin has been enjoyed by many people and formed a loyal community that always follows the development of Dogecoin (DOGE).

Dogecoin features

Here are some salient features of DOGE coin:

  • Unlimited quantity:  Anyone who owns computers with relatively little configuration can install software and mine DOGE. In other words, Dogecoin (DOGE) is increasingly inflationary.
  • Simple Structure: Dogecoin (DOGE) is built on top of Litecoin. Its purpose is to be a decentralized currency. There are no other complicated purposes.
  • Dogecoin (DOGE) is based on Litecoin's Scrypt algorithm: But its speed reaches 1 minute per block.
  • Can be mined: Due to a simple algorithmic structure (Scrypt Proof of Work), to mine DOGE, you do not need to use highly configurable computers like ASICs, but can mine DOGE with a personal computer. Initially, block rewards for miners are random. However, by 2015, this reward was changed to 10,000 DOGE for each block mined.

Dogecoin’s Background

Dogecoin was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia in 2013. In a 2019 interview, Palmer said the idea for the project came from two internet tabs he opened on his computer at the time, including a tab with a meme featuring a picture of a Japanese dog Shiba Inu.

Palmer jokingly coined the phrase "Dogecoin" for himself and posted on his Twitter account: "Investing in Dogecoin, pretty sure it's the next big thing". It immediately attracted interest from the meme-fueled crypto community. Dogecoin officially launched in December 2013 and became a hit within the community.

In 2015, Palmer and Markus left Dogecoin and the project was entrusted to volunteer developers from the DOGE community.

Up to now, Dogecoin has developed very quickly and has become a meme coin associated with the name of the billionaire Elon Musk - who really really loves Dogecoin.

Detailed information about DOGE Token

Key Metrics the DOGE Token

  • Ticker: DOGE.
  • Blockchain: Litecoin.
  • Token type: Payment Token.
  • Total Supply: Unlimited.
  • Circulating Supply: 119,183,347,533 DOGE

DOGE Token Use Cases

Dogecoin can be used for:

  • Currency exchange.
  • Rewarding miners.
  • Charity. 

How to buy DOGE token

You can now buy DOGE right on Coin98 Exchange by following these steps:

  • Step 1: Connect the wallet via Coin98 Extension.
  • Step 2: At the main screen of Coin98 Exchange, select PancakeSwap New or MDEX BSC.
  • Step 3: Search for DOGE or paste the contract of DOGE in the search box if you can't find the token name.
  • Step 4: Enter the amount of tokens you want to swap.
  • Step 5: Adjust the gas Gwei and slippage according to demand.

Learn more: How to use Coin98 Exchange

How to store DOGE token

Dogecoin (DOGE) currently offers its own wallets, MultiDoge (Light Wallet) and Dogecoin Core (which is the full version of MultiDoge) on popular platforms like Windows, Linux and macOS. You can store DOGE on these wallets.

In addition, you can also store DOGE on wallets that support Binance Smart Chain tokens such as Coin98 Wallet, Metamask, Ledger, Trezor,... or store it directly on the exchange.

Does Dogecoin have potential?

DOGE is a meme coin with almost zero applicability, but it has received the attention of the billionaire Elon Musk and is associated with each time the market has new money inflows.

Elon Musk has been constantly tweeting about DOGE and driving it up with a record ROI of 7,600%, a record capitalization and a top 5 in CoinMarketCap ranking in a short time. Moreover, it also created an animal coin trend effect that made the whole market turbulent in 2020 & 2021.

The Future of Dogecoin (DOGE)

Any currency with a Payment function also needs the community to support and use it for the right purposes to be able to develop in the future.

Until now, DOGE was mainly used for back-and-forth transactions between traders.

In the future, if this coin is officially put into use and takes advantage of the large community, there will certainly be a big change in DOGE's buy demand.

Is Dogecoin (DOGE) a good investment? 

It is possible that from the beginning, the creator of Dogecoin (DOGE) had no clear purpose creating it.

Although Dogecoin is used for payment needs, up to now, there is no information that DOGE is applied for payment purposes of any organization.

In addition, there is information that the development team has abandoned the project.

However, the daily transactions on exchanges and the number of people discussing DOGE on different channels are still large. It proves that this coin still has an attraction and interest of many people.

Some Key Points:

  • DOGE has a payment function.
  • The total supply is infinite, new DOGEs are being mined every day.
  • DOGE has a large trading volume within communities.

You should learn more about this coin and make your own judgment and investment decisions.

Summary

Hopefully, through this article, you have understood the basic information about Dogecoin and the DOGE token. If you have any questions or suggestions, please comment below, the Coin98 team will help you right away!

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