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A widely used meme known as “Doge” served as the basis for the creation of the cryptocurrency known as Dogecoin (DOGE). The Doge meme features an image of a Shiba Inu dog accompanied by a series of colorful Comic Sans phrases that are meant to convey the dog’s internal monologue.
When it was first introduced at the tail end of 2013, Dogecoin quickly rose to prominence at a time when programmers were just starting to investigate the opportunities made available by the invention of Bitcoin (BTC).
Indeed, its inception was an attempt to infuse the new technology with character and make it more approachable, both of which contributed to Dogecoin’s rise to the forefront of industry conversation in 2014.
Dogecoin still has a fervent supporter base and a thriving online community, which even its creators find to be a bit surprising.
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Dogecoin remains a less serious and easier way for newcomers to join the sometimes hostile communities that make up the cryptocurrency industry.
Dogecoin’s supporters, also known as “Shibes,” frequently use the currency to tip content creators whose work they enjoy or contribute to crowdfunding campaigns with DOGE traded between users and content creators on social networks like Reddit. This is and will continue to be its most compelling selling point.
One of the reasons for this is that, like many other cryptocurrencies, Dogecoin gives its users the ability to exchange value over the internet without the need for the intermediaries typically found in conventional financial transactions.
DOGE may be less appealing as an investment due to the fact that its supply is infinite. However, it is still considered a very real cryptocurrency due to the fact that it has a value that can be stored or exchanged.
As is the case with Bitcoin, any user who is running the Dogecoin software on their computer has the ability to dedicate some of their computer’s processing power to provide this service.
This activity is commonly referred to as “mining,” and it gives users the chance to be rewarded with newly created cryptocurrency.
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Is Dogecoin (DOGE) still valuable?
Even though the novelty and hilarity of the original concept behind Dogecoin have worn off, the currency supply of the network continues to maintain its purchasing power and is used online.
Dogecoin, just like any other cryptocurrency, has a fluctuating exchange rate with other digital assets and can be purchased, traded, and exchanged in the same manner as fiat currency or tangible goods.
How many Dogecoins are there?
The total supply of Dogecoin was initially capped at 100 billion DOGE. However, this limit was removed quickly by the developers just a few months after the cryptocurrency’s launch.
This was in an effort to make the currency’s money supply more inflationary because, as time went on, the abundance of supply would reduce the incentive for miners to secure the Dogecoin blockchain.
As a result, in 2014, the Dogecoin mining process was merged with that of Litecoin. Because of this, it was possible for anyone mining Litecoin to also mine Dogecoin without any additional effort.
As of the beginning of 2018, over 113 billion Dogecoins had already been mined, and the mining software continues to produce an additional 5 billion Dogecoins each year.
