What is Dogecoin (DOGE)?

Jul 23, 2018 at 21:58

Coin overview

It started as a meme, with the recognizable face of the shiba inu that seems to make this coin a joke. But Dogecoin is a real digital currency—it is an open-source digital currency that lets users send digital money easily and at a much lower price online.

First released in 2013 as a “joke token” at an initial price of $0.000559, the Dogecoin (ticker symbol: DOGE) is priced at $0.003379 at the time of writing.

The Dogecoin designers intended for the cryptocurrency to have over 100 billion tokens, and it achieved record circulation time: 100 billion tokens were already in circulation by 2015. Dogecoin achieved its $2 billion market cap in January 2018.

The purpose of Dogecoin is simple: it is a fun cryptocurrency that you can send to other users easily and use as a secure digital payment. It is used with a cryptocurrency wallet on your computer, on mobile, or a website.

According to the Dogecoin website, one of its most popular uses is to “tip” fellow internet-goers for creating and sharing quality content. The token serves as the “upvote” while providing content providers a real asset that they can spend on the internet.

Dogecoin’s low price has a positive and negative side—and the developers of Dogecoin did not create the token for profitability. Positive, because its transfer and use in purchases, payments and other transactions will cost less than other cryptocurrencies; on the flipside it’s negative for miners: the low cost means mining DOGE is not profitable.

To date, they market Dogecoin as the “fun and friendly internet currency,” with a community of over 100,000 on Reddit alone and their own IRC thread, #dogecoin. The community has built a reputation on being friendly and fun.

 

Where to buy?

Dogecoin is widely available on digital currency exchanges, with the most popular exchanges being Bittrex and Poloniex, and the most popular pairing being BTC-DOGE.

Is it mineable?

Dogecoin has a current circulating supply of 15,378,271,672 DOGE, and it is mineable with a Dogecoin wallet and a cloud mining pool.