What is Dogecoin? In the cryptocurrency market, when it comes to dogecoin, most people are impressed by the symbol of this coin is a shiba dog. In this article, we will learn some basic information about this dogecoin!
1 – What is Dogecoin? Development history
It was originally developed as a virtual currency on the luckycoin source code. For the purpose of using to make online tips for members of internet communities who post interesting and useful information.
Dogecoin’s icon was inspired by the famous shiba dog meme in 2013.
History of Dogecoin was created by Jackson Palmer and Billy Markus on December 6, 2013. Since then, It has developed a large user community, more and more people know it.
Later, it gradually became more popular, developed and officially appeared in the cryptocurrency investment market. There was a time when it attracted investors causing the value to increase by 300% from $0.0026 to 0.0095 in just 1 day.
However, after that, the value dropped by 80% due to the nature of dogecoin not being limited in the number of issues and the simple mining mechanism, so it was exploited to mine coins in large numbers.
There are many projects funded by dogecoin to do social work, so it also won the hearts of many loving investors. This has caused its value to start rising again.
2 – Purpose of birth and development orientation
Currently it is built and developed on the foundation of litecoin, not the previous luckycoin source code. So when litecoin changes or updates, it will also be applied to dogecoin.
The original purpose of it was to create fun, humor and is a virtual currency used as a tip for members to share useful information on internet communities.
Gradually, it became more known and created a large community. They started trading it as a currency on a regular basis. That is why it has existed, developed and increased in value until now.
The community has established a non-profit organization called The Dogecoin Foundation with the aim of using the profits from it to carry out charitable, social, etc.
Thus, we can see that the current development orientation of dogecoin is aiming to use profits to serve social charity works.