5 Interesting Facts to Know about Dogecoin

 

The development of cryptocurrencies today is growing rapidly. There are many coins that offer quite interesting investments or trades, one of which is Dogecoin.

The cryptocurrency was invented by software engineer Billy Markus, who decided to create a payment system free of traditional banking fees. Dogecoin features Shiba Inu's dog face from the meme "Doge" as its logo and name.

Doge coin was introduced on December 6, 2013 and quickly developed its own online community, Dogecoin became the fourth largest market capitalization coin worldwide. On the other hand, Dogecoin's market capitalization also continues to pursue Binance Coin's total market capitalization at US$ 97.9 billion.

Although not as popular as the Bitcoin currency, Dogecoin is considered one of the most solid communities in the world.

Reported from various sources, gather a number of important facts related to Dogecoin:

1. Made online

Initially, Jackson Palmer, then an Adobe developer based in Sydney, Australia, bought a website under the name dogecoin.com after having a desire to create a payment system that was free, fun, and far from the traditional system of banks.

After getting a few mentions on Twitter, IBM engineer Billy Markus, who was then based in Oregon, USA, visited the website and decided to build the cryptocurrency with Jackson online.

2. Born on December 6, 2013

After going through the development process, Dogecoin was finally introduced to the public on December 6, 2013 with the code DOGE and symbol Ð. As a result, this cryptocurrency has a symbol taken from a meme portrait of a dog made from a dog of native Japanese descent, Shiba Inu.

Then, on December 6, 2013, all supporting facilities ranging from digital wallets, Scrypt, to the appearance of the currency was announced.

3. Go up 300 percent in just 72 hours!

Just a few days after its launch, the value of Dogecoin jumped 300 percent in 72 hours, from US$0.00026 or about Rp3.6 to USD 0.00095 or about Rp13.17. Initially, Dogecoin had a coin circulation of only 100 million billion. However, lastly, in 2019, there were about 114 billion Dogecoins in crypto transactions. Meanwhile, in 2018, Dogecoin's capitalization reached US$2 billion or around Rp166.3 trillion.

4. Has a very strong community

Since its first release in 2013, the community or fans of Dogecoin have continued to improve. Known as 'Shibes', the community has held fundraisers for other members.

On December 25, 2013, a hacker victim who lost 21 million Dogecoin equivalent to 12 thousand or about Rp166.3 million was immediately helped by raising funds to collect Dogecoin worth US$ 13 thousand or about Rp180.1 million. In addition, the community also raised US$50,000 (Rp690 million) to help a Jamaican athlete compete at the Winter Olympics in 2014.

5. Dogecoin (DOGE) Overtakes Bitcoin

In January 2014, Dogecoin's monthly trading volume (DOGE) briefly surpassed Bitcoin and all other cryptocurrencies combined.

But its market capitalization remains substantially behind Bitcoin. Initially, Dogecoin displays random rewards received for each mining block, however, in March 2014 this behavior was later updated to a static block reward.

During 2017 to the beginning of the 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of US$0.017/coin on January 7, 2018, putting its total market capitalization close to US$2 billion.

In July 2020, the price of Dogecoin soared following the TikTok trend which aims to make the price of the coin to US$1.