- Category: Cryptocurrency
- Coin Launched: December, 2013
- Resources: White Paper
- Official Website: Dogecoin
- Reddit: Dogecoin
Dogecoin is a cryptocurrency that was created on December 6th, 2013 based on the popular "Doge" Internet meme and features a Shiba Inu on its logo.
The codebase of the project was a fork of Litecoin, in which most of the same features such hash hashing algorithm were inherited, with the only difference of branding and large inflationary supply.
DOGECOIN History / Information / Buying / Staking
Dogecoin is an open-source cryptocurrency started in 2013 by Jackson Palmer and Billy Markus. Dogecoin initially started as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog). It is based on Litecoin and uses the same proof-of-work technology.
HOW DOGECOIN WORKS
Dogecoin uses a simplified variant of the hashing algorithm, Scrypt. It also uses the “proof-of-work” protocol, enabling it to receive work from other Scrypt based networks. Dogecoin mining is less power-intensive than Bitcoin algorithm SHA-256.
BENEFITS OF USING DOGECOIN
Some of the benefits of using Dogecoin are:
One of the major advantages of dogecoin is that it has a growing community of holders and supporters.
DECENTRALIZED EXCHANGE COMPATABILITY
DOGE can be transacted and traded on decentralized exchanges. Especially, the Ren project has enabled it to work on the Ethereum blockchain platform, and also access the decentralized finance network. This indicates that DOGE is compatible with the emerging decentralized finance movement within the crypto market.
Secure and easier to transact. Also, there are no mining limits to Dogecoin. This provides the investors with the unlimited opportunity to trade Dogecoin, be it a short-term or long-term investment.
POPULAR LISTING ON EXCHANGES
Since its inception, some of the best stock and crypto exchange platforms have listed Dogecoin, including eToro, which is one of the biggest multinational crypto brokerages. It is listing in eToro has substantially increased the clients’ demands to trade Dogecoin.
CAN YOU STAKE DOGECOIN
There is currently only a lending option available from custodial lending providers such as Nexo.Currently, the rates are relatively low for lending DOGE with custodial providers, an example being Nexo with a 1% APY.
COINS SIMILAR TO DOGECOIN
Direct competition to Dogecoin which are considered similar coins are: