Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a peak market capitalization of over US $85 the first “meme coin”, and more specifically the first “dog coin”.Dogecoin features the face of Kabosu from the “doge” meme as its logo and namesake. Markus designed Dogecoin’s protocol based on existing cryptocurrencies Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm. On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours, rising from $0.00026 to $0.00095, with a volume of billions of Dogecoins traded per day.
During the 2017 to early 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 on January 7, 2018, putting its total market capitalization near $2 billion. In January 2021, Dogecoin went up over 800% in 24 hours, reaching $0.07, as a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze. On August 29, 2024, Elon Musk and his electric vehicle company Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping the cryptocurrency dogecoin and conducting insider trading, causing billions of dollars of losses.
Dogecoin has been used in an attempted property sale, and it has been used in the pornography and gambling industries. Dogecoin started with an intended supply limit of Ð100 billion, which would have been far more coins than the top digital currencies were then allowing. This is primarily because Dogecoin does not have a supply cap like other cryptocurrencies such as Bitcoin, which has a capped supply of 21 million coins. Between April 3 and April 7, 2023, Twitter’s bird logo was replaced with an image of the Doge meme for desktop users, leading to a rise in Dogecoin prices. 0.2825 USD/DOGE Price on Binance at last block. 26,525,171, Current difficulty, 5,457,133 Blocks in chain. Total supply 146.74B DOGE, Volume (24h) $18.13B. Dogecoin DOGE hits its highest price in three years, surging 65% this week fueled by hype surrounding Elon Musk and Donald Trump.
Content Overview:
Dogecoin, created by software engineers Billy Markus and Jackson Palmer in December 2013, started as a joke but quickly grew into a popular cryptocurrency. Known for its doge meme logo, it reached a market cap of $85 million and saw major price surges in 2017, 2021, and again in 2024, fueled by influencers like Elon Musk. Unlike Bitcoin, Dogecoin has no supply cap, and its popularity has led to its use in various industries. It has also been involved in high-profile cases, including a lawsuit with Tesla in 2024.
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