Dogecoin: A complete guide

Dogecoin is one of a dizzying number of cryptocurrencies vying for attention in the digital marketplace. It broke into the mainstream less than 10 years ago, fueled by social media, celebrity hype, and images of a smiling Shiba Inu.

So what makes this cryptocurrency, which started as an internet parody and grew into a multibillion-dollar asset class, so popular, and what do you need to know about it? Read on to find out.

What is dogecoin (DOGE)?

To understand dogecoin (DOGE-USD), you first have to understand its origins as a meme coin. A meme coin is a type of cryptocurrency inspired by internet craze, social media jokes, or viral trends. Unlike crypto assets that are designed as stores of value or infrastructure enablers, meme coins are normally created for community engagement or entertainment.

Dogecoin — traded under the ticker symbol DOGE — was created in 2013 by software engineers Billy Markus and Jackson Palmer. They intended it to be a lighthearted alternative to the more serious tone of the early crypto market. The coin features the face of a Shiba Inu from the popular “Doge” internet meme as its logo.

Despite its humorous beginnings, it now operates on a serious technical foundation. It’s a decentralized, peer-to-peer digital currency that lets you send money directly to someone else online without a traditional bank or mediator to approve the transaction.

While the software keeps the network running, the dogecoin community provides its purpose. This global group of supporters is dedicated to establishing DOGE as a legitimate alternative to traditional government-issued currencies, such as the US dollar. The ecosystem continues to grow organically with a clear mission: to become a widely used “currency of the people.”

Dogecoin is known as an inflationary coin, which means there’s no lifetime limit on how many coins can be created. New coins enter the market every year, which prevents the price from reaching the extreme highs seen with big names like bitcoin.