Know More About Dogecoin and the Meme Cryptocurrency
Markets MilkywayBlogs 04-Jan-2022 Comments (6) 7

Know More About Dogecoin and the Meme Cryptocurrency

What is Dogecoin?

Dogecoin is a digital currency.  It was released on 8th December 2013 by Billy Markus and Jackson Palmer. They were inspired by the Shiba Inu featured in the “Doge” internet meme. They launched the coin on December 6th, 2013. After Two weeks i.e, December 19th, the value of Dogecoin rose to 300%, but due to China banning its banks from investing in cryptocurrency. Their function is based on the Scrypt technology. It has the unlimited release and fast transaction processing speed.

The users can buy & sell the coin on digital currency exchanges. They can add Dogecoin on an exchange or in a Dogecoin wallet.

Dogecoin.com encourages the currency as the “fun and friendly Internet currency.” 

In recent years, Elon Musk often introduces or talks about Dogecoin on his Twitter account, uplifting its popularity remarkably. 

Brief about Meme Cryptocurrency

These Meme coins are inspired by popular social media jokes, sarcasm, or wordplay. According to Coinmarketcap, last year in 2021, there were about 124 meme coins. Tokens like Shiba Inu and Dogecoin are some of the most popular meme coins in the market.

According to CoinGecko, Dogecoin, which was established in 2013 as a joke, now ranks No. 10 by a value of $35 billion. It is currently trading at around 27 cents, on the other hand, the token Shiba Inu, which was started in 2020 by an anonymous person known as ‘Ryoshi’, now ranks No.9 with a value of $38 billion. 

On 26th October 2021, Shiba Inu also hit an all-time high of $0.00008616 per token. 

The difference between Mainstream cryptocurrencies and meme coins is mainstream cryptocurrencies like Bitcoin are made with specific technology to boost trading and transaction in the crypto market and if we talk about meme coins then it has not been created with a specific use or inherent value.

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