In light of the rapid development and ongoing controversy in the cryptocurrency market and the technology involved, and between the rise and fall in the market, investing in digital currencies remains the best option for those who prefer long-term investments that are not subject to a specific system and have large returns that exceed investing in regular currencies. One of the currencies that has gained popularity recently is the Dogecoin currency.
Dogecoin was launched by software engineers Billy Marcus and Jackson Palmer in 2013, with the aim of mocking the cryptocurrency market, and many considered it a Bitcoin parody, as it was named after a famous meme on social networking sites; the Shiba Inu dog. Despite its strange story of inception, this currency has become among the most valuable cryptocurrencies on the market, as its market value is ranked 7th.
The meme cryptocurrency went viral recently as a result of the tweets of – of course – American billionaire Elon Musk, CEO of Tesla. Musk is considered the first supporter of this currency, however Dogecoin’s popularity should not only be credited to him alone. The rise of the currency is also believed to have come as a result of some Reddit users’ decision earlier this year to drive its value “to the moon,” causing it to rise to over 600% of its value.
Dogecoin is a cryptocurrency that works on the blockchain technology, such as Bitcoin, which is an electronic record that records transactions and deals as well as works to manage them. Each transaction is called a block, and each block contains some information related to the previous block, so when entering and recording data we do not need a third party to manage these processes. This technology is one of the fastest means that process data as it is characterized by its great ability to process infinite numbers of data. .
The currency is the best in terms of mining, as it is characterized by speed and ease in completing mathematical equations, unlike other digital currencies, in addition to the great speed in recording those transactions, which makes purchases more efficiently. It is also characterized by not having any maximum number of tokens that can be mined, unlike Bitcoin, which has a maximum of 21 million.
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