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What Is Doge or Dogecoin?

Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. Launched in Dec. 2013, Dogecoin has the image of a Shiba Inu dog as its logo.

While it was created seemingly as a joke, Dogecoin’s blockchain still has merit. Its underlying technology is resulting from Litecoin. Notable features of Dogecoin, which uses a script algorithm, are its low price and unlimited supply.

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According to marketing2business, the digital token was shaped in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” other to Bitcoin. It started as a parody on the numerous fraud crypto coins that had jumped up at the time and profited its name and symbol from a Shiba Inu meme that was biological several years ago.

Unlike Bitcoins, whose maximum likely number fix at 21 million (a figure that expects to be reached by 2040), Dogecoin figures do not have a higher border. There are already extra than 100 billion in being.

When the crypto coin principal took off, the online community that supported it invited attention by supporting alternative causes, such as sponsoring Jamaica’s bobsled team at the 2014 Winter Olympics. Also, that year, the Dogecoin communal gave $55,000 worth of the digital token to a Nascar driver in the US.

What is behind Dogecoin’s rise?

The main reason, though, to be behind Dogecoin’s meteoric flow is the same that has pushed the cost of Bitcoin and Etherem– this week’s catalog of Coinbase, the most general virtual currency exchange in the US.

Coinbase’s market cap momentarily hit $100 billion after it went open on Wednesday, and the values of Bitcoin and Etherem moved $64,000 and $2,500, respectively, during the week. Dogecoin is said to remain a share of this passion.

“Doge” also has an ardent sponsor in Tesla CEO Elon Musk, who frequently tweets have added to the digital token’s mania. Musk had once different his Twitter bio to “Former CEO of Dogecoin.” Other superstars, including rapper Snoop Dogg and rock musician Gene Simmons, have also promoted it on social media.

Another reason behind its current success is a Reddit group called SatoshiStreetBets, where associates built up an enthusiasm for the cryptocurrency in a parallel manner that led to the rise of GameStop earlier this year. The group’s name mentions Satoshi Nakamoto, the person’s screen name or collection of persons behind Bitcoin.

Why are some concerned?

Some investors have spoken fears that Dogecoin’s rise would lead to a bubble, given that purchasers do not see any meaningful worth in the digital token and are only trading to make money while the price keeps going up.

Without any essential value such as land or gold, cryptocurrencies considered highly unstable and may smash as fast as they can rise, experts, say, making them subject to sudden scares and operation by small groups who often hold large numbers of virtual currency in circulation.