What is Dog e coin (DOGE): Global Deception or the Future of Cryptocurrencies?
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What is Dog-e-coin (DOGE)?
Dog-e-coin is an open-source peer-to-peer cryptocurrency. The symbol of the coin is the famous Internet
meme of Doge with the image of a dog of the Shiba-Inu breed.
If you translate the name into Russian literally "dog coin"
Official website of the project dogecoin.com
The cryptocurrency was created on the basis of another Luckycoin project, which was made from Litecoin, which in turn was a fork (branch) of Bitcoin.
The main differences between Litecoin and Bitcoin were faster transactions and a huge number of coins.
Who created Dog-e-coin?
Dog-e-coin was created by two programmers, Billy Marcus and Jackson Palmer. Blockchain was launched on December 6, 2013, and the creators themselves called it a joke.
Later, in 2015, Billy Marcus sold all of his DOGEs, he wrote in an open letter to the community on the Reddit.com site.
It should be noted that this platform had a serious impact on the development of the project, even today the branch dedicated to the project is very popular.
In the spring of 2015, the project's second founder, Jackson Palmer, announced plans to take an "extended vacation."
How is Dog-e-coin developing?
Soon after the appearance of Dogecoin, its users began to engage in charity through the Dogecoin Foundation created in 2014: they raised funds to send a Jamaican bobsleigh team to the 2014 Winter
Olympics in Sochi, to launch two water wells in Kenya, to eliminate the consequences of flooding in Kashmir, and also financed NASCAR rider John Wise.
Currently, Dogecoin has an active community, is available on almost all exchanges, and is supported by many multi-currency wallets.
One of the most popular use cases for Dogecoin is paying social media users who create or share content.
On September 5, 2018, Dogethereum Bridge technology was demonstrated, a demo version of the Dogethereum (DOGX) project – a smart contract-based system that allows DOGE to move to and from the Ethereum blockchain, and is potentially scalable to other compatible ecosystems.
Dogethereum is based on Dogecoin and runs on the Ethash algorithm. During the launch of the DOGX project, all Doge users received DOGX coins in the ratio of 10,000:1 (10,000 Doge for 1 DOGX).
However, the main branch of Dogethereum on Github has not been updated since September 2018, the social networks of the project are abandoned, and the trading volume on the only exchange is scanty.
Forecast and prospects
There has always been a lot of skepticism around the project, the creators themselves called it a joke, but thanks to the rapid development of the cryptocurrency sphere and an active community.
official Dogecoin Twitter account of more than 2.7 million subscribers, the project is not only included in the TOP20 by capitalization but also is one of the most mentioned in the media and social networks.
Such fame is not in vain, and in March 2021, the owner of the Dallas Mavericks basketball club, Mark Cuban.
announced that his team would allow him to buy tickets for matches, souvenirs, and food using Dogecoin. In May 2021.
SpaceX announced a joint mission with Dogcoin to the moon, which will be paid for with the DOGE cryptocurrency.
What are the key characteristics of Dogecoin?
Dogecoin is a fork of the Luckycoin cryptocurrency, which in turn is a fork of Litecoin.
- Coin mining algorithm: AuxPoW (auxiliary proof-of-work).
- Hash function: Scrypt.
- Emission: unlimited.
- Block time: 1 minute.
- Reward amount: 10,000 coins per block (initially, miners received a reward in a randomized manner up to 100,000 coins, in March 2014 a fixed reward was established).
- Algorithm of complexity: DigiShield.
- Mining difficulty: adjusted with each block.
- Inflation rate: 5.2 billion DOGE per year.
- Transaction processing speed: 6 minutes.
- Commission for transfers: 1 DOGE regardless of the amount.
Current price and chart
At the time of writing, the capitalization of the project is $23.8 billion, and one Doge equals $0.08.
The chart shows a sharp rise in the price of Dogecoin in the summer of 2022.
How to buy Dog-e-coin?
The easiest and safest way to buy is through the exchange because for the purchase you can use a bank card (Mastercard or Visa), if necessary, to prove your ownership and there is no risk of buying "dirty" coins. The list of all options looks like this:
- on the Binance exchange (the best option);
- with the help of an exchanger;
- on the Defi platform (for another cryptocurrency);
- from other owners directly.
A full list of exchanges where Dogecoin is sold can be found on coins market cap (CMC) website.
read more .....
Where to store coins
To date, most wallets and exchanges already support this coin, which means that you can store Dogs:
- on the wallet of the exchange;
- on the official wallet of the project - Multidoge (available on the website);
- on a software wallet (e.g. Trustwallet);
- hardware wallet (e.g. Ledger).
The most secure are hardware wallets. But always remember that your cryptocurrency is always your responsibility.
Elon Musk and Dogecoin
The richest man on the planet Elon Musk, although not directly related to the creation of the coin, became one of the iconic figures for it. After his first coin posting on Twitter, dogecoin's price more than doubled.
Elon posted the first post on February 6, 2021, the message contained the question "Future cryptocurrencies of the Earth" and there were two options for the answer:
- Dogecoin to the Moon
- The rest of the crypt
Later, the billionaire wrote that he purchased coins for his son and he has now also become a "holder" (long-term holder).
Similar currencies to Dogecoin
Coins similar to Dogecoin, thanks to Canadian entrepreneur Elon Musk and the meme lords community, Dogecoin is the most popular meme currency at the moment.
In fact, people are so confident in the potential of Dogecoin that the coin is expected to reach $1 in less than a year.
However, did you know that Dogecoin is not the only dog-shaped cryptocurrency on the market? Below is a list of dog-themed meme coding other than Dogecoin.
These cryptocurrencies carry the same idea as the Dogecoin currency, as the main idea in them is that it depends on the meme as well as the main element in it, which is the dog.
It is expected that these currencies will have a future in the times, and it is enough just to follow the latest news about these currencies, to know their seriousness or not.
Our role here is to introduce currencies and introduce you to them with a simple summary.
shiba inu coins
Known as the “DOGE killer,” this code is seen as a dog crypto alternative that threatens Dogecoin dominance.
Launched in August 2020, Shiba Inu Token is an Ethereum-based cryptocurrency that “allows users to hold billions or even trillions of them” due to its extremely low price, which is around $0.0000009 at the time of writing.
Thanks to doggo crypto enthusiasts, Shiba has a market capitalization of over $5 billion.
Ethereum co-founder Vitalik Buterin has donated 50 trillion Shiba Inu to India's COVID-crypto relief fund to purchase oxygen cylinders and oxygen concentrators.
The developers behind Shiba Inu Token are planning to launch a dedicated trading platform. So far, to buy and exchange Shiba Inu Token, you first have to buy Ethereum and convert it to Shiba Inu currency.
Kishu Inu coin
Kishu Inu coin was launched in April 2021 “as a decentralized meme project with a real purpose.” The distinguishing feature of dog crypto is that for every transaction on its network, its current owners automatically earn 2% of the transaction.
Like Shiba Inu, Kishu Inu is also powered by Ethereum and trading is on Kishu Swap, which is powered by Uniswap. This coin is stored in the MetaMask wallet.
In addition to Kishu Inu, the developers behind the coin have ambitious plans to expand into the NFT market with Kishu Crate.
For crypto-lovers, a commodity store called Kishu Swag will soon be available to shop with Kishu coins.
Dogelon Mars coin
Of course, there will be a coin with the idea of a doge cryptocurrency loosely named Elon Musk. Dogelon claims to be a “fair global currency for people,” not a cryptocurrency like Dogecoin.
This coin also pledges to help victims of cryptocurrency scams with something called airdropping Dogelon coins. Dogillon says he "follows the path of the Shiba Inu".
This coin is based on Ethereum of which 50% of its supply goes to Russian programmer Vitalik Buterin, co-founder of Ethereum to preserve value.
If you would like to join Dogelon on its journey to Mars, this cryptocurrency is available to buy and trade on Uniswap, Poloniex, and Ox Protocol platforms.
Yuki Inu Token
This coin is inspired by the Shiba Inu coin. Yuki Inu is the “happiest meme-based cryptocurrency” on the market. Newly launched in May 2021, Yuki Inu has already sold 10 percent of his own supplies and has "sent them to Japan".
To further ensure this coin's value and stability, Yuki Inu boasts a unique system where it withdraws 20 percent of its cash to mine coins every day.
All coin-burning activities have been posted on Yuki Inu's official Twitter account for transparency.
When users trade Yuki Inu, a transaction fee of eight percent is charged. Four percent of it is added to the liquidity, and the remaining four percent goes back to its holders.
Yuki Inu is available for purchase on the PancakeSwap platform and can be stored in the MetaMask wallet.
Red Shiba Token
Red Shiba Token is the first charitable coin in the Binance Smart Chain. Each month, a percentage of the Red Shiba will be donated to a charitable organization selected by the community.
The coin also has a five percent redistribution protocol to protect its holders and preserve its value. Red Shiba Token is available for purchase through the PancakeSwap platform.
Like Kishu Inu, the developers of Red Shiba Token are also planning to make their own dazzling forays into the NFT market. They are also trying to get their currency to a globally accepted level.