Dogecoin is a digital currency with a decentralized governance principle. DOGE coins are used for transfers between users of this network. Mostly the token is used to pay for goods and services ordered on the Internet.
The History of the Appearance of the Dogecoin
In 2010, a teacher working in the most ordinary Japanese kindergarten posted a photo of his dog on the Internet. Kobasu (that was the name of the dog) almost instantly became a meme that continues to be popular today.
A little later, this meme was used by Billy Markus and Jackson Palmer, who were creating their own cryptocurrency based on the existing Litecoin coin. The developers decided to name their project in honor of the famous dog, but soon the digital currency received a popular name – “dog currency” and the Dogecoin token appeared.
It is worth noting that the logo of the popular digital asset is still the same dog, whose image became a meme back in 2010.
The cryptocurrency algorithm was completely borrowed from the Litecoin system, the developers made only minor technical improvements. The organizers of the Dogecoin project decided to bet on a powerful advertising campaign.
When the cryptocurrency was launched and popularity began to grow steadily, Jackson Palmer bought out the domain dogecoin.com. The idea of the developers was that the product they created should be as close to the users as possible. This is what distinguishes the DOGE coin from the leader of the crypto market – the Bitcoin currency. Building a positive reputation for the new asset has also become one of the key tasks for developers. You can easily change Doge to Btc, you just need to find doge to btc converter.
The official date of the appearance of the Dogecoin cryptocurrency is December 8, 2013. Experts and analysts were skeptical about the prospects of this token. During the first 15-18 months, digital currency mining was uneven. Over a year and a half, one hundred billion coins were issued.
However, the developers faced the biggest problem in December 2013, when hackers managed to steal $ 12,000 worth of DOGE coins. However, the project managers showed an immediate reaction, reimbursing the losses to all investors.
If we talk about the process of formation of a cryptocurrency, then it is imperative to highlight four key stages in the development of the project:
- Development of a token, theft of a large amount of cryptocurrency.
- Sponsorship of the Jamaican bobsleigh team in preparation for the Olympic Games in Sochi. Also, financial support was provided to the racer Josh Wyazu.
- Expansion of the network functionality. Partnership agreements with well-known companies are actively being concluded.
- Refusal to increase the volume of issued coins. The developers have relied on the issue.
The project has gone a serious way from a beginner, in whom absolutely no one believed, to one of the most popular digital currencies.
Capitalization and Exchange Rate
To date, the capitalization of the cryptocurrency is $589 million. This indicator is gradually increasing:
- For one DOGE coin, you can get $0.0053.
- The all-time high was set at the beginning of January 2018 – $0.016.
The period of the project formation was accompanied by a stable upward market trend. However, then there was a dynamic pullback, which turned into a bearish trend and lasted for almost two years.
Then the quotes of the digital asset were marking time until the spring of 2017, after which the price went up again. Already in November-December, dynamic upward fluctuations began to appear. 2018 began very well, in particular, as mentioned earlier, a historical maximum was formed, but then a correction began, which continues in 2021.