Three days later, Dogecoin experienced its first major crash by dropping by 80% due to this event and to large mining pools exploiting the small amount of computing power required at the time to mine Dogecoin. This growth occurred during a time when bitcoin and many other cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing into the bitcoin economy. On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours, rising from US$0.00026 to US$0.00095, with a volume of billions of Dogecoins per day. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce. Markus had designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm. Markus reached out to Palmer after seeing the site, and started efforts to develop the currency. Palmer had purchased the domain and added a splash screen, which featured the coin's logo and scattered Comic Sans text. At the time, he was a member of the Adobe Systems marketing department in Sydney. Palmer is credited with making the idea a reality. Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to. In addition, they wanted to distance it from the controversial history of other coins. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin.
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Originally formed as a "joke", Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value reached $8 million, once jumping to become the seventh largest electronic currency in the world. With the help of Reddit, the site became an instant hit. Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. ĭ promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke". As of 2021, it is the sleeve sponsor of Watford Football Club. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a peak market capitalization of over US$85 billion on May 5, 2021. Dogecoin features the face of the Shiba Inu dog from the " doge" meme as its logo and namesake.
Despite its satirical nature, some consider it a legitimate investment prospect.
It is considered both the first " meme coin", and more specifically the first "dog coin".
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Over the last 24 hours, DOGEDASH's volume is below its usual with $2,297,388.13 exchanged.ĭOGEDASH's recent trading over the past month give it a strong short-term technical score as its recent price movement give traders reason to be more bullish on the token in the short-term.Ĭlick Here to get the full Report on Doge Dash ( DOGEDASH).Billy Markus ("Shibetoshi Nakamoto"), Michi Lumin, Ross NicollĮxactly Ð5 billion will enter circulation each year.ĭogecoin ( / ˈ d oʊ( d) ʒ k ɔɪ n/ DOHJ-koyn or DOHZH-koyn, Abbreviation: DOGE sign: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a " joke", making fun of the wild speculation in cryptocurrencies at the time. The volume for DOGEDASH is relatively average as the most traded 100 cryptos have roughly $100 million worth of the crypto exchanged over a 24 hour period and a large portion of the market trades at least $5 million worth each day. Meanwhile, DOGEDASH's average volume is average with $11,199,302.06 worth of the token traded over an average 24 hour period. The market valuation for Doge Dash is relatively average due to the largest 100 cryptos having a market cap above $1 billion and DOGEDASH sits underneath that mark but remains above $100 million in market capilization. Doge Dash's market cap of $12,880,947.60 is relatively average for a token.
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