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The birth of one dog changed the whole world and is the sole reason there are millions of meme coins in existence.
This is $DOGE, the $22B+ internet meme sensation that sparked a global revolution of meme coins.
It’s time for a deep dive into the legendary meme coin, Dogecoin.
What is Dogecoin?
Dogecoin is a Layer 1 blockchain and the first-ever meme coin and dog coin that was first launched in 2013. Creators, Billy Markus and Jackson Palmers originally launched Dogecoin as a joke payment system, but here we are today with Dogecoin listed in the Top 10 cryptocurrencies by market cap.
How Does Dogecoin Work?
Although Dogecoin ($DOGE) was introduced as a joke, it is actually a powerful peer-to-peer cryptocurrency utilizing blockchain technology and the Proof-of-Work consensus mechanism, similar to the leading blockchain and crypto, Bitcoin. So, don’t be mistaken, $DOGE is more than just a meme coin, it’s a utility token with many use cases.
Dogecoin was initially a fork of a crypto once called Luckycoin, a fork of major blockchain, Litecoin. Later on, in 2015, Dogecoin stepped away from Litecoin and re-forked off Bitcoin to further enhance the $DOGE utilities, ease of use and as a feasible means of exchange for day-to-day spending.
Dogecoin ($DOGE)
While many know $DOGE as just a meme coin, it is one of the most popular tipping currencies used to tip content on Reddit, fund and support projects around the world, including a Jamaican Bobsled team, water wells in Kenya, the Dogecoin car and much more. Nonetheless, $DOGE is the native blockchain currency used to perform transactions on the network and is used to reward miners of the Dogecoin network.
It doesn’t stop there. $DOGE has become an accepted medium of exchange with many major companies, including Microsoft, Twitch and Elon Musk’s Tesla, SpaceX and the Dallas Mavericks. Dogecoin is becoming a globally adopted form of payment, and with the acceptance of these major corporations, $DOGE could accelerate to great heights in the future.
Conclusion
According to CoinMarketCap, at the time of writing, $DOGE is trading at $0.16 with a major market cap of $24.48B, ranking it the 8th largest crypto. In the previous bull run of 2021, $DOGE achieved an ATH of $0.73, with many believing it would hit the $1 price point. The question is, does $DOGE have what it takes to exceed $1 in the coming bull market?
$DOGE is the longest-running meme coin and dog coin in existence, supported by one of the largest and strongest communities in Web3. With a potential bull run and meme coin narrative ahead, $DOGE is well positioned to lead the pack of dogs in the crypto world to new ATHs.
If you’re wondering how to get started with the Dogecoin blockchain, in the future, we will create a YouTube tutorial on setting up a Dogecoin wallet and fueling it with $DOGE coins. So, make sure to Subscribe and turn on the notification bell over on YouTube to stay up to date!
Official Dogecoin Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
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