Dogecoin - what is it? : TON Tips

Dogecoin - what is it?


Posted by Dissector on 01 May 2021

Dogecoin is a cryptocurrency created on the basis of Litecoin. It was named after the Internet meme Doge (an image of a Shiba Inu dog). This cryptocurrency was introduced on December 8, 2013. Unlike other cryptocurrencies, Dogecoin has a fairly fast initial mining period. The total issue of DOGE is more than 115 million.

Dogecoin, like Bitcoin and Litecoin, uses public key hash-based addressing. DOGE addresses consist of 34 characters (both uppercase and lowercase) and start with the letter D.

In December 2013, Dogecoin set a record for the daily number of transactions, surpassing all other cryptocurrencies by 2.5 times. Since a certain moment, the meme-crypt has attracted the attention of the world-famous entrepreneur Elon Musk. The head of Tesla dedicated several of his tweets to it on the social network Twitter, as a result of which the price of the coin increased and it received wide publicity.

The biggest jump in price growth occurred in May 2021 after another series of tweets by Elon Musk.

It is noteworthy that the head of Tesla also addressed the Dogecoin community and voiced the main problem of the coin. According to Musk, it is an excessively high concentration of cryptocurrency on a small number of wallets.