What İs Dogecoin (DOGE)?

What is Dogecoin (DOGE)?

Dogecoin was originally created for a joke / humorous purpose. The aim was to refer to the funny-looking Shiba Inu dog, which gained wide popularity on the Internet.

Since its creation, the popularity and value of the crypto currency has sprung up. Over the years a huge community developed with many loyal fans of the crypto currency. The community did some amazing things with Dogecoin. Going to the Sochi Winter Olympics to raise money for the Jamaican toboggan team using the crypto currency, such as financing the project for access to drinking water to build a well in rural Kenya.

Dogecoin's current market value is $ 250 million. Dogecoin's value is expected to increase over time as it is used in mass funding efforts.

What Dogecoin Do?

Dogecoin is based on Litecoin. In other words, all changes and updates to the Litecoin are also valid for the crypto currency.

Dogecoin never set out to create a groundbreaking technology in Blockchain. Instead it aimed to be a simple crypto currency trading platform.

Dogecoin remained at low value with very small transaction fees, which made it possible for people to actually use crypto money instead of waiting to invest. Dogecoin was the most popular crypto currency that attracted people's appreciation for their satisfaction over the internet.

For example, suppose a person wants to send someone $ 10 to someone for helpful comment or support. For 10 TL at Bitcoin, it is now 0,00045 BTC. However, the Dogecoin 10 TL corresponds to 865.09 DOGE. This is an example of how Dogecoin is very useful in terms of conversion rate. Therefore, Dogecoin was the most popular crypto currency that was used to show gratitude to others quickly and easily, or to send gifts. It is common to see Reddit and Twitter users make small amounts of DOGE transfers to each other to entertain each other.

Dogecoin creator Jackson Palmer said in an interview:

Instead of buying as a speculative investment, it is one of the crypto currencies mainly traded in a foreign currency. Rather than waiting for a fluctuation in the market to hold it and sell it, it is exchanged and released. That's great, because it requires crypto currencies.

What distinguishes Dogecoin from other money is that it has an open and large community where people approach it with great sincerity. The Dogecoin subreddit has more than 130,000 subscribers. The community is generally very positive, friendly and welcoming.

Dogecoin actually founded the non-profit organization The Dogecoin Foundation. Their aim is to facilitate the use of Dogecoin through goodwill, publicity and charitable efforts.

In January 2014, the Dogecoin community successfully raised $ 50,000 with DOGE for the Jamaican toboggan team, which was caught up in the Sochi Winter Olympics but couldn't afford to come. Thanks to Dogecoin, the team was able to compete in the Olympics that year. This initiative was a very positive signal for the Dogecoin community, and the sequel came.

The Dogecoin Foundation then began collecting donations in partnership with the non-profit organization Charity: Water to build a well in the Tana River basin in Kenya. The goal was reached with 40 million DOGEs (at that time $ 30,000) collected from more than 4,000 donors.

On March 25, 2014, the Dogecoin community collected 67.8 million DOGE (about $ 55,000) to sponsor NASCAR pilot Josh Wise.

In short, we have no reason not to expect the Dogecoin community to continue to raise more funds for important (and for some funny) reasons in the future.

History of Dogecoin

On November 27, 2013, Jackson Palmer, a Sydney-based marketing enthusiast, joked on Twitter:

I'm sure investing in Dogecoin is the next big thing.

The joke drew the attention of Billy Markus, a Portland-based software engineer who had contacted Palmer to make Dogecoin a reality. A little less than a week later, on December 6, anyone could buy or sell Dogecoin. Because the project became a reality.

Great interest in the crypto currency began. People who enjoy making jokes turned to Dogecoin for internet jokes.

The creative Jackson Palmer began to believe that Dogecoin was a legitimate currency:

From this frenzy stance, to where I am now, the reason why I want to do something stems from the community that develops around it. Dogecoin has the most active community I have ever seen in any crypto currency, including Bitcoin. They're a group that doesn't take themselves too seriously and they want to use it especially for online tips. He convinced me there wasn't just another ponzi scheme.

In the same interview Palmer said what would happen:

As long as the community never takes itself too seriously, I will always be behind it. I'm just going to say, “I'll give you peace“ to some people who say, “Let's take it out for a hundred dollars and make cash.. because I don't want to associate myself with crazy ponzi schemes or to get involved.

Two months after its launch, Palmer's joke reached a high level of $ 50 million. In mid-2015, 100 billion Dogecoins were in circulation. Unfortunately, great financial success attracted greedy and unpleasant characters. A scammer raised $ 750,000 from Dogecoin supporters for a crypto work that never happened. Hackers stole thousands of DOGE dollars from users' wallets.

Palmer was quickly disturbed by the commercialization of the joke crypto currency. He never collected Dogecoin for himself and rejected fraudulent deposit offers, including rejecting an $ 500,000 investment offer from an Australian venture capital company.

Dogecoin's popularity and value continued to increase. Dogecoin reached a market value of $ 1 billion at the end of December 2017, although it remained stagnant for a while, and saw a significant increase in value.

Dogecoin Team

The Dogecoin team consists entirely of volunteers.

It was originally created by Jackson Palmer and Billy Markus using the name kullanan Shibetoshi Nakamoto ”.

Developers include Max Keller, Ross Nicoll and Patrick Lodder.

Competitors and Challenges

Dogecoin’s competitors include the best crypto currencies such as Bitcoin, Ethereum and Ripple. However, it is important to note that Dogecoin was never created to be the most valuable token there. The creators specifically wanted the value of the crypto currency to remain low, so that it can be easily used to deposit a small amount of money online.

Dogecoin's biggest challenge now is that it hasn't released a single update for more than 2 years. If they can't keep up with the constantly evolving world of crypto, the Dogecoin will eventually vanish. However, even if there is no update, the value of the crypto currency continues to increase.

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