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What is Dogecoin (DOGE)?

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2023-01-19
What is Dogecoin (DOGE)?

You've heard of it, Dogecoin is the most lucrative joke of the 21st century. There are a lot of super interesting things to say about Dogecoin, this little story that sounds like a melody in the ears of cryptocurrency holders.

The origin of Dogecoin (DOGE)

Dogecoin is a public cryptocurrency that was created as a lighthearted joke poking fun at the crypto speculation by software engineers Billy Marcus and Jackson Palmer. Launched in 2013, it is considered the first "memecoin" in the world.

By December 19, 2013, two weeks after its release, Dogecoin had already gone from a value that was originally $0.00026 to $0.00098, increasing its price by three times in 2 weeks. But by the end of December, the Doge blockchain was hacked, and tens of millions of Dogecoin were stolen. The DOGE ecosystem did not throw in the towel, however. On the contrary, the hack got so big, and it affected the community so much that Dogecoin was trending on Twitter at the time. This helped to bring more and more people into the ecosystem. They launched an initiative called "Save Dogemas". A very simple initiative that consisted of calling for donations from the community to reimburse users who had been robbed. It worked. In January 2014, Dogecoin reached the value of $0.0018. And on January 5, 2014, much like its anthem or referent content, Dogecoin released its official trailer online.

Despite the fun-loving origin, Dogecoin, ironically, has a lot more use cases than the majority of crypto. Besides being accepted as a method of payment in places around the world, it is predominantly used as tips for online content creators and as donations for charities. For example, in 2014 alone, the Dogecoin community joined hands to help Jamaica's national bobsled team join the Olympics, build a well in Kenya, and sponsor a NASCAR driver.

Dogecoin gained notable increases in popularity and value after Elon Musk repeatedly tweeted about the coin on his personal account and had plans to use DOGE to pay for a mission of SpaceX.

How Dogecoin (DOGE) works

Dogecoin has its own blockchain. It is a fork of Litecoin and therefore uses the same Scrypt mining algorithm and Proof-of-Work consensus mechanism. DOGE miners need to use computers to solve complex mathematical puzzles to validate and record transactions on the blockchain in exchange for DOGE as a reward. DOGE is an inherent inflationary token because there is no hard cap to its total supply, and 10,000 coins are released every minute.

How to buy Dogecoin (DOGE) on Bitget

The easiest and most convenient way to buy DOGE is to purchase it via an exchange that offers various payment options like Bitget. You can use Google Pay, Apple Pay, or different credit cards to purchase DOGE on Bitget.

Step 1.

Log in to your Bitget account or create a new account if you have not already and claim a $5005 new user reward.

Step 2.

Deposit USDT into your Bitget spot account or purchase some if you have none. You can buy USDT via P2P trading or with fiat on Bitget.

Step 3.

At the Bitget trading page, please click on ‘Markets’, search ‘DOGE’, and select your desired coin pair.

Or, you can click here to buy DOGE with USDT. The real-time order book will help you adjust your price dynamically and have the most suitable pricing.

Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.

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