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Blockchain and Cryptocurrency: Dogecoin

Dogecoin

An Introduction to Dogecoin, The Meme Cryptocurrency

Dogecoin is a cryptocurrency, like Bitcoin or Ethereum—although it’s a very different animal than either of these popular coins. Dogecoin was originally created at least in part as a lighthearted joke for crypto enthusiasts, and took its name from a once-popular meme. Despite this unusual origin story, it has exploded in popularity in 2021—as of writing, Dogecoin has become the fifth largest cryptocurrency by market cap.

 

References
Rodeck, D. & Curry, B. (2021, April 20). An Introduction to Dogecoin, The Meme Cryptocurrency. Forbes
https://www.forbes.com/advisor/investing/what-is-dogecoin/


KEY TAKEAWAYS

  • Dogecoin is an open-source cryptocurrency started in 2013 by Jackson Palmer and Billy Markus.
  • Dogecoin initially started as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog).
  • It is based on Litecoin and has the same technology behind its proof-of-work.
  • Dogecoin has a loyal community of supporters who trade it and use it as a tipping currency for social media content.

 

References
Frakenfield, J. (2020, December 21). Dogecoin (DOGE). Investopedia
https://www.investopedia.com/terms/d/dogecoin.asp

Elon Musk

When Musk Tweets About Crypto, It's Eloncoin All the Way Down

"The Tesla and SpaceX billionaire has sent Dogecoin and Bitcoin on a roller coaster this month—and exposed weaknesses in the cryptocurrency market along the way."

"Meanwhile, his periodic tweets mentioning Dogecoin, usually heavier on jokes than substance, send that market into fits of exuberation—though last week he went on Saturday Night Live and called it “a hustle,” so it tanked, until he single-handedly brought it back to life with the greenification tweet."

 

References
Barber, G. (2021, May 7). When Musk Tweets About Crypto, It's Eloncoin All the Way Down. Wired
https://www.wired.com/story/elon-musk-dogecoin-bitcoin-tweets-prices/

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The TRUTH About $1 Dogecoin

Elon Musk "Dogefather"