The history of Dogecoin

Since the emergence of bitcoin, more and more currencies have been emerging, including dogecoin, which, like the others, can be bought and sold as an investment and spent as money. But what is the origin of this peculiar cryptocurrency?

It all starts in 2013 when bitcoin had a bad reputation for being associated with the Dark web, it was then when a programmer and former IBM engineer had the great idea of creating a currency that was fun and attracted attention, it should be clarified that this began as a joke.

Surfing the internet Makus came across the domain dogecoin.com which belonged to Jackson Palmer, a data engineer working at Adobe, this fits perfectly with his idea since the name came from a popular “meme” of that year which was based on an image of a Shiba Inu dog to which a funny phrase was added. This is how Markos contacted Palmer and they started to develop the cryptocurrency called Dogecoin.

It is important to mention that dogecoin is not a coin developed from scratch since it is based on the Litecoin coin which in turn is a copy of bitcoin with the difference that these coins work with the Scrypt algorithm and not the SHA-256 algorithm as bitcoin does.

In turn, dogecoin maintains the PoW consensus, but the blocks are generated every minute and the maximum is eliminated, i.e. the issuance of coins is infinite.

However, it was not until recent years that this cryptocurrency began to become so popular, part of this was due to the support received from celebrities such as the founder of Tesla and SpaceX Elon Musk who through his Twitter account tweeted about this cryptocurrency which caused its value to increase by 30%, thus capturing the interest of several people. Although recently the CEO’s disagreements with the crypto industry led to doge a 50% drop after achieving its all-time high of 0.73 USD.

Despite this investors are still confident that dogecoin will achieve a dollar value sooner or later. While the fate of a cryptocurrency is uncertain, its current value will likely increase over the years.

We hope you are interested in this origin that is already part of the history of cryptocurrencies, as always we remind you that this is not a financial recommendation, we have to make our analysis and not invest money that we cannot afford to lose.