In this way, it is defined much like many other cryptos―a decentralised and anonymous means of exchange. Īccording to its official website, "Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide." From a more practical standpoint, DOGE is a cryptocurrency that utilises blockchain technology to conduct transactions. Markus and Palmer's ploy worked, and home website hosted more than one million unique visitors in its first month online. Also, the name "Dogecoin" was said to be a combination of "dog" and "Bitcoin," a play on words designed to raise the coin's profile.
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Created by IBM software engineer Billy Markus and Adobe developer Jackson Palmer, Dogecoin intended to captivate the public's attention by using a Shiba Inu dog as its mascot. Launched in 2013, Dogecoin was originally conceived as a parody of Bitcoin. In doing so, Dogecoin became one of the hottest assets in the world. From a yearly open of US$0.0047 to a mid-April high of US$0.4481, the DOGE/USD increased its marketshare nearly 100 fold in roughly three and a half months. Driven by retail bidders, celebrity endorsements and social media influencers, DOGE posted massive Q1 2021 gains. Throughout the late-2020/early-2021 runup in prices, Dogecoin (DOGE) established itself as a cryptocurrency leader. Amid the dramatic early-2021 spike in crypto values, talk of mainstream financial adoption reached a fevered-pitch. From industry-leaders such as BTC and Ethereum (ETH), to newer coins like Polkadot (DOT) and Tron (TRX), the role of virtual money in finance is a hotly debated topic. Since the 2009 launch of Bitcoin (BTC), cryptocurrencies have been controversial financial instruments.