Dogecoin captured the imagination of traders everywhere. It has staked its claim as the ultimate meme coin for the masses and the famous, true to its peer-to-peer origins.
BTSE is excited to bring one of the year’s most popular tokens, Dogecoin (DOGE), onto the platform. Listing DOGE further reinforces BTSE’s commitment to expanding its range of quality digital assets for its growing user base. Users can access DOGE through the Binance Smart Chain (BSC) protocol, recently integrated with BTSE’s platform.
What is Dogecoin?
Dogecoin was created by software engineers Billy Markus and Jackson Palmer, who initially created the coin as a joke, poking fun at the wild speculation in cryptocurrencies at the time. It features the Shiba Inu dog, based on 2013’s “top meme” thanks to social media communities and pop culture. The coin has been used mainly on Reddit and Twitter as rewards for positive posts and quality content.
DOGE faucets — or a “water bowl”, as Dogecoin calls it, enabling the collection of free coins at a predetermined interval — have become popular as they reward new users to platforms, then allowing them to reward content creators. These faucets are free and help new or existing users to populate any content that contributes to a rewarding ecosystem.
Dogecoin, like Bitcoin (BTC), is an open-sourced, decentralized peer-to-peer network and applies its proof-of-work consensus algorithm on-chain. It requires and relies on miners or validators to approve transactions and to secure the network. Securing the network eliminates “bad actors”, thereby protecting the blockchain’s record of transactions from possible tampering. Roughly 1,000 master nodes validate the Dogecoin network.
Dogecoin uses a different algorithm than, say, that of Bitcoin. It was inherited from Litecoin, also known as the Scrypt hashing algorithm. Unlike Bitcoin, Dogecoin is easier to be mined with CPUs or GPUs rather than with ASIC miners, making it a more attractive option for everyday users.
The reason behind this is due to the ease of accessing cheaper hardware parts on the market allowing more of the community to be able to mine. That means it’s a more cost-efficient approach as compared to Bitcoin’s ASIC requirements, a more expensive alternative.
Taking the Spotlight
Dogecoin’s popularity just months ago had less to do with fundamentals and more to do with its ability to capture the imagination of so many investors, mostly small-time retail traders. Its supply was kept high and price kept low, appealing to its burgeoning fan base. It became a darling of online communities, also capturing the attention of celebrities from Snoop Dogg to Gene Simmons of KISS to Elon Musk, whose tweets about Dogecoin made news and moved prices. It became the ultimate meme coin for the masses as well as the famous.
Dogecoin briefly leapfrogged stalwarts like Tether (USDT) and Cardano (ADA) in April to be the fifth most popular cryptocurrency. By now it remains in the top 10, at number 7, boasting a market cap of more than $36 billion, according to CoinGecko. Its price on August 26 was $0.27, with over 131 billion coins in circulation.
While those figures have come down from the highs of four months ago (its all-time high hit $0.74 on May 8), Dogecoin has clearly made its presence known. It even added a sheen to the recent bull run, at the very least boosting the crypto market’s fun appeal.
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