Dogecoin, often recognized by its Shiba Inu dog logo, is the most valuable meme coin in crypto market. It was initially created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer.
Dogecoin operates on a decentralized peer-to-peer network, similar to Bitcoin, but with some key differences. It uses a Scrypt algorithm, which makes it less susceptible to the high-speed hardware used by Bitcoin miners. One of the defining characteristics of Dogecoin is its unlimited supply. Unlike Bitcoin, which has a cap of 21 million coins, there is no maximum limit to the number of Dogecoins that can be mined. This inflationary nature makes Dogecoin less likely to be hoarded and more likely to be spent, contributing to its use as a 'tipping' currency on the internet.
Dogecoin's popularity skyrocketed in 2021, largely driven by high-profile endorsements from figures like Elon Musk and Mark Cuban. Until now, Musk still mentioned Dogecoin in many tweets, and even replaced the "Blue Bird" logo that originally represented Twitter with Shiba Inu in April 2023.
Above are only for introduction, not intended as investment advice.