This past year saw further leaps and bounds in the prices of well known cryptocurrencies such as Bitcoin or Ethereum. For those of us less familiar with the digital currency landscape, Dogecoin is one coin we might be yet to hear of. The chances of that are getting less and less likely however, as Dogecoin has made some surprising gains in 2021 that have made headline news around the digital currency world.
So let’s take a look at this latest crypto phenomenon!
What is Dogecoin?
Simply, Dogecoin is another form of cryptocurrency similar to more well known coins such as Bitcoin or Ethereum. Unlike Bitcoin or Ethereum however, there is no limit on the number of Dogecoins that can ever be made. As a result the price of Dogecoin has traditionally stayed relatively low. As of June 2021, Dogecoin has seen highs of $0.35 United States Dollars and lows of $0.09 United States Dollars per coin. As of the 16th June 2021 and the time of writing this article, its price is currently $0.31 United States Dollars a coin.
Where does the name come from?
The name is one of the more unusual parts of Dogecoin, and does its part to explain the coin makers’ philosophy. The coin was made initially as a joke by Billy Marcus and Jackson Palmer. The two software engineers started the coin as a joke back in 2013 and the name services from the once-popular meme with the dog breed of the same name. The joke was meant to be on the various cryptocurrencies and their uses, however the increasing popularity of the coin in 2021 means it is now the fifth largest cryptocurrency on the digital market. Dogecoin unexpectedly has seen a 5,000% increase in its market value in 2021.
Dogecoin uses similar blockchain technology to Bitcoin or Ethereum and uses a ledger to record and secure all transactions made. The ledger is then retained by all holders of the coin in a decentralised digital currency market.