Dogecoin has been in development since 2013. Its original creators, Billy Markus and Jackson Palmer, wanted to create a cryptocurrency that wasn’t as stuffy or boring as Bitcoin. They wanted to create a digital coin that was fun, in the hope that it would appeal to a much broader audience than conventional cryptocurrencies like Bitcoin.
Anyone that’s been involved in cryptocurrency for more than a few months will almost certainly have heard of Dogecoin. And if you’ve ever been on the internet, you’ll probably recognize the Shiba Inu “doge” that acts as the Dogecoin mascot.
Sure, Dogecoin might play on the popular internet “doge” meme, but when it comes to cryptocurrency, it’s a serious project.
Dogecoin was originally based on LuckyCoin which is essentially a variation of the Litecoin code, which is itself derived from Bitcoin. Dogecoin uses a similar mining algorithm to Litecoin, called Scrypt. As a result, Dogecoin has smaller block times compared to Bitcoin. The Scrypt algorithm also makes it more difficult to use specialist ASIC mining equipment to mine the coins.
Though it’s not all fun and games for Dogecoin. Back in 2014, the coin was used to successfully raise $25,000 for the Jamaican bobsleigh team to get them to the Winter Olympics in Sochi. It’s the stuff worthy of a movie deal.
One of the main differences between Dogecoin and other cryptocurrencies like Bitcoin, is that it’s inflationary. While there are only 21 million Bitcoins that will ever be mined, Dogecoin has no limit. According to CoinMarketCap, there are over 120 billion Dogecoins in circulation, at the time of writing.
Let’s take a look at how those Dogecoins have performed over the last quarter, but first, a quick recap of how it performed in previous years.
Dogecoin/USD historic performance recap
For two years between July 2015 and March 2017, Dogecoin traded between $0.0001 and $0.0004, with little...