Tuesday, May 24, 2022

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    What is Dogecoin?

    We all know Rupee coin and Bitcoin but have you ever heard about Dogecoin?
    While the rupee coin is based on our currency and bitcoin is based on blockchain that promises to revolutionize the monetary system around the world, the Dogecoin is based on a meme. Surprised?
    This is possible because cryptocurrency is so decentralized that any person can create their own coin, with just basic knowledge of coding.
    In 2013, Jackson Palmer, an Australian marketer and Billy Markus, software developer at IBM, developed this dogecoin to create a payment system as a joke, as a way of combining two trends: Cryptocurrency and the Doge meme.

    Do you think Dogecoin is another kind of Shitcoin?

    The code of dogecoin is based on Litcoin. However, today the market valuation has already surpassed that of Litcoin and has become the fourth-largest cryptocurrency of the world after Bitcoin, Ethereum and Binance.
    How is this possible?
    The transaction using this started on the Reddit website where users used it as a tip and over the years it expanded globally. This created its own online community.
    In 2018, the CEO of Tesla, Elon Musk noticed this, had a word with Palmer and in 2020 he tweeted being his favorite currency, hence promoting the same.
    With every tweet on this by Elon Musk, the valuation increased by a certain percentage.
    Dogecoin.com promotes the currency as the “fun and friendly internet currency” and it has become a cultural trend nowadays!

    ALSO READ:   Let’s deep dive into the futures!

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