One minute per topic – easy to understand and perfect for beginners.
Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today, let’s dive into the phenomenon of Dogecoin – how it started, why it’s so popular, and if it has any real world use.
Dogecoin was released in 2013 as a project to poke fun at the very technical crypto scene back then. The two founders felt that crypto insiders were taking themselves too seriously, and scaring non-technical people away. To get everyone else interested, they created a coin themed like a Shiba Inu dog, hoping to break down some of those barriers.
And indeed, a vivid community of hundreds of thousands of DOGE fans has formed on Reddit, where great posts get rewarded with Dogecoins between members. That community is known to be welcoming and happy to explain crypto to newcomers.
Dogecoin itself was simply created as a clone of LiteCoin with little extra development effort at first. But thanks to its roots, it is actually relatively usable in comparison to Bitcoin - transactions are decently fast and cheap, and an unlimited supply of Dogecoin helps its value to be relatively stable.
There aren’t many real-world examples of Dogecoin use though. But for unknown reasons, Tesla founder Elon Musk has hyped the coin many times, and has recently announced that Tesla will accept it as a payment method… for swag only.
And that’s Dogecoin, the best known meme coin. Next time, we’ll talk about its recent offspring, Shiba Inu.
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