The decentralised peer to peer digital currency was created by Billy Markus and Jackson Palmer. The goal was to make a fun, jokey cryptocurrency that would have greater appeal to people beyond the core audience of Bitcoin, whilst simultaneously taking a jab at Bitcoin for its ease and simplicity.
The rise of DOGEcoin
DOGE grew to prominence over the last few years due to a few notable events. One of them was when Tesla CEO, Elon Musk (one of the most influential people in the world), tweeted that DOGE is his favourite coin.
Another reason DOGE went viral, beyond the meme factor, was because of something called a faucet. Dogecoin Faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency so that you can begin interacting in Dogecoin communities.
This was something also used by early Bitcoin enthusiasts. But as the whole world was online due to the pandemic, and us being more interconnected because of social media, the explosion DOGE experienced was different. Not to mention a lot of those using the internet are young people who also happen to spend a lot of time on social media.
It’s not very complicated. Imagine a 14-year-old kid, he can visit a website and literally be rewarded with free “money,” what’s he going to do? Tell everyone at school and on Instagram. This is why DOGE went so viral.
And, who doesn’t love dogs?
How does DOGEcoin work?
Dogecoin has been used primarily as a tipping system on social media to reward the creation or sharing of content that appeals to specific communities. It is very much the currency of the people.
Other big companies and entities have started to accept DOGE as a payment method. Some argue this is a publicity stunt, while others are adamant that these companies believe in the future of the project.
Now for the actual technology of DOGE. (It’s pretty similar to Bitcoin)
- It’s a proof of work (PoW) cryptocurrency with its own blockchain which can be used for peer to peer transactions.
- It can be bought and sold on the internet. Miners are rewarded by managing the blockchain.
- Thanks to scaling, applications are being built on top of it.
- DOGE has a large, hardcore fanbase
So why do people hate DOGE?
Dogecoin's origin as a "joke" means it's not taken seriously by crypto hardcore and financial enthusiasts.
The cryptocurrency has had a long and problematic history of scams and has been described by some commentators as a form of Ponzu scheme.
Critics say that Dogecoin investors who purchased Dogecoins early on have a large financial incentive to draw others into purchasing more Dogecoins in order to drive the price up to benefit the early investors at the direct expense of later purchasers. The theory is that as soon as the price hits a certain point, large investors will sell all their coins and run off with millions of dollars- “a pump and dump.” Although logically, the same can be argued for any investment.
The biggest and most indisputable problem people have with Dogecoin is that it does not have a supply cap like other cryptocurrencies. Bitcoin has a max supply of 21 million coins. Dogecoin has instead, a deliberately stable, "deterministic inflation" rate of 10,000 Dogecoin per block, with a block time of one minute. This means 5 billion new coins will be created every year!
So the next time your friend brags about having thousands of coins, let him know it’s not the same thing as having thousands of Ether or Bitcoin.
The issue with this unlimited supply is that simple economics tells us that if supply goes up, and demand doesn’t go up as fast, the price will go down.
The biggest risk DOGE faces is memes no longer having a place in crypto. As of now, meme culture is a significant part of the crypto community. The space is full of young, internet-savvy people who spend their time online, sharing memes, Instagram posts and TikToks every day. What happens if there’s a cultural shift that moves crypto away from memes?
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