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Dogecoin Trivia | 57 facts about the cryptocurrency

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer.

So let’s find out some trivia and facts about this cryptocurrency.

Dogecoin is a cryptocurrency
It was created by software engineers Billy Markus and Jackson Palmer
They decided to create a payment system as a “joke”
Making fun of the wild speculation in cryptocurrencies at the time
It is considered both the first “meme coin”, and, more specifically, the first “dog coin”
Despite its satirical nature, some consider it a legitimate investment prospect
Dogecoin features the face of the Shiba Inu dog from the “doge” meme as its logo and namesake
It was introduced on December 6, 2013
It quickly developed its own online community
Reaching a market capitalization of over $85 billion on May 5, 2021
As of 2021, it is the sleeve sponsor[b] of Watford Football Club
Dogecoin.com promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke”
Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world
With the help of Reddit, the site became an instant hit
Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached US$8 million, once jumping to become the seventh largest electronic currency in the world
Dogecoin is based on Scrypt algorithm, and the transaction process is more convenient than Bitcoin
Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes
Dogecoin is an altcoin with a large userbase
It is traded against both fiat currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms
Trading physical, tangible items in exchange for DOGE takes place on online communities such as Reddit and Twitter
There users in such circles frequently share cryptocurrency-related information
Several cases of people using their employers’ or universities’ computers to mine Dogecoin have been discovered
Dogecoin has also been used in an attempted property sale
And has been used in the pornography and gambling industries
DeFi (decentralized finance) is a form of finance that does not rely on middlemen such as brokerages, exchanges, or banks to offer financial instruments
This is accomplished using “smart contracts” which are automated enforceable agreements that do not need intermediaries like a bank or lawyer, but use online blockchain technology instead
While Dogecoin cannot interact with smart contracts directly given that it operates on its own chain, the coins can be “wrapped” so that they can be locked into a state that is interoperable with a contract until it is later released
The Ren Project has enabled Dogecoin (renDOGE) to be used on the Ethereum blockchain and access the DeFi network. Most DeFi coins use the Ethereum blockchain network
DeFi linked coins use decentralized applications (“dApps”) to transact and trade on decentralized exchanges (DExs)
An example of a Dexs is Uniswap; these are entirely peer-to-peer exchanges, without any company or other institution providing the platform
Dogecoin’s implementation differs from its predecessors
It was originally forked from Litecoin, then refactored to Bitcoin. Dogecoin’s target block time is 1 minute
As opposed to Litecoin’s 2.5 minutes and Bitcoin’s 10 minutes
Elon Musk frequently uses his Twitter platform to express his views on Dogecoin
This has led some to claim that his actions amount to market manipulation because the price of Dogecoin frequently experiences price movements shortly after Dogecoin-related tweets released by Elon Musk
Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal
Musk and his promotion of Dogecoin have been criticized by Dogecoin co-founder Jackson Palmer, who called Musk a “self-absorbed grifter”
Musk’s first Dogecoin-related tweet occurred on December 20, 2020. Musk tweeted “One Word: Doge”
Shortly after, the value of Dogecoin rose by 20%
This was followed by a series of Dogecoin-related tweets by Musk in early February 2021 captioned “Dogecoin is the people’s crypto” and “no highs, no lows, only Doge”
Following these tweets, the value of Dogecoin rose by roughly 40%
On April 15, 2021, the price of Dogecoin rose by more than 100% after Musk tweeted an image of Joan Miró’s Dog Barking at the Moon painting captioned “Doge Barking at the Moon”
The message whch was taken by some as a reference to the industry slang term “to the moon”
Meaning a hoped-for increase in a cryptocurrency’s value
On May 8, 2021, Dogecoin fell as much as 29.5%, dropping to US$0.49 during Musk’s Saturday Night Live appearance
The price of Dogecoin rose by 11% on May 20, 2021
Shortly after Musk tweeted a Doge-related meme
In May 2021, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency
On December 14, 2021, Dogecoin spiked more than 20% after Musk said that Tesla will accept the currency as a means of payment for Tesla merchandise
On June 16, 2022, Elon Musk was named in a complaint seeking damages of $258 billion
The complaint was filed in federal court in Manhattan by plaintiff Keith Johnson
Johnson cited Musk’s repeated use of his massive social influence to promote the altcoin, which he claims artificially inflated the price
On October 27, 2022, Elon Musk completed a deal to take Twitter private for $44 billion
This led to a sustained rise in Dogecoin from the 25th to the 29th, with the highest increase of 45.51%
It was reported back in 2013 that Musk thinks dogecoin can be used for Twitter transactions
On April 3, 2023, Twitter’s bird logo was replaced with an image of the Doge meme for desktop users, leading to a rise in Dogecoin prices
No reason was given for the icon change, with some speculating that it was a late April Fool’s joke, or an attempt to troll investors over the Dogecoin lawsuit that Musk was seeking to end that week