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Emerald Crypto | March 17, 2021
Dogecoin? That's the cryptocurrency that 'began as a joke' and that has the Shiba Inu as a mascot, right? If you ask someone about Doge they'll probably be able to tell you that much, but can Dogecoin as a digital asset be taken more seriously? Or is this all there really is to it?
Dogecoin is closely related to Bitcoin and Litecoin in that it was created an internet currency. In fact DOGE's lineage can be traced directly back to Bitcoin. Dogecoin was created by modifying Luckycoin's source code. Luckycoin is now defunct but was the result of a Litecoin fork and Litecoin came about through a Bitcoin fork. Dogecoin is also written in the same C++ programming language that Bitcoin is.
In 2014 DOGE's mining process was integrated with Litecoin’s, meaning anyone mining Litecoin could also mine Dogecoin without additional steps.
Dogecoin is a decentralized, open source and peer-to-peer digital currency that is secure and anonymous. The project began as a marketing experiment in 2013 but even the creators have been surprised by the enthusiastic fanbase the digital asset has garnered and the avid internet culture that has grown up around it.
The Doge Meme is a dominant force on the internet and enthusiasts can't seem to get enough. The Meme features a Shiba and has the character's inner monologue written in broken English using the Comic Sans font in various colors.
The multitude of memes and gifs is almost limitless. This 'To the Moon' gif is one of the more popular installments.
But DOGE is more than a parody crypto. It has found a genuine niche as an internet currency that is used in crowdfunding campaigns and for tipping content creators on various social media platforms. DOGE is also a good entry point for those who are new to cryptocurrency because it is perceived as more fun and less threatening than other cryptos - newbies are less likely to run into stuffy investor types in this space.
As of this writing DOGE has a market capitalization of $7.11 Billion, which ranks it 13th among all cryptocurrencies.
It also oesn't hurt that business magnate Elon Musk is a vocal supporter and once jokingly described himself as Dogecoin CEO. Musk is also known to tweet the occasional DOGE Meme.
In the last couple of weeks there have been some positive developments as well. On March 2nd cryptocurrency ATM provider CoinFlip announced that DOGE can now be purchased at 1,800 ATMs throughout the U.S..
On March 4th NBA Franchise The Dallas Mavericks announced they will accept DOGE as part of an agreement with crypto payment provider BitPay. As of March 8th Mavericks owner Mark Cuban (of Shark Tank fame) confirmed more than 20,000 Dogecoin transactions, making the Dallas Mavericks the largest Dogecoin merchant in the world.
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