Dogecoin was invented by former IBM and Adobe software engineers Jackson Palmer and Billy Markus on December 6, 2013. It started as a joke, featuring Shiba Inu Dog as the logo. Soon after launch, it became pop culture, going by the hype the dog meme. What started as an online comedy turned out to be a user-friendly and decentralized cryptocurrency with meager fees. Some of its earliest uses were charities and online tipping. Up to 2022 Dogecoin ranks position 12 with a market cap of $22,787,606,651 on the coinmarketcap.
The creators initially wanted Dogecoins to have a fixed supply of 100 billion coins. But this cap was eliminated, and users continued to mine new coins. This decision aimed to keep the token price as low as possible. That is why it makes more sense to transact even small amounts with Dogecoin. It is no wonder it’s regarded as the currency of the people.
Dogecoin is incredibly popular with gamblers. They use it to place bets at new online casinos and hold it as a form of investment. Dogecoin is stored in the DOGE wallet, and its token can be traded on crypto exchanges for other digital coins. Dogecoin uses a decentralized network that facilitates peer-to-peer transactions like other digital currencies. Decentralization means no financial institution or authority executes the payments or controls the network.