What is Dogecoin (DOGE) and what affects its price?

Dogecoin (DOGE) is one of the most well-known "meme coins" and the first dog-themed token. According to the official website, the Dogecoin payment network aims to serve as a "viable and legitimate alternative currency to traditional fiat money.

It was originally created by Billy Markus and Jackson Palmer in 2013 and swiftly gained fame as a fun spoof of Bitcoin sparking an accidental crypto movement, thanks to viral social media campaigns and endorsements from well-known figures.

Dogecoin draws its name and emblem from the widely recognised "Doge" internet meme, characterised by a Shiba Inu dog alongside broken English phrases written in Comic Sans font. The logo prominently displays the face of the Shiba Inu. Initially, people primarily used Dogecoin to tip content creators on social media platforms. Since then, Dogecoin has expanded its use cases to include online purchases, tipping, and trading on various cryptocurrency exchanges.

Dogecoin was created as a fork of Luckycoin, a now-defunct cryptocurrency that was itself a fork of Litecoin, which in turn was a fork of Bitcoin. People have raised concerns about inflation because Dogecoin, unlike Bitcoin, which has a capped supply of 21 million coins, does not have a maximum supply limit. Miners receive a fixed reward of 10,000 DOGE for adding each block to the blockchain, which currently uses a proof-of-work (PoW) consensus process, but it plans to transition to a proof-of-stake (PoS) consensus process in the future.

Users on Reddit and Twitter primarily use Dogecoin as a tipping system to reward one another for creating or sharing useful content. The community is quite active in organizing fundraising events for worthy causes.

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