That’s right, Dogecoin (DOGE) is the earliest and most representative meme coin, inspired by the most famous Shiba Inu emoji of all time, DOGE.
At its essence, Dogecoin is a cryptocurrency movement that was launched by accident to bring happiness to people; from a technical perspective, it is a completely open source, permissionless, decentralized, peer-to-peer cryptocurrency.
Over the years, Dogecoin has gathered a large number of loyal users, and its core communities are active on Twitter, Reddit, and Discord. This project has the typical genes of altcoins, and was even abandoned by its founder, but its playful comedy features have not harmed its ability to survive in the cryptocurrency world.
On December 6, 2013, the first Meme coin in history, Dogecoin, was born.
Palmer and Markus jokingly formulated its rules:
Compared to the ten minutes it takes for Bitcoin transactions to be confirmed, they adopted Litecoin’s Scrypt algorithm and reduced Dogecoin’s transaction confirmation time to one minute;
The total amount of Bitcoin is controlled at 21 million, and it needs to be halved every 4 years. The issuance of Dogecoin in the first year was 100 billion, and 5 billion were issued every year. Later, there was no upper limit.
For every Dogecoin block mined, the miner will receive 10,000 DOGE, and soon everyone will be a millionaire!
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There are currently many ways to obtain Dogecoin, such as purchasing it from an exchange, tipping it through social platforms, or obtaining it through mining.
As the result of an accidental planting, more and more people are beginning to realize that Dogecoin has the potential to become an efficient and practical currency. Under the surface full of jokes and memes, there is a solid foundation of practicality, such as the tipping feature that has existed since its birth.
After years of development, it has become possible to use Dogecoin to make purchases in online stores. With the integration of Dogecoin payments into third-party payments such as BitPay and Coinbase and some prepaid card providers that support Dogecoin, Dogecoin is becoming more and more "like currency".
Recently, Company X (Twitter) announced that it will soon launch a payment function, continuing to move towards a "universal application". The payment function is initially planned to support only legal tender, but as development proceeds, it may support cryptocurrency asset payments in the future, which coincides with Musk's enthusiasm for Dogecoin.
Dogecoin [DOGE] is approaching the critical support level of $0.1184, which has been tested four times since March 19.
This minor price drop comes after a slight price increase over the past seven days. Lately, DOGE has not seen any major volatility.
The price has been consolidating near the support zone since June 19.
As of writing, DOGE is trading at $0.1184, up 1.25% in the past 24 hours and 3.38% in the past 7 days, with a market cap of $17.4 billion. However, trading volume has surged by a massive 25.71%, with $497.7 million worth of DOGE changing hands in the past 24 hours. The short-term decline and long-term rise in price suggest that DOGE is undergoing a short-term correction to a critical support level. The Stochastic RSI is in the overbought zone, suggesting that a short-term correction is imminent.
