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Doge is the token of Dogecoin, a cryptocurrency based on a popular internet meme of a Shiba Inu dog. It started as a joke aimed at other crypto projects, but eventually gained a passionate following. Dogecoin is a fork of Litecoin and serves as a digital payment system, but it has been adopted for various uses such as online tipping on Reddit and crowdfunding for charitable causes.
The founders of Dogecoin did not launch a public sale or premine coins prior to its launch, setting a total supply limit of 100 billion coins. Anyone could mine Dogecoin with a laptop or smartphone. Its block reward schedule was unique and copied from another project, LuckyCoin, with block rewards being random and ranging from 0 to 1 million Dogecoin. The range of coins gradually decreased every 100,000 blocks until 2014 when a fixed schedule of 10,000 Dogecoin per block was implemented.
Dogecoin saw early popularity and two price surges, first a 1,061% increase in 15 days to $0.0023, then a 1,494% rise to $0.004 during the early stages of a crypto bull market. Despite some growth in the second quarter of 2017, prices eventually fell below $0.001 before finding support in November 2017. By January 2018, the price peaked at $0.018. After a prolonged period of low trading activity, renewed interest from Elon Musk and other celebrity supporters in 2021 caused Dogecoin’s price to surge 9,884% to a new all-time high of $0.74.
Dogecoin uses the proof-of-work consensus mechanism like Bitcoin for agreement on data added to the blockchain. The mining code for Dogecoin was taken from LuckyCoin, another cryptocurrency, which had a random block reward schedule. The creators of Dogecoin, Jackson Palmer and Billy Markus, believed this randomness would deter miners, but as the community grew they changed it to a fixed schedule with a reward of 10,000 dogecoin per block in March 2014, resulting in a yearly output of 5.2 billion dogecoin. The mining difficulty for Dogecoin adjusts every block, unlike Bitcoin’s every 2,016 blocks. In 2014, Charlie Lee proposed merging dogecoin and litecoin mining, which Palmer and Markus accepted, leading to faster block production and faster transactions compared to Bitcoin.
