What Does The Creator Of Dogecoin Say?Įven Dogecoin’s own creator, Jackson Palmer, believes Dogecoin’s success demonstrates how far cryptocurrency has strayed from its original goals: In the first three quarters of 2021, Dogecoins highs were around the $0.68 mark. Although this skepticism doesn’t stop users from hoping that Dogecoin goes to the moon! Much of the community, particularly older members, are skeptical of speculation about Doge’s potential prices. Many of the community members prefer to think of Dogecoin as a currency in its own right, often repeating the refrain “1 Doge = 1 Doge”. Miners Are Rewarded With Dogecoinĭogecoin’s creator sought to solve this problem by ensuring that miners would always be rewarded with new Dogecoin and so there would always be an incentive to mine more coins.Īn inflation-based approach was also designed to replace lost coins and keep Dogecoin at a stable 100 billion coins.Ī semi-comical sketch by the Dogecoin community – Image via CleanPNG Transaction fees and blockchain efficacy are also greatly dependent on whether the coins are mined, minted, or transactions are verified via staking the native coin. This would either lead to unacceptably high fees in order to encourage miners or very long transaction times as there would be no incentive to process network transactions. The potential problem with this is that once the cap is reached it may no longer be profitable for miners to continue to sustain the system. When a cryptocurrency, like Dogecoin, is inflationary, it means that there is no maximum limit to the number of coins in circulation.īitcoin, Cardano, Ethereum, and many other cryptocurrencies are designed with a hard supply cap of coins. The main thing that separates Dogecoin from most other cryptocurrencies is that it is an inflationary, rather than deflationary, cryptocurrency. This run was given a further boost when Elon Musk began tweeting about Dogecoin, calling it the “cryptocurrency of the people”. In 2021 Dogecoin saw a major price surge, partially thanks to an influx of users chasing GME style highs. renDOGE is an exact representation of Dogecoin on the Ethereum blockchain - Ren has been designed to enable such cross-change operability to increase collective crypto asset liquidity. Also in 2021, the Ren project allowed DOGE to be accessible on the Ethereum network as a ‘wrapped’ coin named renDOGE.Dogecoin’s highest all-time market capitalization according to was over $88 billion in May 2021.For some years, Dogecoin didn’t see much development while Jackson Palmer left the project by declaring that he was going on an “extended leave of absence”.It’s similar to a “like” but with more impact. Users will tip other users for posts or contributions that they believe deserve recognition. One of the most common uses for Dogecoin today is as a tipping service.This community has come together to fund a number of charitable efforts and other projects. Dogecoin has one of the largest and most active communities in the cryptocurrency world. Even its name is taken from a popular Internet meme.
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