Dogecoin (DOGE) is the original meme coin. Some consider it a pump and dump scheme, but others see a bright future for the dog-themed cryptocurrency. Doge has a huge community following, and famous fans like Elon Musk who keep innovating and developing the project.
This article will look at the fundamental facts about the meme cryptocurrency, so that you can stay informed as you continue your cryptocurrency journey.
Tokenomics
As of November 2022, there was an unlimited supply of DOGE, with a current circulating supply of 136.74 billion. Unlike Bitcoin, where the supply is deflationary, it has an inflationary one. Dogecoin's supporters, which include well-known billionaires, also claim that this tokenomics is what makes it a useful currency.
Market Capitalisation
As of November 2022, DOGE has a market capitalization of $17 billion. DOGE has the largest market capitalization at $88.8 billion, in May 2021. A cryptocurrency's market capitalization is determined by multiplying its current price by the total number of coins or tokens in circulation.
Consensus Mechanism
Like bitcoin, DOGE is mined via a Proof-of-Work (PoW) consensus method. Serving as nodes, computers and servers validate transactions and add them as new blocks to the blockchain record in exchange for cryptocurrencies. A new block is generated every per minute, and the prize for generating one is 10,000 DOGE tokens.
Community
The dog themed cryptocurrency has one of the biggest and most dedicated communities in the cryptocurrency space. It has over 3.5 million followers on Twitter. It has 2.4 million subscribers on Reddit. And also has 31 thousand members on Discord.
Founding Team
In 2013, Billy Markus and Jackson Palmer invented Dogecoin. Billy was the primary developer behind the Core's initial releases. Dogecoin Core began as a fork of Litecoin and Lucky Coin, which were forks of Bitcoin Core. As a result, the majority of the Core's code base was created by Bitcoin developers using the Bitcoin repository.
Technical
To continue further with your research, you can follow these import links below:
- Website: https://dogecoin.com/
- Dogecoin Manifesto: https://foundation.dogecoin.com/manifesto/
- Source code: https://github.com/dogecoin/dogecoin
