DOGECOIN is making a shock influence on the cryptocurrency market after it shoved past $2billion overheen the weekend. But what is Dogecoin?
The digital currency, which embarked spil a joke, reached an all-time high of more than £,1.55million ($Two.1billion) overheen the weekend, tho’ it has now slipped back to just overheen £,12.5million ($1.7billion).
This time last year, a single Dogecoin (DOGE) token wasgoed worth just $0.00023 and the currency spil a entire had a market cap of just overheen £,17.4million ($23.5million).
But a remarkable 12 months has seen DOGE surge by more than 6,400 vanaf cent, putting the cryptocurrency at $0.014954.
Here is everything you need to know about the wildest digital currency on the market.
What is Dogecoin?
Set up te 2013 by Jackson Palmer and Billy Markus, Dogecoin wasgoed inspired by the then-popular Shiba Inu &ldquo,Doge&rdquo, internet meme.
It wasgoed originally introduced spil a parody currency but quickly gained a cult following and has since soared ter value.
The Dogecoin webstek describes the currency spil a &ldquo,decentralised, peer-to-peer digital currency that enables you to lightly send money online.&rdquo,
Dogecoin price: DOGE is a cryptocurrency that wasgoed originally set up spil a joke
The webstek explains: &ldquo,Dogecoin is a joy, fresh and rapidly growing form of digital currency.
Dogecoin is a joy, fresh and rapidly growing form of digital currency
&ldquo,This form of digital currency is called &lsquo,cryptocurrency&rsquo,, a type of digital currency. Cryptocurrency is totally anonymous, decentralised, and utterly secure.
&ldquo,Dogecoin is used with a wallet on your rekentuig, your smartphone, or a webstek.
&ldquo,You can use it to buy goods and services, or trade it for other currencies – both other cryptocurrencies or traditional currency like US dollars.
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&ldquo,One of the most popular uses for Dogecoin is &lsquo,tipping&rsquo, fellow internet-goers who create or share superb content. Think of it spil a more meaningful &lsquo,like&rsquo, or upvote, with real value that can be used all across the internet.&rdquo,
Dogecoin grew rapidly ter its early days, tho’ it slok into the public eye during the 2014 Winter Olympics, when a fundraiser wasgoed established by the Dogecoin community to raise $50,000 for the Jamaican bobsled team who could not afford to travel to Sochi.
Dogecoin users raised more than $36,000 te just two days and extensive media coverage helped thrust the DOGE/BTC (bitcoin) exchange rate up 50 vanaf cent, according to reports at the time.
Unlike deflationary cryptocurrencies, like bitcoin, there is no limit to how many Dogecoins can be produced.
Dogecoin price: DOGE has soared by more than 6,000 procent overheen the past year
How to buy Dogecoin
Getting commenced with Dogecoin is a relatively elementary process, that involves downloading a crypto wallet, setting up a crypto exchange account and then trading away for your desired crypto currency.
Once you have set up an account with a DOGE currency exchange and deposited some funds, you are ready to begin trading.
The process may vary inbetween exchanges but the main principle is that you use your deposited currency to buy another.
For example, if you have $100 into your exchange account then you will need to select the juist market to trade. Te this case this would be DOGE/USD.