Dogecoin’s name originated from a buzzword from European and American culture. Two men—an Australian brand marketing expert, and a programmer in Portland, never met each other, but presenting one of the most successful digital currency. Combine Bitcoin and dogs, you get Dogecoin, and it’s actually used for transactions.
There’s a well known formula in the cryptocurrency market, that digital currency’s value is directly proportionally to people’s confidence in it.
Dogecoin was born in Bitcoin’s peak time, became popular when Bitcoin faced criticism. Dogecoin has the freedom for development, while Bitcoin’s under pressure from different countries’ regulations, especially since MtGox went bankrupt because of hacker’s attack.
This is the best time for Dogecoin, as people pay more attention for other opportunities, money will be transferred to Dogecoin too. Dogecoin’s popularity happens so naturally, it’s become the best selling hot dog in the cryptocurrency market.
Dogecoin was not the first cryptocurrency developed, however it gathered all previous knowledge from bitcoin, and chose the right time for release. Riding on bitcoin’s momentum, Dogecoin presents new opportunity. It uses same encryption algorithms as Litecoin, and makes the mining process much easier. Miners and investors welcome this new currency member, and Dogecoin emerged as a rising star.
Many Litecoin miners have changed course to mine Dogecoin. Because the mining process of these two coins is similar, the transfer is easy. The competition between Litecoin and Dogecoin is intense. Originally seen as Litecoin’s derivative, Dogecoin refuses to be a submissive. As Dogecoin’s supporters increase exponentially,
Dogecoin’s ambition is clearly shown. Most mining activities located in American and European areas, and with smart marketing technique using pet dog as its mascot, Dogecoin rises to the third place next to Bitcoin and Litecoin in popularity.
Dogecoin’s design is a variation from Litecoin, and both use scrypt base computing model. So Litecoin miners can easily change the mining software program to mine Dogecoin.
Dogecoin is widely used in charitable donations as well. Examples such as donations to the Jamaican bobsled team to the Indian Olympic athletes, events such as “Doge4Kids” fund raising acitivities are in full swing. All proceeds are donated to 4 Paws For Ability organization. The organization is helping children with autism, Down’s syndrome, diabetes, and mobility problems. Currently the donation has reached $30,000 and is used to pay for training service dogs and the agency’s operational expenses in the coming years.
Although Dogecoin faces price fluctuations like other cryptocurrencies, its price is on an upward trend. We’ve seen Litecoin’s price reached the peak to $300, and then stays around $100. Dogecoin brings investors bigger initial investment returns and has gained loyal support from investors.