Doge Coin ( DOGE ) Price Live Chart

What Exactly Is Dogecoin?

Dogecoin (DOGE) burst onto the scene as a lighthearted, open-source digital currency, playfully inspired by the "doge" internet meme featuring a Shiba Inu. Created in December 2013 by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, Dogecoin was forked from Litecoin. Its founders envisioned it as a more accessible and fun alternative to Bitcoin, appealing to a broader audience thanks to its meme-based identity. Notably, Tesla CEO Elon Musk has frequently expressed his fondness for Dogecoin on social media, further boosting its popularity.

How Does Dogecoin Mining Work?

Dogecoin's mining process shares similarities with Bitcoin but incorporates key differences in its proof-of-work protocol. It utilizes Scrypt technology and boasts a significantly faster block time of 1 minute. Unlike Bitcoin, Dogecoin has an uncapped total supply, meaning there's no inherent limit to the number of coins that can be mined. Individuals can mine Dogecoin independently or by joining a mining pool using Windows, Mac, or Linux operating systems and a GPU. Interestingly, since 2014, Dogecoin mining has been merged with Litecoin mining, allowing miners to mine both cryptocurrencies simultaneously.

What Are the Practical Uses of Dogecoin?

Initially, Dogecoin gained traction as a tipping system, particularly on platforms like Reddit and Twitter. Users would reward creators and sharers of engaging content with small amounts of DOGE. You can receive Dogecoin tips within participating online communities or acquire some from a "Dogecoin faucet" – a website that offers small amounts of the cryptocurrency for free to introduce newcomers to the Dogecoin ecosystem and encourage interaction.

How Can You Acquire Dogecoin?

Purchasing or selling Dogecoin is straightforward through various cryptocurrency exchanges that list the digital currency. Once acquired, you can store your Dogecoin on the exchange itself or transfer it to a dedicated Dogecoin wallet for more control. Furthermore, you can use your Dogecoin to tip other users within online communities that have adopted it. For an up-to-date list of exchanges and trading pairs supporting Dogecoin, you can refer to dedicated market information resources.

Understanding Dogecoin's Libdogecoin

A significant development in the Dogecoin ecosystem was the introduction of Libdogecoin by core developer Michi Lumin, shortly after the release of Dogecoin Core version 1.14.6. Libdogecoin is a C-library comprising the fundamental building blocks of the Dogecoin network.

This library empowers developers to create Dogecoin-compatible products without needing an in-depth understanding of the underlying cryptographic complexities. This opens doors for less technical individuals to contribute to the Dogecoin ecosystem by designing compliant applications.

It's important to note that Libdogecoin is purely a library and does not offer a standalone "runnable" node. However, its versatility is enhanced by its support for multiple programming languages, including popular choices like Python, Node.js, and Ruby.

The Influence of Elon Musk on Dogecoin

Dogecoin's journey has been significantly shaped by Elon Musk's enthusiastic endorsements. His tweets about Dogecoin began in early 2021, including a memorable Lion King-themed DOGE meme. This sparked a substantial price surge for DOGE, albeit with temporary dips, culminating in Musk's appearance on Saturday Night Live.

Following his SNL appearance, Dogecoin's price experienced a significant downturn despite earlier expectations of a price surge ("to the moon"). Over the subsequent months, Musk's engagement seemed to wane, and the price of DOGE fell considerably from its peak. Nevertheless, Musk's occasional tweets still demonstrate his influence on Dogecoin's market sentiment.

The Role of the Dogecoin Foundation and Its Board of Advisors

The Dogecoin community established a non-profit foundation in 2014 to provide crucial support, advocacy, trademark protection, and governance for the cryptocurrency project. However, the foundation eventually became inactive.

In a significant revival, the foundation was relaunched in 2021 with a renewed commitment to supporting the Dogecoin ecosystem, its community, and the future development of the Dogecoin blockchain. The revitalized foundation includes some of the original core team members alongside experienced industry figures on its board of advisors.

According to the foundation's official website, the board members convene monthly to discuss important matters concerning Dogecoin.

The esteemed board of advisors comprises Dogecoin co-founder Billy Markus, core developer Max Keller, Ethereum founder Vitalik Buterin, and Jared Birchall, representing Elon Musk's interests as the head of his family office.

These advisors fulfill distinct roles: Keller serves as the technical advisor, Markus focuses on community engagement and memes, Buterin provides expertise on blockchain and cryptocurrency matters, and Birchall acts as the legal and financial advisor on behalf of Elon Musk.

A primary initial goal for the Board of Advisors is to secure three-year funding to enable the hiring of a small, dedicated team to work on Dogecoin full-time. Previously, all development and community efforts were undertaken by volunteers.

Companies Embracing Dogecoin as Payment

Driven by its low transaction fees and consistent support from Elon Musk, an increasing number of mainstream companies have begun accepting Dogecoin as a valid payment method.

Here are some notable companies that currently accept Dogecoin payments:

• Tesla

• AMC Theaters

• GameStop

• airBaltic

• Dallas Mavericks

• EasyDNS

• Newegg

• Twitch

Where Can I Buy Dogecoin in INR?

You can buy or trade Dogecoin on the SunCrypto platform using either the DOGE/INR or DOGE/USDT trading pairs.