Highlights:
- Dogecoins was introduced on December 6, 2013, and quickly developed its own online community.
- The company was co-founded by IBM software engineer Billy Markus from Portland, Oregon, and Adobe software engineer Jackson Palmer.
- They started its initial coin production schedule with 100 billion coins in circulation.
- Dogecoin‘s total market value of nearly $50 billion.
Introduction:
Dogecoin is a cryptocurrency invention by software engineers Billy Markus and Jackson Palmer. They decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. The company’s introduction was on December 6, 2013. It was quick to develop its own online community, reaching a market capitalization of US $70,355,561,773 on April 16, 2021.
IBM Software Engineer Billy Markus from Portland, Oregon, and Adobe software engineer Jackson Palmer found Dogecoin on December 6, 2013. They set out to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins. Within the first 30 days, there were over a million visitors to Dogecoin.com.
Dogecoin started its initial coin production schedule with 100 billion coins in circulation. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of dogecoins put into circulation will only double in 26 years. Like any currency, there is no implemented hard cap on the total supply of Dogecoins.
Dogecoin Retreats After Topping Ford and Kraft in Market Value.
Dogecoin‘s total market value of nearly $50 billion makes it bigger than the market cap of some of America’s top manufacturers,
In the past week, the digital currency has spiked 400%. As a result, it becomes one of the top 10 cryptocurrencies in the market. It had modeled in 2013 after the popular “Doge” meme. Its $50 billion market cap almost rivals that of Twitter ($54.3 billion). The brand places it above Ford Motor Co. ($48.3 billion).
Plumber Buying Doge Shows Retail Investors’
Power in Crypto It’s all part of the dizzying trajectory for Dogecoin, which has delighted followers of so-called altcoins. But it also dismayed some crypto enthusiasts. They worry that it’s only adding to volatility and detracting from its more useful endeavors. This includes decentralized finance. Dogecoin prices have rallied recently, with fans rallying behind the #D.
