Dogecoin (DOGE, dogecoin.com) is an open-source cryptocurrency that is based on Litecoin and is named after the Internet meme Doge (an image of a Shiba Inu, a Japanese hunting dog). The difference from other cryptocurrencies is that Dogecoin has a fairly fast initial mining period, with the coin mining algorithm — AuxPoW (auxiliary proof-of-work).
The emission is unlimited, and the block time is 1 minute (for example, for Bitcoin it is 10 minutes, for Litecoin — 2.5). The transaction processing speed is 6 minutes. Fee for transfers: 1 DOGE regardless of the amount.
In January 2021, 1 DOGE went up in price by more than 800% in just one day. Its price reached 0.07 USD after the huge attention of Reddit users. And later Dogecoin reached a high of 0.08 USD again in just a few minutes, thanks to a Twitter message from Elon Musk. He asked subscribers if they would like Tesla to accept Dogecoin for payment for its products. The overwhelming majority responded positively.
On May 10, 2021, the billionaire mentioned Dogecoin on Saturday Night Live. After that, it became known that SpaceX will accept Dogecoin as payment for launching a space satellite into orbit of the moon.Dogecoin is currently available on almost all exchanges and is supported by many multi-currency wallets. One of the most popular use cases for Dogecoin is paying a user to create or share content on social media.
The currency gained popularity (and growth of the rate) after Elon Musk’s tweet: “One word: Doge”.