Dogcoin is the hottest and most eccentric cryptocurrency on earth. The total value of dog money in circulation is close to $50 billion - not bad for joking digital money. According to ZB, it is the fifth most valuable cryptocurrency in the market, growing by more than 6000% this year. After Tesla CEO Elon Musk tweeted for the thousandth time, the price of dogcoin doubled again on Friday. The surge in demand for dog money this week has temporarily disrupted the cryptocurrency trading system.

What is dog coin?

Like all cryptocurrencies, dogcoin is a digital currency that can be bought and sold like an investment or spent like money. Although each cryptocurrency is unique, it has some similarities with well-known currencies - for example, its code is based on litecoin scripts. But there are several key differences.

Unlike the limited bitcoin, which sets 21 million as digital currency, dogcoin has 129 billion coins in circulation and will continue to mine new coins every year. That's part of the reason why a dog coin is currently worth about three cents, while a bitcoin is worth about $62000.

Although cryptocurrency is becoming more and more popular as a currency for purchasing goods, dog money is not widely used in the real world. It has a number of niche markets, including the use of dogcoin to tip online artists. The main difference - the active online community - is what makes odd money so interesting. The organization, which has been active on reddit, has raised money (dog money, of course) for charities and successfully crowdfunding in 2014 to enable NASCAR driver Josh wise to advertise dog money in his car. "Dogecoin is not so much a monetary tool of deflation as a leisure exploration of inflation, centering around an encrypted asset," wrote Usman Johan, an economist at the Business School of the University of New South Wales, in a paper updated in February. Digital currency.

How did it start?

Doggy coin was created on December 6, 2013 by a pair of software engineers joking. Billy Marcus, an IBM programmer from Portland, Oregon, began to differentiate his cryptocurrency from bitcoin. Bitcoin was fascinated by anonymous creators and attracted a small group of niche miners at that time. According to Johan, Marcus wants his cryptocurrency to be open to the public. Marcus asked for help to make his weird dream come true and found Jackson Palmer, who works for adobe. Palmer bought the dogecoin.com domain as a tribute to the "governor" meme that appeared on the Internet at that time. The site pays homage to the origin of its jokes from the beginning to the end: its Shiba Inu mascot is the first image on the page, mimicking the meme that inspired it, and it features the same dog surrounded by a bunch of broken English sans sans characters. On dogecoin.com, its mascot carries the title: "dogecoin is an open source point-to-point digital currency favored by Shiba inus all over the world."

Why is it so popular, all of a sudden?

Dog money is no longer a joke. This year's astronomical numbers have boosted its popularity, in part because of the mainstream adoption of bitcoin and other cryptocurrencies. But Elon Musk is the dog coin's loudest and most prominent supporter. One of his weird tweets to 50 million fans could lead to a surge in cryptocurrency. That's what happened on Friday, when musk tweeted "dog barking on the moon" and shared a picture of a painting by Spanish artist Joan Miro called "dog barking on the moon.".

Dogcoin also enjoys a high status on the Internet message board reddit, where a popular group - unlike the Wall Street bets group behind the Gamestop rally - decided earlier this year to "push its value to the moon.". After this push, the dog coin soared by more than 600%.

(2021-4-28)