- Dogecoin is an open-source, decentralised peer-to-peer cryptocurrency.
- It is also known as the Meme coin.
- Dogecoin (DOGE) remarked on its identity by becoming the first choice of many crypto investors, like Elon Musk.
The creation of Dogecoin was done in 2013 as a joke by the software engineer Billy Markus and Jackson Palmer. Currently, both of them do not belong to this. This meme coin was inspired by the popular meme of the dog Shiba Inu in 2010.
Dogecoin was the first meme coin and became the inspiration for the formation of the rest of the meme coins. According to the Dogecoin website, “Dogecoin is many things to many different people. At its heart, Dogecoin is the accidental crypto movement that makes people smile!”
“It is also an open-source peer-to-peer cryptocurrency that utilises blockchain technology, a highly secure decentralised system of storing information as a public ledger that is maintained by a network of computers called nodes.”
The protocol that Dogecoin follows is based on Luckycoin. The purpose of this protocol is to keep the potential miners away from this project. But this planning did not last long, and Luckycoin was later removed from Dogecoin’s protocol.
In 2014, the project creators of Dogecoin formed Dogecoin Foundation. That was responsible for the support, trademark protection, advocacy, and governance of the DOGE project.
It may have started as a joke, but later it found its purpose. Its least price made it popular for small online transactions.
The Supply Of Dogecoin
As per Dogecoin’s website, “Dogecoin’s supply is not unlimited because it has an absolute limit of issuance per block, per day, per year – just like other coins do.”
“The only difference is that Dogecoin’s issuance does not have an end date. Therefore, Dogecoin is only “infinite” over ‘infinite time’. Over finite time, its issuance is, in fact, finite.”
Most Dogecoin Ownership
There are many obligations regarding the ownership of most Dogecoins. In 2021, a news article referenced a “mysterious dogecoin whale” with $22bn of assets. While some believe that was Elon Musk, as he is one of the biggest cryptocurrency supporters.
As per the data provided by Intotheblock, there are seven top holders of Dogecoin. But the wallets are unknown due to the decentralised nature of cryptocurrencies. The most DOGE whale owns 30.16% of the total circulating supply of the cryptocurrency.
The account of the top holder of Dogecoin exceeded 40.84 bn Dogecoin that is worth $2.55bn. The second most DOGE whale owns 5.35% of the total circulating supply worth $7.25bn DOGE tokens.