This means that 10,000 DOGE are created every minute. Miners are rewarded with 10,000 DOGE per block, and one block is mined every minute. But in early 2014, this cap was removed.ĭogecoin is inflationary crypto because an unlimited number of DOGE can be created.ĭogecoins are produced by mining. When it was originally created, the DOGE maximum supply was limited to 100 billion DOGE. This does not happen on proof-of-work cryptos like Bitcoin. Instamining happens when a large number of coins come into existence at once. Premining is the mining/creation of a number of coins before the crypto is launched to the public. To see a list of places where Dogecoin can be used, see: ĭogecoin (DOGE) was launched on 6 December 2013, with no "premine" or "instamine". Then came Elon Musk and his tweets, especially this one: Then in 2021, it got a lot of attention from the Reddit community. The co-founders left the project several years ago.ĭogecoin starting picking up in 2020 primarily because of TikTok influencers.
The creators felt that a light-hearted cryptocurrency around a meme dog would be a good contrast to the negative image of bitcoin. This was around the time when Bitcoin was highly criticized for being favoured by criminals and dark web platforms such as Silk Road. Jackson booked the domain name and partnered with Billy Markus to make the crypto. Some of his friends actually encouraged him to create it as real crypto. In 2013, Jackson Palmer, an Adobe Australia employee, tweeted that he is "investing" in imaginary crypto called Dogecoin.
If you are not much of a dog lover, Shiba Inu is a breed of hunting dog from Japan.ĭogecoin is often described as a "playful" cryptocurrency that uses the Shiba Inu internet meme as its mascot.ĭOGE has an interesting history. According to its official website, Dogecoin (DOGE) is "an open-source, peer-to-peer digital currency, favoured by Shiba Inus worldwide".