Decrypt • Dec 04, 23
Ethereum, Dogecoin and Bitcoin Cash Are Benefiting From BTC's Rally
Bitcoin isn't the only digital currency on the up today—it's pulled along meme coins, Ethereum, and one of its spin-offs.
Dogecoin (DOGE) was created in 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. The Dogecoin name and Shiba Inu logo are based on a meme. Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant — 10,000 new coins are mined every minute and there is no maximum supply.
Dogecoin (DOGE) is an open-source, digital asset inspired by the popular "doge" internet meme featuring a Shiba Inu dog. Created by Billy Markus and Jackson Palmer, Dogecoin was introduced in December 2013 as an alternative to , with the intention to reach a broader audience. Unlike Bitcoin, which was designed to be scarce, Dogecoin is intentionally abundant — with 10,000 new coins mined every minute and no maximum supply. The creators envisioned Dogecoin as a friendly digital asset, and this ethos is encapsulated in its unofficial tagline: "Do Only Good Everyday". Dogecoin operates on technology, a decentralized system that records transactions on a public ledger maintained by a network of computers or nodes. For most of its existence, Dogecoin (pronounced "dohj coin") was considered to be an amusing "memecoin" beloved by its community — but with relatively little value. That changed in 2021, when DOGE became one of the larger by — with a total value that topped $80 billion in 2021, even though each individual coin is worth pennies.
Dogecoin operates on a technology called blockchain, similar to other digital assets. This technology is a decentralized system that records information on a public ledger maintained by a network of computers known as nodes. The also has a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be created.
Dogecoin was created in December 2013 by Billy Markus, a programmer from Portland, Oregon, and Jackson Palmer, a marketer from Sydney, Australia. The creators intended Dogecoin to be a friendly, light-hearted digital asset that would appeal to more than just the core Bitcoin audience. The Dogecoin logo, featuring a Shiba Inu dog, was inspired by the popular "doge" internet meme. In 2014, a non-profit foundation was formed to provide support and governance for the Dogecoin project. After several years of inactivity, the foundation was relaunched in 2021 with a renewed focus on supporting the Dogecoin ecosystem and promoting the future of the Dogecoin blockchain.
Like many prominent cryptocurrencies, including Bitcoin and , Dogecoin is also secured by . Thousands of computers around the world compete to mine Dogecoin in order to share the millions of new coins added to the supply per day while also validating and processing network transactions. Early in Dogecoin's history, any computer could be useful for mining DOGE. As its popularity has surged, however, mining competition has increased, making it difficult for small-scale miners with regular hardware.
In 2021, Dogecoin experienced a significant price run-up as personalities like Mark Cuban, Snoop Dogg, and Elon Musk expressed their interest in Dogecoin. Musk even went so far as to joke, "The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future."
You can buy, sell, hold, send, and receive DOGE using Coinbase and several other financial technology companies.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
Of all the assets on Coinbase, these 12 are the closest to Dogecoin in market cap.
4,851 unique individuals are talking about Dogecoin and it is ranked #12 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Dogecoin has an average sentiment score of 3 out of 5. Finally, Dogecoin is becoming more newsworthy, with 8 news articles published about Dogecoin. This is a 16.67% increase in news volume compared to yesterday.
On Twitter, people are mostly neutral about Dogecoin. There were 10.96% of tweets with bullish sentiment compared to 3.88% of tweets with a bearish sentiment about Dogecoin. 85.16% of tweets were neutral about Dogecoin. These sentiments are based on 6234 tweets.
On Reddit, Dogecoin was mentioned in 0 Reddit posts and there were 0 comments about Dogecoin. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
Powered by LunarCrush
3 out of 5
Takes: Elon Musk’s lawyers defend his ‘silly’ Dogecoin memes
The price of Dogecoin has risen by 14.67% in the past 7 days. The price increased by 4.97% in the last 24 hours. In just the past hour, the price grew by 0.35%. The current price is $0.0896 per DOGE. Dogecoin is 87.89% below the all time high of $0.74.
The current circulating supply is 142,100,936,383.705 DOGE.
The current market cap of Dogecoin is $12.71B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Dogecoin is $0.74. This all-time high is highest price paid for Dogecoin since it was launched.
Over the last 24 hours, the trading volume of Dogecoin is $1.28B.
The current circulating supply of Dogecoin is 142 billion.
The median time that Coinbase customers hold Dogecoin before selling it or sending it to another account or address is 107 days.
Dogecoin ranks 7 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 97% of Coinbase users are buying Dogecoin. In other words, 97% of Coinbase customers have increased their net position in Dogecoin over the past 24 hours through trading.
Certain content has been prepared by third parties not affiliated with Coinbase Inc. or any of its affiliates and Coinbase is not responsible for such content. Coinbase is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary. Data presented may reflect assets traded on Coinbase’s exchange and select other cryptocurrency exchanges.