The success of Bitcoin in the market haunts developers. Therefore, new currencies appear every year. The Dogecoin cryptocurrency has become a novelty. Feature – the ability to mine is not pre-mined. But before you start setting up the equipment and directly mining, you need to carefully study the characteristics.
Characteristics of Dogecoin Cryptocurrency
The name immediately sets the currency apart from others. The developers specially named the brainchild after a popular meme on the Internet – Doge. The new product is based on Litecoin. The course differs insignificantly. The currency was issued in 2013. Since then, it has continued to develop. A distinctive feature of the Dogecoin cryptocurrency is its ease of production.
The changes made to the algorithm of the currency’s operation are small – in comparison with Litecoin:
For this reason, the system settings for mining are the same.
The novelty has become an order of magnitude more successful than its progenitor – despite the relative novelty.
The main reasons for this: strong advertising campaign.
An unusual marketing move for this sphere – a dog-meme was chosen as a logo.
Before getting started, it is important to familiarize yourself with the cons of the system. The currency was extremely unstable for a long time, the rate changed significantly in a short period of time many times. Along with the cost, the attitude of users changed. Initially, a well-chosen logo won over new customers. But over time, due to constant surges and other problems, the rate gradually decreased.
The History of Dogecoin
The prospects for the Dogecoin cryptocurrency were initially determined by its creator, Billy Markus. He announced the release of new cryptocurrencies in December 2013. The main goal of the creator was to launch into circulation new means of payment that have nothing to do with Bitcoin used on black markets in various fields. The base is not Litecoin in its pure form, but one of the varieties – Luckycoin.
Literally, a year after the project was launched – on August 25, 2014 – the rate dropped critically. The cost dropped to 22 Satoshi. The forecast for Dogecoin and exchange doge to bitcoin spoke of the imminent termination of the system’s existence. But its behavior is as surprising and unusual as the logo used. After reaching its minimum cost, the rate began to increase again.
Elon Musk and the Moon
The value of the “meme” cryptocurrency Dogecoin skyrocketed after the founder of Tesla and SpaсeX Elon Musk (a well-known meme lover) tweeted several messages about this token.
Musk posted a photo of the Falcon 9 launch vehicle flying against the background of the moon and wrote in response to the entry “Doge”
In the first 15 minutes after the tweet, the value of Dogecoin increased by 19%, and within half an hour – by 76%. According to CoinDesk data as of 12:45 pm Moscow time, Dogecoin has risen in price by 51% over the past 24 hours to $ 0.05 per token. MarketWatch writes about 44% growth following Musk’s tweet.
The photo from Elon Musk’s first tweet refers to the phrase “To the Moon”, which is used by users of such communities:
- r/SatoshiStreetBets on Reddit
They are buying Dogecoin in a coordinated manner, seeking to “send into space” this cryptocurrency so that its value reaches one dollar.
As the course grew, Musk posted another tweet with a picture referring to Simba’s birth scene in The Lion King. Musk is depicted in the form of the wise mandrill Rafiki, who raises Doge up in the form of Simba. “Not at all,” the entrepreneur wrote. He left a few more tweets about Dogecoin, such as calling the token “the people’s currency.”
Reddit users started a flash mob with Dogecoin at the end of January, and Elon Musk initially supported them.