Investors have predicted that Dogecoins will progress at a gradual pace unless tweets from the elite business tycoons take them uphill. It was created as a joke and for fun and the millennials connect to it because they believe it represents a light-hearted tribute to the internet meme culture. However, it has survived the so-called crypto winter since its inception seven years ago and has been buoyant in its growth. Although its creators might have given up the crypto community, Dogecoins are here to stay.

1. What are Dogecoins?
Dogecoin is a form of crypto currency. It is a fun, new and rapidly growing form of
digital/Crypto currency. Bitcoin, Litecoin, Ethereum are a few examples of Crypto currency. It
is completely anonymous, decentralized and extremely secure.
Formation and History of Dogecoin
Invented by software engineers Billy Markus and Jackson Palmer, Dogecoin was intended to
be a joke. Dogecoin features the face of Shiba Inu dog of the “doge” meme fame as its logo
and namesake. It was introduced on December 6, 2013.

2. Dogecoin
Originally created as a joke, the inventors of Dogecoins wanted it to be a peer-to-peer digital
currency which could amass a broader demographic than Bitcoin. On December 9, just 3
days later, the Dogecoin value jumped to 300% in value, rising from $0.00026 dollars to
$0.00095.
Dogecoins - Headwinds
The growth occurred when the Bitcoin and other Crypto currencies swerved from China’s
decision of forbidding the Chinese banks investing into the Bitcoin market. This was their first
major setback as Dogecoin value dropped drastically by 80%.
25th December called upon dooms as Dogecoins suffered a major theft. Millions of coins
were stolen by hacking the crypto currency wallet platform, Dogewallet. This incident spurred
a series of tweets and made Dogecoin the most talked about altcoin on Twitter at the time.
The Dogecoin community started an initiative called “Save Dogemas” to raise coins for
people who lost them because of the theft. A month later enough money was donated to
recover the losses. In 2015, one of the co-founders, Jackson Palmer walked out of the
Crypto community.
Dogecoins - Breakthrough
In January 2015, the Doge community established a fundraiser to raise $50000 dollars for
the Jamaican Bobsled team which had qualified for the Sochi Winter Olympics but could not
afford to participate. Following this incident the Dogecoin and Bitcoin exchange rate rose by
50%.
Following the success of this fundraiser, the Dodge community continued raising funds for
smaller charity events. They then set out to build a well in the river basin of Kenya. The
Doge foundation led by Eric Nakagawa raised approximately $11,000 dollars. The donations
were made by 4000 donors who donated 14,000,000 Dogecoins altogether.

3. On march 25,2014, the Dogecoin community raised 67.8 million Dogecoins to sponsor
NASCAR driver Josh Wise. The car was named “98 Moonrocket” and debuted at the Aarons
499 Series Cup Race.
Dogecoin and Reddit
Dogecoin boasts about a community of 1.1 million on the online social networking platform
Reddit. Reddit has been quite a catalyst in the soaring popularity of Dogecoin. The
GameStop stock squeeze catered to the increasing number in the Dogecoin community.
Discussion threads on Reddit noticed that certain hedge funds were shorting the stocks of
GameStop. Shorting or Short-selling is when an investor borrows shares and immediately
sells them, and then repurchases them at a lower price. The investor then pays the
borrowed money and pockets the difference. The catch here is if the stock price goes up, the
investor has to repurchase the stock at whatever the new market price is. Ratifying this fact,
the members of this Reddit group began pumping the stocks of GameStop. The hedge funds
lost billions and GameStop stock prices dropped drastically.
The losses were so great that these investors halted buying of these shares by reaching out
to various trading platforms. Knowing that this was possible, the investors turned to
Dogecoins. The shares were stopped from buying and Dogecoin value raised to an all time
high of $0.08.
How is Dogecoin generated?
The creation process of crypto currency is called Mining. Crypto mining involves solving
cryptographic equations. Crypto mining is achieved after validating data blocks and adding
transaction records to a public ledger known as blockchain.
Dogecoin is based on a similar algorithm as Bitcoin except it uses scrypt technology that
means it cannot use SHA-256 mining equipment that Bitcoin uses, but uses FPGA and ASIC
devices for mining instead.

4. Dogecoin vs Bitcoin
Dogecoin vs Bitcoin
In the battle of coins, Dogecoin seems to take the upper hand as it is termed inflationary and
has no maximum limit. In the mining process of Bitcoin, miners solve the block every ten
minutes to confirm transactions whereas in the case of Dogecoins, they solve this block in
only one minute. That means there will be an abundant supply of Dogecoins in the future
and we will never run out of them. Bitcoin on the other hand is deflationary as it has a
maximum supply limit of 21 million.
Why is Dogecoin trending?
The Twitterati went crazy after the world’s richest man Elon Musk tweeted about Dogecoin.
His tweet read “One word : Doge” and this led to a spike in the value of Dogecoin.
Elon Musk recently even bought Dogecoins for his son. International artist Snoop Dogg and
singer Gene Simmons also posted tweets backing the use of Dogecoins. It has been talked
about again as the Reddit thread “ShitoshiStreetBets” is aiming to raise the value of crypto
currencies.
Uses and Exchanges of Dogecoin
Dogecoins can be used for shopping, trading physical and tangible items in exchange for
Doge on online social media platforms like Reddit and Twitter. Doge has also been used to
sell a house, in pornography and poker industries.
Dogecoins are available for trading on various trading platforms. Binance, VCC Exchange,
Bkex, PARIBU and Kraken are said to be amongst the safest platforms to trade Dogecoins.

5. How to buy Dogecoin?
Dogecoins, like any other crypto currency can be bought through online trading platforms or
the Dogewallet. In India, you can buy Dogecoins through BuyUcoin, Bitbns and Zebpay.
Future of Dogecoins
Investors have predicted that Dogecoins will progress at a gradual pace unless tweets from
the elite business tycoons take them uphill. It was created as a joke and for fun and the
millennials connect to it because they believe it represents a light-hearted tribute to the
internet meme culture.
However, it has survived the so-called crypto winter since its inception seven years ago and
has been buoyant in its growth. Although its creators might have given up the crypto
community, Dogecoins are here to stay.