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Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency that started as a playful meme token but quickly grew into a prominent digital asset with a dedicated community. Originally launched in 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted alternative to Bitcoin, Dogecoin features the Shiba Inu dog from the popular "Doge" meme as its logo. Despite its humorous origins, DOGE has become known for its fast transaction speeds, low fees, and accessibility, which have made it a popular choice for microtransactions and tipping online. The Dogecoin ecosystem is driven by a vibrant and supportive community that has leveraged DOGE for charitable causes, online fundraising, and awareness campaigns. With the support of high-profile figures and integrations in platforms like Tesla's merchandise shop, Dogecoin has managed to retain relevance as both a cultural phenomenon and a functional digital currency, underscoring the potential of meme coins in the broader cryptocurrency landscape.
Wrapped DOGE (wDOGE) is Dogecoin represented on other blockchains like Ethereum. Unlike native DOGE, wDOGE can interact with DeFi applications, allowing it to be used in smart contracts and decentralized exchanges.
Dogecoin’s codebase is based on Bitcoin, though it uses the Scrypt algorithm instead of SHA-256. This origin links DOGE to Bitcoin’s technical foundation, with some modifications to increase transaction speed and accessibility.
Dogecoin is available on DEXs when wrapped as wDOGE on Ethereum or Binance Smart Chain, enabling it to be used in decentralized finance (DeFi) applications, such as lending and yield farming.
Dogecoin’s transaction speed is relatively fast, with confirmations typically taking around 1 minute. There is no absolute transaction speed cap, but network congestion could potentially slow down processing.
Dogecoin’s continuous supply model affects its market cap by gradually increasing the total DOGE in circulation. Unlike capped cryptocurrencies, Dogecoin’s inflationary design allows it to maintain liquidity and lower transaction fees but may limit long-term scarcity.