What is Dogecoin & How it Works? from Crypto Miner Bros's blog

Dogecoin is a cryptocurrency that was started as a meme and fun alternative to traditional cryptocurrencies like Bitcoin, Ethereum, etc. Developed by Billy Markus and Jackson Palmer, Dogecoin got its name from the Shiba Inu dog from the Doge meme as its logo and mascot. That gave instant popularity and a unique identity to Dogecoin.

Dogecoin functions on a decentralized network and follows the Proof-of-Work (PoW) algorithm like Bitcoin. Though it started as a meme, Dogecoin gained attention over the years and gained a dedicated community.

Let’s delve deeper into Dogecoin, its features, and how it works.

Dogecoin is an open-source cryptocurrency that was created as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. Launched in 2013, Dogecoin is abundant, unlike Bitcoin, which was designed to be scarce. So, Dogecoin has no maximum supply.

Dogecoin follows the PoW consensus mechanism, which is a computationally intensive process. Thus, miners will need advanced mining hardware with excellent hash rate and energy efficiency to solve complex puzzles and mine new Dogecoins. Upon confirmation, the transactions are added to a decentralized public ledger.

Dogecoin attracted several eyeballs due to the tremendous price surge in May 2021. It is most probably due to social media-driven trends. For instance, Tesla Elon Musk’s tweet on Dogecoin is partly responsible for the price surge. However, the price dropped in the later months of 2021. No one can predict when the Dogecoin price will fall or surge again, as it depends on several factors. Thus, users should watch the market closely before making any investment decisions.

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