Launched as a humorous alternative to Bitcoin in 2013, Dogecoin (DOGE) has since become one of the top altcoins by market capitalization. What began as a joke is now widely used, drawing endorsements from figures like Elon Musk and cultivating a vibrant community.

What is Dogecoin?

Dogecoin, pronounced "dohj koin," is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer and inspired by the popular “Doge” meme featuring a Shiba Inu dog. Unlike Bitcoin’s capped 21 million supply, Dogecoin has an unlimited supply, making it inflationary. With faster block times (one minute per block), Dogecoin offers quicker transactions compared to Bitcoin’s 10-minute block times.

Initially launched without a specific use case, Dogecoin’s community has propelled it forward, and its low transaction fees make it ideal for small transactions and online tipping.

Dogecoin Wallets & Exchanges

Users can store Dogecoin on a cryptocurrency exchange or in a self-custodial wallet or hardware device. While exchanges provide convenience, self-custody wallets like Unity Wallet offer greater control and security. Dogecoin is widely supported across major exchanges, and in some cases, users can even buy it directly with fiat currencies through options like Unity Wallet.

Dogecoin’s popularity extends to payments, with notable examples like the Dallas Mavericks, who accept DOGE for merchandise.

The Technical Side of Dogecoin

Dogecoin’s technical infrastructure, visible on its GitHub page, shows regular updates, and its fees have remained relatively low, averaging around $0.44 since early 2021. However, most of Dogecoin’s supply is held by a small concentration of wallet addresses — fewer than 5,000 addresses control over 80% of DOGE's supply — which can cause price fluctuations influenced by their trading activity.

Dogecoin miners receive a fixed reward of 10,000 DOGE per block, following its departure from the original halving structure in 2015. This steady inflation can influence its long-term value.

Dogecoin’s Community & Hype

Dogecoin’s community has been instrumental in its growth. In 2021, a notable rally driven by social media and celebrity endorsements sent its price from under $0.01 to around $0.74. Influences like Elon Musk’s tweets and Reddit posts fueled a significant increase in Dogecoin-related search interest and trading volume, sometimes surpassing Bitcoin’s daily volume. Dogecoin’s community has also participated in creative initiatives, including fundraising for Jamaica’s national bobsled team in the 2014 Winter Olympics.

How to Buy, Sell & Use DOGE

As a Unity Wallet user, you can buy and sell DOGE directly within your wallet using fiat currencies (subject to local regulations). Unity Wallet also allows users to swap, exchange, or securely store DOGE.

DOGE is available on most major crypto exchanges, and once purchased, it can be stored in preferred self-custody wallets like Unity Wallet.

DOGE Market Data (Nov 6, 2024)

• Price: $0.1735

• All-time High: $0.7316 (-76.12%)

• All-time Low: $0.0000869 (+200,966.30%)

• Market Cap: $25.46B

Looking Ahead

Dogecoin’s future largely depends on community engagement and finding broader applications. While its inflationary design makes it less attractive as a store of value, Dogecoin’s low transaction fees and fast confirmations position it as a viable option for smaller transactions. Its enduring interest illustrates the power of internet culture in reshaping financial spaces.

DISCLAIMER: Cryptocurrencies are high-risk investments—be prepared to lose all invested funds. This post provides information only and doesn't offer financial advice. Unity doesn't make investment recommendations. Always remember: your capital is at risk when investing in cryptocurrencies.