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Now that memecoins are popular and everyone is talking about them, let’s take a step back, appreciate the OG memecoin, and realize how everything began.
What is Dogecoin?
It all started in 2013 when software engineers Billy Markus and Jack Palmer decided to create Dogecoin as an experiment and a parody of Bitcoin. It was inspired by a then-viral meme with a Shiba Inu dog. It is considered the first-ever memecoin.
Despite even the creators calling it a joke, it quickly gained recognition and has become one of the most popular cryptocurrencies to this day. The community made sure the project succeeded and gained utility later on.
Why use Dogecoin?
It’s just a coin with a dog. But what makes it stand out, and why would you even consider it?
The vibrant community is a point usually brought up during such discussions. When compared to older networks like Bitcoin, DOGE is faster, cheaper, and easier to use. The network has gained utility and is now used for tipping and fundraising.
In the bigger picture, however, fundamentals aren’t really important. The only thing that matters is the fact that the idea was funny, original, and relatable—it united people and created a strong, supportive community.
How Dogecoin works
Dogecoin was built on top of blockchain technology. As a result, the Dogecoin network is a public distributed ledger, which is transparent by design. DOGE, just like Bitcoin, utilizes Proof of Work, which is a consensus mechanism used to process transactions.
In this approach, miners have to compete to solve a complex mathematical problem in order to add a new block and get a reward. This process is energy-consuming and not efficient at all. Unlike Bitcoin, Dogecoin does limit its supply. Its inflation growth is steady, at around 5 billion DOGE annually. While steady, it can become a headwind as time passes. If you’re an optimist, you may perceive that Dogecoin encourages regular transactions, while Bitcoin is more of digital gold.
Your coins, whether bought or mined, can be stored in a wallet. There are many wallets to choose from, so select the one that fits your needs and you like the most.
Dogecoin's timeline
In 2013 the crypto landscape changed with the launch of DOGE. Just two years later, in 2015, Dogecoin’s co-founder, Jackson Palmer, stepped away from the project due to the speculative nature of cryptocurrencies. In the years 2017-2020 there were no developments, and the project was considered dormant. During the 2021 bull market, however, sentiment changed, and Dogecoin was endorsed multiple times by influential figures like Elon Musk. Some argue it was price manipulation, but in fact, DOGE made it to the top 10 cryptocurrencies by market cap. In 2022, the Dogecoin Foundation was re-established and made its goal clear: to grow, facilitate partnerships, and improve the utility. The focus has stayed the same to this day.
The risks of Dogecoin
Dogecoin, just like any other cryptocurrency, is a volatile asset, thus a risky investment. Its speculative nature, caused by being classified as a memecoin with little to no utility, makes it more susceptible to price swings and manipulation. It relies on trends and hype rather than anything else.
As mentioned before, DOGE has no supply limit with a steady inflation rate, which may be a concern for some investors. The supply distribution is heavily skewed toward larger holders. This, combined with inflation, is not what you should be looking for when expecting sustainable long-term growth.
Additionally, Dogecoin’s developer base is much smaller, which may pose challenges for future network upgrades and overall security. Then there’s the uncertainty around regulations, which could have a negative impact on adoption. As governments around the world catch up and define regulatory frameworks for cryptocurrencies, the compliance part may be difficult to achieve.
Why Dogecoin matters
Dogecoin is more than just a joke. It started an entire movement—memecoins, which are now a multi-billion dollar sector. Whether you want to treat these coins seriously or not (you shouldn’t), there is no doubt they are here to stay as long as communities don’t fall apart. Dogecoin continues to serve as an example and a role model for many memecoins. It reminds us that simplicity may sometimes be a recipe for success.
