What is DogeCoin (DOGE)

Dogecoin (DOGE/USDT – Trade it here) is an open-source cryptocurrency that distinguishes itself from other tokens through its unique founding based on the popular meme of the yellow Shiba Inu. It runs on the DogeCoin blockchain, an adaptation of the Bitcoin Core that uses the proof-of-work consensus protocol and Scrypt encryption technology. DogeCoin was founded by two IBM engineers, Billy Markus and Jackson Palmer, who intended for the coin to serve as a symbol of satirization against the wild speculation in the newly-founded cryptocurrency space. Basic information for the Dogecoin token is available on the MEXC Digital asset introduction page. Don’t forget to check out the announcement for dogecoin and see what events do we have in store!

Dogecoin (DOGE) Logo
Dogecoin (DOGE) Logo

Core Features of Doge

DogeCoin is founded on the principle of decentralization, and it continues to be powered by this axiom.

  • Fun and Friendly Internet Currency. With its inspiration being based on an internet meme, DogeCoin has a broader demographic than most other cryptocurrencies. Community platforms like Reddit and Tiktok have always been at the heart of the fate of DogeCoin. 
  • Fast block time. DogeCoin only takes 1 minute to mine and can be useful in micro-transactions and online payments. 
  • High Volatility. Because of the scale of decentralization achieved by DogeCoin and its community-based operations, it is the ideal coin for cryptocurrency day traders and others who have more experimental investment styles.

DogeCoin Tokenomics

As a derivation of the original Bitcoin mechanisms, DogeCoin follows its predecessors’ reward mechanisms: 10,000 DOGE per block, and every block takes about 1 minute to mine. However, users can also obtain DogeCoin through trading, swapping, and getting “tipped” by other users through participating in DogeCoin communities. 

There is no hard limit on the supply of DogeCoin, according to its founders Jackson Palmer and Billy Markus. DogeCoin initially had a supply limit of 100 million tokens. By mid-2015, all 100 million tokens were mined and an additional 5 million tokens were put in circulation each year. In February 2014, however, Palmer announced that the amount of DogeCoin that will be added into circulation will no longer be limited to 5 million but rather calculated in consideration of consistently reducing the token’s inflation rate over time. More specifically, the starting inflation rate of  5% in 2015 is scheduled to reduce to 4% by 2019, 3% by 2027, and 2% by 2035.

Is Doge Coin a meme coin? Though this accusation is not baseless and traces back to the words of DogeCoin’s own developers, its current huge market share and high transaction volume render it for many a legitimate investment. Its “fanbase” is also composed of many celebrities (most notably Elon Musk whose comments regarding DogeCoin on Twitter have landed him accusations of market manipulation). Ultimately, the practical economic impact of DogeCoin have long escaped the limits set by its founders.

How to buy Dogecoin?

You can buy DOGE on MEXC following the steps: 

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  1. Search “DOGE” using the search bar to see the available trading pairs. Take DOGE/USDT as an example.
  1. Scroll down and go to the [Spot] box. Enter the amount of DOGE you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy DOGE] to confirm your order. You will find the purchased DOGE in your Spot Wallet.

You can find a detailed guide on how to buy dogecoin tokens here.

Recent DOGE Token Price & Performance

DOGE reached the highest price (ATH) of 0.74 USDT on May 7th, 2021. The lowest price of DOGE since the date of ATH date was on June 14th, 2022 reaching 0.053. Currently, Doge is pegged at 0.1189619 at the time of writing.

Keep Yourself Updated With The Crypto Trend

Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshot and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!

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The content of this webpage is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. Investment involves risk.

Please note that the information and data above are cited from third-party sources & whitepapers and do not represent MEXC. Please refer to direct sources for more details. This is not financial advice and does not constitute an offer or solicitation to offer or recommend any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. Investment involves risk.

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