Dogecoin is an open-source peer-to-peer digital currency. It was forked from the Litecoin blockchain in late 2013 by two software engineers, Billy Marcus and Jackson Palmer. Initially, Dogecoin functioned just as a joke-crypto with a once-popular meme image of the Shiba Inu dog as a logo, and overall DOGE is backed by its meme nature. Dogecoin claims that it’s different from other cryptocurrencies more specifically because of its “amazing, vibrant community”.
Dogecoin utilizes the Scrypt technology, possesses a block time of one minute, and has an unlimited supply. DOGE is widely used for tipping on both Reddit and Twitter for quality content. Overall, Dogecoin’s history is full of significant events, including multiple scam complaints and pyramid scheme allegations. However, there were bright sides too. One of the most well-known facts is that Dogecoin enjoys the broad support of celebrities – an incomplete list of entrepreneurs and media stars includes Elon Musk, Snoop Dog, Mia Khalifa, Mark Cuban, Soulja Boy, and Angela White. Of course, such close attention affects both the price and adoption of the DOGE.
On January 14th, 2022 Elon Musk announced that Tesla merchandise is now buyable with Dogecoin. The Tesla website states that DOGE is the only digital asset that is accepted by the company. Eligible products are marked with a Dogecoin symbol next to the “order” button and priced as such.