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Introduction of Dogecoin

This distinction is reportedly laid claim to by the first "meme coin" as well as the first "dog coin." Even though it was intended to be amusing, some investors took it quite seriously. The Shiba Inu, as seen in the "doge" meme, serves as both the logo and the name of the cryptocurrency known as Dogecoin. After it was introduced to the public on December 6, 2013, its very own online community emerged almost immediately. By the time May 5, 2021, rolled around, the company's market value had increased to more than $85 billion. It has been the jersey sponsor for the Watford Football Club up to this point in time.

History of Dogecoin

Dogecoin was first thought of as a "joke" by Billy Markus, a software developer for IBM, and Jackson Palmer, a software engineer for Adobe. They wanted to create a peer-to-peer digital currency that could compete with Bitcoin's popularity but had broader appeal. They also attempted to distinguish its history from that of other coins whose origins were contested. In the first thirty days after its official launch on December 6, 2013, Dogecoin.com had more than one million separate visitors.

It is generally agreed that Palmer was the one who was responsible for actually carrying out the plan. During that period, he held the position of marketing at the Sydney office of Adobe Systems. Palmer had already registered the domain name Dogecoin.com and added a splash page announcing the cryptocurrency with its logo and some comic sans text. After seeing the website, Markus contacted Palmertoo begin the process of developing the currency. During the process of creating the protocol for Dogecoin, Markus drew inspiration from previously produced script-based cryptocurrencies such as Lucky coin and Litecoin.

Currency supply of Dogecoin

At the time, Dogecoin's 100-billion-coin manufacturing ceiling was larger than other digital currencies. In 2015, the 100 billionth Dogecoin was mined, and each year after then, 5 billion more have been added. Even though there is no theoretical maximum limit for Dogecoin production, the total quantity released will double in 20 years. The maximum amount of Dogecoins isn't specified. Dogecoin developer Jackson Palmer said in February 2014 that the limit would be raised to lower its inflation rate.