Today is the anniversary of the creation of the Dogecoin cryptocurrency, which has reached just under $300 million of capitalisation.
It all started six years ago when Billy Markus and Jackson Palmer bought the domain – still in use today – dogecoin.com and so, from a simple joke, DOGE was born, which is still used today as a payment method.
Dogecoin comes from a fork d Litecoin (LTC), Luckycoin, and since it is similar to Litecoin, it also retains the same features, such as the consensus protocol PoW (Proof of Work).
Although at the beginning the total supply of DOGE was set at 100 billion, it was later decided to eliminate this ceiling, moving from a deflationary currency to an inflationary one: nowadays there are more than 120 billion DOGE in circulation and in addition, after the 600 thousandth block, the premium for each block became 10 thousand tokens.
As is known, the crypto started as a joke and if it is still used today it is because it has been used for different purposes, both as an alternative payment method to fiat but also as a crypto reward for online content.
In fact, the most important projects that have been funded exclusively with this crypto include a Jamaican team of the Sochi Winter Olympics, the creation of a water basin in Kenya, the sponsorship of a pilot of the Nascar race and many others.
From an economic point of view, throughout its history DOGE has almost reached the threshold of $2 billion of capitalisation at the beginning of last year and today we find it at the 30th position of CoinMarketCap with a value per single unit of $0.02.
In conclusion, although it was born as a joke, the evolution of Dogecoin has gone far beyond its principle and has been taken seriously by both people and the market, managing to compete with many other projects including Lightning Network: in fact, a few months ago Dogecoin beat LN as a method of payment.