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Cryptopedia Staff

What is Dogecoin in 5 minutes-100

Who started Dogecoin? Can I mine Dogecoin? Does Dogecoin have a cap? What is the future of Dogecoin? Get help with these and other DOGE-related questions. 

What Is Dogecoin? The DOGE Crypto Network

Get the run-down on the original memecoin, Dogecoin — a cryptocurrency driven by popular internet culture.

What Is Dogecoin?

Dogecoin (DOGE)

Explore our collection of Cryptopedia articles related to Dogecoin (DOGE). Discover new topics and the latest insights.

Dogecoin (DOGE) Articles - Cryptopedia

Memecoins

Explore our collection of Cryptopedia articles related to Memecoins. Discover new topics and the latest insights.

Memecoins Articles - Cryptopedia

Gemini-Dogecoin (DOGE)- Origin & Structure of the Fun and Friendly Cryptocurrency

Discover the origins and technical structure of the cryptocurrency based on a meme, Dogecoin (DOGE).

Dogecoin (DOGE): A Fun and Friendly Cryptocurrency

Founded as a parody of cryptocurrency and based on a meme, Dogecoin’s popularity within internet culture has served as a gateway to other crypto projects.

Dogecoin (DOGE): The Birth of the Original Memecoin

Today, we are thrilled to announce the listing of five new perpetual contracts on Gemini Foundation. Eligible users can now trade the AVAX, DOGE, DOT, LINK, and LTC perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

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Weekly Market Update

Introducing Five New Perpetual Contracts on Gemini’s Derivatives Platform: AVAX/GUSD, DOGE/GUSD, DOT/GUSD, LINK/GUSD, LTC/GUSD

Weekly Market Update - Friday, July 28, 2023 - Crypto Bills Move to House Floor, the Fed Raises Rates, and US Beats Growth Expectations

Dogecoin is a cryptocurrency and blockchain that was built as a joke, which is why it is called a “memecoin” or “joke currency.” Over time, however, it has attracted a large and passionate community, whose primary gathering place is the subreddit (r/dogecoin), for the “sharing, discussing, hoarding and wow'ing about dogecoins.”

### Background

[Dogecoin](https://dogecoin.com/) was created by programmers Billy Markus and Jackson Palmer on December 6, 2013, in an effort to reach a larger audience with a cryptocurrency that was less intimidating than [Bitcoin](https://gemini.com/prices/bitcoin), which at the time had some negative associations in the minds of the general public due to Silk Road and other nefarious projects disproportionately dominating media headlines. It was also a parody response to the surge in altcoins. 

Dogecoin is based on Luckycoin, which is a fork of [Litecoin](https://gemini.com/prices/litecoin). Dogecoin’s name derives from the “doge” Internet meme which became popular in 2013. This meme features the image of a Shiba Inu, a japanese dog, with overlaid text that captures the dog's imaginary and humorous thoughts in broken English. 

Starting on December 19, 2013, the price of dogecoin rose almost 300% over the course of three days from $0.00026 to $0.00095, before falling 80% three days later, exhibiting the whipsaw volatility characteristic of lesser-known altcoins at that time. Shortly thereafter, millions of dogecoins were stolen from the online cryptocurrency wallet Dogewallet. In response to this hack, the community came together and formed the “SaveDogemas” initiative for the purpose of donating dogecoins to all those affected by the theft. Eventually, everyone who lost dogecoins in the Dogewallet hack was made whole.

As the price of cryptocurrencies rose en masse in 2017, the price of dogecoin rose as well, reaching a peak of $0.017 in January of 2018, with a total market capitalization of $2 billion.

In July 2020, dogecoin began trending on TikTok, a popular video social networking platform, which caused its price to appreciate dramatically. On July 18, 2020, it surged another 14%, from $0.003052 to $0.003433, when Elon Musk tweeted about it.

## Token

Dogecoin or DOGE is the digital asset token of the Dogecoin network (similar to how bitcoin or BTC is the digital asset token of the Bitcoin network) and is visually represented by a cartoon Shiba Inu that is inspired by the “doge” meme. All DOGE balances and transactions are recorded on the Dogecoin blockchain. While there is no official name for the smallest subunit of DOGE, some commenters on message boards and the dogecoin subreddit have suggested the “shibe” or the “dogetoshi,” which would mimic and pay homage to Bitcoin’s smallest subunit, the “satoshi.” Dogecoin can be bought and sold for fiat currency or other digital currencies and stored in a Dogecoin wallet.

### Dogecoin Mining

Dogecoin uses the same consensus mechanism as Litecoin, which uses the scrypt proof of work algorithm for mining. Initially, the dogecoin protocol delivered a randomized block reward to a miner who successfully mined a block of dogecoin transactions to the dogecoin blockchain. Several months later, however, it was re-written to deliver a static block reward. Dogecoin’s block time is one minute, whereas Litecoin’s block time is 2.5 minutes and Bitcoin’s block time is 10 minutes.

### Philanthropy and Micro-Tipping

The Dogecoin community has a long history of fundraising for unique causes. It raised $36,000 USD to send the Jamaican bobsled team to the Olympic Games in 2014, $40,000 USD to build a well in the Tana river basin in Kenya, and $55,000 USD to sponsor Nascar driver Josh Wise.

Dogecoin has become a popular way for users on the dogecoin subreddit to tip or “micro-tip” each other via the Dogetipbot.

[Dogecoin website](https://dogecoin.com/)

Learn more about Dogecoin on [Cryptopedia](https://www.gemini.com/cryptopedia):

1. [Dogecoin (DOGE): The (Cultural) Significance of a Joke Cryptocurrency](https://www.gemini.com/cryptopedia/dogecoin-joke-cryptocurrency)
2. [Dogecoin (DOGE): Origin & Structure of the Fun and Friendly Cryptocurrency](https://www.gemini.com/cryptopedia/dogecoin-history)


Dogecoin is a cryptocurrency and blockchain that was built as a joke, which is why it is called a “memecoin” or “joke currency.” Over time, however, it has attracted a large and passionate community, whose primary gathering place is the subreddit (r/dogecoin), for the “sharing, discussing, hoarding and wow'ing about dogecoins.”

Dogecoin

View up to date news & the price of Dogecoin (DOGE) crypto on our Dogecoin price page and learn how you can buy, sell & trade Dogecoin on Gemini's trading platform.

Dogecoin (DOGE) Price - Buy, Sell & View The Price of Dogecoin Crypto

You can get $15 in the crypto of your choice and earn up to 25% of your friends' trading fees for a year.

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