What is “Dogecoin” cryptocurrency?

What is the News?

Dogecoin’s value has risen phenomenally this week– adding around $19.9 billion in the last 24 hours and now valued at $34 billion.

About Dogecoin:
  • Dogecoin is a Cryptocurrency created in 2013 by software engineers Billy Markus and Jackson Palmer. It was created as a faster alternative to Bitcoin.
  • Origin: The starting of Dogecoin was as a satire on the numerous fraud crypto coins that had sprung up at the time. It takes its name and logo from a Shiba Inu meme that was viral several years ago.
  • How is it different from Bitcoins? Bitcoins fixed the maximum possible number as 21 million. It is a figure that is estimated to be reached by 2040. But the Dogecoin numbers do not have an upper limit and there are already more than 100 billion in existence.
  • The reason behind Dogecoin’s Rise: The main reason believed to be behind Dogecoin’s rise is its listing on Coinbase (Coinbase is the most popular virtual currency exchange in the US).
  • Concerns: Cryptocurrencies can be highly volatile and may crash as fast as they rise. This is because they do not have any intrinsic value such as land or gold. Further, they are also susceptible to manipulation by small groups who often hold large numbers of virtual currency in circulation.

Source: Indian Express

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