Meme coins are typically backed by a strong community of supporters who utilize and trade them. However, the massive interest lasted only a short time, as the meme coin fell with many other cryptocurrencies in the bear run of 2018. This fortune led to increased interest in the digital asset, growing its popularity on social media. Dogecoin is also an inflationary coin, different from deflationary cryptocurrencies like Bitcoin.įortunately, the crypto bull run of 2017 did not exempt Dogecoin, as it gained massively in price value. Alternatively, like Litecoin, it also utilizes the proof-of-work consensus mechanism. Its blockchain relies on the underlying technology of Litecoin, with many believing it is a replica of the cryptocurrency. As a meme coin, its price is also low, and its supply is unlimited with giving proper details of these values. Like many meme coins, it was created to mock the hype surrounding cryptocurrencies in 2013 on social media and uses the image of the Shiba Inu dog as its trademark logo. Understanding Dogecoin: What Is Dogecoin?Ĭreated in 2013 by Jackson Palmer and Billy Markus, Dogecoin is a peer-to-peer, open-source cryptocurrency and the first meme coin in the world. However, before we continue, it is crucial to understand Dogecoin, Elon Musk's relationship with the meme coin, and why Twitter may likely adopt it for payments. However, the new rumors may be close to the truth, as the company's new owner- Elon Musk, is a firm admirer of Dogecoin. Surprisingly, this is not the first time the technology company is linked with cryptocurrencies, as Jack Dorsey, its former CEO, once contemplated adopting Bitcoin for payment. It is rumored to be considering adopting the popular meme coin- Dogecoin, to receive payments for its services. Popular social media platform- Twitter is the latest company flirting around cryptocurrencies.
Alternatively, crypto holders can also use them for shopping purposes, purchasing gifts, and may even convert them to fiat currencies at a crypto ATM. Today, Microsoft, Overstock, Tesla, and Starbucks, are among the many companies currently accepting Bitcoin for payment of goods and services. Fortunately, that has changed today as the world continues to embrace digital assets and the immense benefits of Blockchain technology.
Surprisingly, this was not the case initially, as crypto adoption was slow in many parts of the world, especially in Africa and Asia. Today, users can now use cryptocurrencies to purchase goods and services in select places globally. Over the years, the global increase in the adoption of cryptocurrencies has seen digital assets go beyond being just a store of value or a hedge against inflation.
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