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About DOGE

What is Dogecoin (DOGE)?

Dogecoin is an open-source digital currency based on blockchain technology that enables users to make fast and cheap payment transfers in a decentralized, peer-to-peer format. DOGE is the native cryptocurrency of the Dogecoin network.

Dogecoin uses a Shiba Inu - a Japanese breed of dog, as its mascot, which had previously shot to fame by being used in several memes shared on the internet. As a result, the Dogecoin crypto is called a meme coin, a joke-based cryptocurrency that originated from online memes.

Billy Markus and Jackson Palmer created the DOGE coin as a joke as a fork from the Litecoin blockchain network. It was envisioned as a light-hearted and humorous initiative to pull in more crowds over and above the core Bitcoin audience at the time.

Since then, Dogecoin has soared in popularity, mainly powered by its highly engaged online community and mentions of the cryptocurrency among vital social media influencers. Tesla CEO Elon Musk is one of the biggest advocates for Dogecoin and its popularity, praising it frequently for its low-cost operations and calling it a more energy-efficient alternative as a digital currency to Bitcoin. Musk’s tweets about DOGE have earned him the moniker of ‘Dogefather.’

You can learn more about Dogecoin(DOGE) at our KuCoin Blog.

How Does Dogecoin Work?

The Dogecoin blockchain network uses a proof of work consensus mechanism, although it uses Scrypt technology to power its mining algorithm. This makes mining for DOGE coins far less energy-intensive, cheaper, and faster than mining for Bitcoin.

The PoW consensus algorithm requires miners to solve complex mathematical problems to validate transactions and add new blocks to the Dogecoin network. In the process, new DOGE crypto is mined, and they receive a portion of the cryptocurrency as a reward for their efforts.

Millions of new DOGE coins are mined daily, and its high circulating supply is one of the biggest reasons why the Dogecoin price remains far lower than most of the leading cryptocurrencies in the market. The low DOGE price also gives it greater appeal as a digital currency to invest in and use for making online payments more efficient, one of the key drivers behind its creation.

Creating a new block in the Dogecoin blockchain takes just about one minute, one-tenth the time taken on the Bitcoin network. It also requires lower computing resources and complexity for mining DOGE, which is why it can offer lower transaction costs than the leading crypto by market cap.

What Can Dogecoin (DOGE) Be Used For?

Dogecoin has several use cases, as can be seen from the list below:

Digital Payments

The low cost of transactions on the Dogecoin network makes DOGE one of the most accessible and convenient cryptocurrencies for online payments. You can use DOGE to send money in a decentralized, P2P manner to other users. DOGE is also accepted as a payment method across several online and offline businesses.

Crypto Asset to Trade and HODL

As the largest meme coin by market cap, Dogecoin is the most popularly traded joke-based cryptocurrency. Its popularity has given rise to several new meme tokens, but it continues to hold on to its top spot in this category.

You can buy or sell Dogecoin against other cryptocurrencies or even hold it in the long term if you believe in its future potential. Check the latest Dogecoin price, DOGE market cap, circulating supply, 24-hour trading volume, and news before entering a new market trade.

Earn Passive Income

There are many ways to earn a stream of passive income via Dogecoin. The most popular method is mining DOGE, where you can help validate new transactions in the blockchain and earn rewards.

You can also grow your Dogecoin holdings by lending liquidity in DOGE to leading exchanges and DEXs. KuCoin offers attractive interest rates via the Crypto Lending service, letting you lend your Dogecoin crypto for seven days, 14 days, or 28 days to generate passive income.

How to Buy Dogecoin (DOGE)

Dogecoin (DOGE) is listed on most leading cryptocurrency exchanges and Defi platforms and is available on digital wallets. One of the best ways to buy Dogecoin is using the KuCoin platform. Here’s how to do this:

1. Start Your KuCoin Account

Register for an account with KuCoin if you are a new user. We recommend that you complete your KYC verification upon logging into your account to unlock access to all our services and features.

2. Add Crypto Funds to Your Trading Account

Convert your trading capital from fiat currency into crypto via the KuCoin Fast Trade section. You can buy cryptocurrency using more than 70 different payment methods, such as Visa, Mastercard, PayPal, and SEPA.

You can also fund your trading account through the KuCoin P2P service or by interacting with third-party sellers directly on our platform.

3. Buy DOGE on KuCoin Using Existing Crypto Funds

You can also use your existing cryptocurrency holdings to buy Dogecoin on KuCoin. Transfer the funds from your external wallet into your trading account and start trading using them.

4. Trade DOGE/USDT on KuCoin

After adding funds to your trading account, head to KuCoin’s Spot Trading section to look for the DOGE/USDT trading pair. Check the Dogecoin price, market cap, and 24-hour trading volume and perform fundamental, technical, and sentiment analysis of DOGE price statistics before placing your 'buy' trade.

Enter the number of USDT you wish to exchange for DOGE here and check the number of Dogecoin crypto coins you can receive and the trading fees you will have to pay. Once you verify all details, click on ‘Buy’ to process the trade order.

5. Store DOGE Safely

It will take a few minutes after the successful execution of your trade to receive the DOGE coins in your KuCoin trading account. Once they arrive, you can continue holding them on the exchange or send them to your digital wallet for additional security.

FAQ

Is Dogecoin a Good Investment?

Dogecoin has enjoyed being one of the most trending coins of 2021 through the bull run of the year. The Dogecoin price rally helped it shoot into the top league of cryptocurrencies based on market cap, powered by support from social media influencers such as Elon Musk. It has also given rise to a whole new category of meme tokens, starting with Shiba Inu (SHIB).

However, besides its meme coin status, Dogecoin offers an attractive way to power cryptocurrency adoption with a shallow barrier to entry, unlike Bitcoin. Although it originated as a joke, DOGE crypto offers a legitimate use case for empowering the mass adoption of cryptocurrencies as a payment method.

The low DOGE price and the high total supply also make it easy and relatively low risk to invest in, especially among new crypto users and traders. Bullish sentiment in the crypto market can encourage more new retail investors to start investing, which could power the DOGE price and market cap. Dogecoin crypto could be one of the most popular digital assets to buy during an upbeat mood in the crypto market.

The Dogecoin price and market cap could also see an uptrend as more businesses start accepting DOGE for payments. With its team of developers focusing on driving its adoption for online payments, this could be one of the most significant factors sending the Dogecoin price higher and making it worth buying DOGE and holding it.

History of Dogecoin

The meme-based cryptocurrency Dogecoin evolved out of a viral internet joke featuring the Shiba Inu breed of dog, which is used as the crypto’s mascot. The Dogecoin blockchain grew from a fork of a now-defunct cryptocurrency known as Luckycoin, which was initially forked from Litecoin and returned to Bitcoin.

Jackson Palmer, a co-founder of the meme coin DOGE, had tweeted that he would be willing to create a new cryptocurrency if anyone was interested. Billy Markus reached out to Palmer, and the two created Dogecoin together, launching it on 6 December 2013.

Over the years, the highly engaged online Dogecoin community has rallied support and donated to several global charitable causes in DOGE. The Dogecoin price enjoyed a steep rally through the crypto market bull run in 2017, but it gave back its gains when the market crashed the following year.

Interest in the meme coin soared through the bull run in 2020 and 2021, with several celebrities praising the DOGE crypto for its low fees, driving up its trading volume worldwide, and supporting the uptick in DOGE price. Since then, it has become one of the most widely accepted cryptocurrencies as a payment method by businesses, along with Bitcoin, Ethereum, and Litecoin.

How to Mine Dogecoin

Here are the steps to follow if you wish to mine Dogecoin:

1. Invest in Dogecoin mining equipment, such as CPUs, GPUs, or ASIC miners. Fortunately, mining DOGE does not require as much computing power as mining BTC, so you can also use your existing computer to mine the cryptocurrency.

2. Download Dogecoin mining software into your mining equipment. An online search will reveal the top mining software solutions that can help. We recommend you conduct additional research and read reviews to find the most convenient software that works with your mining equipment.

3. While the above-listed steps work for solo mining, letting you work as an individual miner, there are other ways to mine DOGE. You can sign up to be a part of Dogecoin mining pools or cloud mining services where you can contribute your computing resources and be a part of a larger group of miners.

4. These two options may reduce the rewards you can earn from mining DOGE but could increase the frequency of being selected and utilized, thus raising your odds of earning rewards.

5. Create an account with a digital wallet that supports Dogecoin. You can use this wallet to store your mining rewards securely. In addition to the official Dogecoin wallet, several other leading players support secure DOGE storage.

6. Connect your wallet address to the mining software or mining pool you select. Once you get started, you can receive your mining rewards in this wallet.

How to Sell Dogecoin From DOGE Wallet

You can sell DOGE from your Dogecoin wallet using the KuCoin Exchange. Here’s how to do this:

1. Create a KuCoin account if you’re a new user.

2. Transfer your DOGE holdings from your Dogecoin wallet by entering your KuCoin trading account wallet address.

3. Receive the DOGE funds into your KuCoin account.

4. Trade the DOGE coins on the KuCoin Spot Trading section by selling the DOGE/USDT crypto pair.

5. Use the KuCoin P2P service to sell your USDT and exchange it for fiat currency.