How did Dogecoin become a popular coin?

At the beginning of this year, "Dogecoin soared more than 250% in one day" was on the hot search on Weibo. This funny and cute dog appeared in the public eye again and became the focus of attention of people both inside and outside the circle. With the support of Musk, the world's first online influencer, Dogecoin deservedly became the "coin star" in the first half of 2021. In fact, Dogecoin has been popular among young people in the United States for a long time. Interestingly, young Americans call Bitcoin Old School. They think: "Only old people buy Bitcoin, and we young people play Dogecoin." It can be seen that young people love Doge at present. Today, let us learn about this Dogecoin that is popular all over the world.

Dogecoin was born on December 12, 2013. One of its founders is Jackson Palmer, a brand marketing expert from Australia who once worked as a senior manager at Adobe, and the other is Billy Markus, a programmer from Portland, Oregon, USA. Dogecoin is based on the Scrypt algorithm, which makes its transaction process more convenient than Bitcoin, with a larger number of issuances (infinite over-issuance) and faster transfer speed. The confirmation time of Dogecoin is only 1 minute, while Bitcoin takes 10 minutes. At the same time, Dogecoin is also the second largest virtual currency in the world after Bitcoin in terms of the number of users.

After the launch of the Dogecoin system, it has shown explosive development with the help of reddit. It took only two weeks to lay out a dedicated blog and forum. As of April 2021, the market value of Dogecoin has reached 226.3 billion, and the number of client addresses has reached 3.29 million. Its market value has increased 2,000 times in six years. The number of fans on Reddit has rapidly increased from 1.2 million to 1.5 million in just nearly a month, almost five times the number of Litecoin fans. The average daily trading volume has long been ranked among the top three virtual currencies. The greatest value in the Internet era is the huge number of users. It took Dogecoin a year to reach a user base of one-third of Bitcoin users and four times that of Litecoin.

Currently, Dogecoin has two main applications: rewards and charity.

Due to the low price of Dogecoin and the extremely lovable image of Shiba Inu, which makes it entertaining and topical, it has quickly gained the favor of the majority of Internet users and is often used as a reward currency on reddit and some live broadcasts. Especially in the United States, where the tipping culture is prevalent, people can tip creators of high-quality content, "like" meaningful content, and help valuable content spread further on the Internet. For example, two reward applications, Doge Tipping App and Multicoin Tipping App, have been approved by Facebook to go online, and users can give rewards to comments on Facebook; in October 2014, the live streaming video platform Twitch announced on its official Twitter that the company has accepted Dogecoin as a payment method for its subscription. In addition, Dogecoin also has its own charity fund, which has funded countless charity projects and helped many people realize their dreams. This is another reason why Dogecoin is so popular.

Rather than saying that Dogecoin is the next Bitcoin, it is better to say that Dogecoin is a bridge and tool that allows more people to get in touch with Bitcoin or encrypted assets. Since the current price of Bitcoin is too high, it is not very friendly to novices, and many people are discouraged. In comparison, Dogecoin is more approachable in terms of price and its pleasing image. People can first understand what Bitcoin is by understanding Dogecoin. How did you learn about Bitcoin? Welcome to leave a message and share with everyone!