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Crypto mining is achieved after validating data blocks and adding transaction records to a public ledger known as blockchain.ĭogecoin is based on a similar algorithm as Bitcoin except it uses scrypt technology that means it cannot use SHA-256 mining equipment that Bitcoin uses, but uses FPGA and ASIC devices for mining instead. Crypto mining involves solving cryptographic equations. The creating process of crypto currency is called Mining. The shares were stopped from buying and Dogecoin value raised to an all time high of $0.08. Knowing that this was possible, the investors turned to Dogecoins. The losses were so great that these investors halted buying of these shares by reaching out to various trading platforms. The hedge funds lost billions and GameStop stock prices dropped drastically. Ratifying this fact, the members of this Reddit group began pumping the stocks of GameStop. The catch here is if the stock price goes up, the investor has to repurchase the stock at whatever the new market price is. The investor then pays the borrowed money and pockets the difference. Shorting or Short-selling is when an investor borrows shares and immediately sells them, and then repurchases them at a lower price. The GameStop stock squeeze catered to the increasing number in the Dogecoin community.ĭiscussion threads on Reddit noticed that certain hedge funds were shorting the stocks of GameStop. Reddit has been quite a catalyst in the soaring popularity of Dogecoin. Dogecoin and Redditĭogecoin boasts about a community of 1.1 million on the online social networking platform Reddit. #Dogecoin core connecting to peers seriesThe car was named “98 Moonrocket” and debuted at the Aarons 499 Series Cup Race. #Dogecoin core connecting to peers driverOn march 25,2014, the Dogecoin community raised 67.8 million Dogecoins to sponsor NASCAR driver Josh Wise. The donations were made by 4000 donors who donated 14,000,000 Dogecoins altogether. The Doge foundation led by Eric Nakagawa raised approximately $11,000 dollars. They then set out to build a well in the river basin of Kenya. Following this incident the Dogecoin and Bitcoin exchange rate rose by 50%.įollowing the success of this fundraiser, the Dodge community continued raising funds for smaller charity events. In January 2015, the Doge community established a fundraiser to raise $50000 dollars for the Jamaican Bobsled team which had qualified for the Sochi Winter Olympics but could not afford to participate. In 2015, one of the co-founders, Jackson Palmer walked out of the Crypto community. A month later enough money was donated to recover the losses. The Dogecoin community started an initiative called “Save Dogemas” to raise coins for people who lost them because of the theft. This incident spurred a series of tweets and made Dogecoin the most talked about altcoin on Twitter at the time. Millions of coins were stolen by hacking the crypto currency wallet platform, Dogewallet. This was their first major setback as Dogecoin value dropped drastically by 80%.Ģ5th December called upon dooms as Dogecoins suffered a major theft. The growth occurred when the Bitcoin and other Crypto currencies swerved from China’s decision of forbidding the Chinese banks investing into the Bitcoin market. On December 9, just 3 days later, the Dogecoin value jumped to 300% in value, rising from $0.00026 dollars to $0.00095. Originally created as a joke, the inventors of Dogecoins wanted it to be a peer-to-peer digital currency which could amass a broader demographic than Bitcoin. Dogecoin features the face of Shiba Inu dog of the “doge” meme fame as its logo and namesake. #Dogecoin core connecting to peers softwareInvented by software engineers Billy Markus and Jackson Palmer, Dogecoin was intended to be a joke. It is completely anonymous, decentralized and extremely secure. Bitcoin, Litecoin, Ethereum are a few examples of Crypto currency. It is a fun, new and rapidly growing form of digital/Crypto currency. It features the face of Shiba Innu dog from the "Doge" meme as its logo & name.ĭiscover all about the Story of Dogecoin in the article ahead.ĭogecoin is a form of crypto currency. Invented by software engineers Billy Markus & Jackson Palmer, Dogecoin is a cryptocurrency. ![]()
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