November 29, 2021

Dogecoin hasn’t always been a ‘fun meme coin’

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Dogecoin (DOGE) might look like a fun meme coin, particularly as its price has absolutely skyrocketed in 2021.

But behind the innocent Shiba Inu dog cartoon are some horrific stories. Those buying the cryptocurrency due to shilling and jokes from Tesla and SpaceX CEO Elon Musk, most likely have no idea of DOGE’s early days.

DOGE/USD 1-day candle chart (HitBTC). Source: Tradingview

The early days

Introduced by software engineers Billy Markus and Jackson Palmer in December 2013, Dogecoin’s protocol followed Luckycoin and Litecoin (LTC) proof-of-work algorithm using Scrypt technology.

It all started back on Christmas day, 2013, when Dogewallet announced that its webpage had been compromised, causing users to send funds to the hacker’s address. The $12,000 worth of users’ coins lost was fully reimbursed by Dogecoin Foundation Board Member Ben Doernberg, which included community-funded donations.

How many times have you heard about altcoins or startups focusing on social network micropayments using cryptocurrency? Inspired by the Bitcointip project,Title: Dogecoin hasn’t always been a ‘fun meme coin’
Sourced From: cointelegraph.com/news/dogecoin-hasn-t-always-been-a-fun-meme-coin
Published Date: Sun, 28 Feb 2021 13:00:00 +0000