Dogecoin - You Can’t Teach An Old Dog New Tricks
In 2013, software engineers: Jackson Palmer and Billy Marcus created Dogecoin ($DOGE) as a fun alternative to Bitcoin.
Dogecoin ($DOGE), just like many other cryptocurrencies, has its own blockchain. The Dogecoin blockchain, like Bitcoin, uses proof of work consensus mechanism. On the proof of work consensus mechanism, miners solve complex computational equations to process and record transactions on the blockchain. These miners earn additional $DOGE as an incentive for maintaining the blockchain.
Although Dogecoin ($DOGE) started as a joke, its value has skyrocketed in the past years, rewarding holders with impressive returns. It has recently increased in value so much that it is now among the top 10 cryptocurrencies by market capitalization. Dogecoin's success can be credited to an active community base, support from Elon Musk and increased utility.