Dogecoin Price - DOGE/AUD : $0.23216

Dogecoin (DOGE) is the original “meme coin”. Based on the wildly popular Shiba Inu meme that went viral in 2013, DOGE’s rise to fame has been impressive. It has become one of the most recognisable coins in the market and is the most frequently traded.

Dogecoin’s open-source blockchain and peer-to-peer network is powered by its users. As with all cryptocurrencies, it operates freely without interference from central authorities or third parties.

A Bitcoin-based system

Dogecoin runs on its own blockchain, a digital ledger that records and updates new transactions, all secured by cryptography. As a decentralised network, Dogecoin uses a consensus protocol to distribute transactions across nodes that must agree to verify them.

Like Bitcoin, Dogecoin uses a proof of work (PoW) consensus mechanism. Nodes or miners process and record transactions by solving complex mathematical equations. In exchange, they receive DOGE, which they can choose to hold or sell for other cryptocurrencies. Dogecoin eventually changed its protocol to auxiliary proof of work (AuxPoW), which allows miners to mine blocks from other chains along with Dogecoin.

Every dog has its day!

As the first meme coin to exist in crypto, Dogecoin started a new crypto craze of other cryptocurrencies also being based on viral internet memes. Since Dogecoin, there have been many dog-based token spinoffs, including BabyDoge, Doge Army Token (DGAT) and lastly one that is almost just as famous, Shiba Inu (SHIB).