Dogecoin Price - DOGE/SGD : $0.54897

Dogecoin is one of the most widely known cryptocurrencies, after the likes of Bitcoin and Ethereum. It is the original meme coin based on the famous “doge meme” of a Shibu Inu. By adopting the cute dog as its mascot, Dogecoin has achieved huge success. It sits among the top ten largest coins by market cap, at the time of writing, and is also one of the the most frequently traded cryptocurrencies.

Like other digital currencies, Dogecoin’s blockchain was built on open-source peer-to-peer technology. Its highly secure digital ledger operates without interference from third parties or institutions.

Bitcoin-based code

Dogecoin works on a dedicated blockchain that was derived loosely from the Bitcoin source code. Because of this, it has several traits in common with Bitcoin, including its hash and consensus algorithm.

Dogecoin eventually underwent some adjustments and switched its proof-of-work (PoW) protocol to an auxiliary proof-of-work consensus mechanism (AuxPoW). It also changed its algorithm to Scrypt technology. These changes made DOGE mining faster and less power-intensive than before.

A light-hearted cryptocurrency

Dogecoin was meant to be a parody of the cryptocurrency space, but what started as a joke immediately became an overnight sensation. Because of its fun and light-hearted nature, Doge brought new attention to the market and drew curiosity to crypto.

Before Dogecoin, cryptocurrencies were seen by those outside the crypto community as complex and intimidating, which affected their adoption rate. The meme coin movement made cryptocurrencies more accessible and changed the perspective around them which increased their acceptance in the real world.