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The Doge meme, which features an image of an excited Shiba Inu named Kaboso broke the record for the most expensive nonfungible token when it sold for $4 million on the auction site Zora on Friday
Here’s what Dogecoin is all about.
Where did Dogecoin come from?
Dogecoin (pronounced ‘dough-je-coin’ as opposed to ‘dodge-coin’) was created in 2013 by software engineers Jackson Palmer and Billy Markus.
Like other types of cryptocurrency, you can buy and sell Dogecoin like an investment or spend it like money.
But
unlike many other types of cryptocurrency, the number of coins that can be mined will increase every year.
For example, one of the very first cryptocurrencies, Bitcoin has a finite supply of coins – 21 million to be exact. There will never be any more.
As more Bitcoins are mined, scarcity increases, driving up the value. At the time of writing, one Bitcoin is worth about £40,270. In contrast, there are currently 129 billion Dogecoins in circulation, and each one is worth around 36p.
The internet is now something that happens to you. That wasn’t always the case; our time online has been funneled through trend-pushing social media for so long that it’s easy to forget how the experience used to demand decision-making. In the early 2000s, the internet felt like an endless, unknowable thing without consensus. Everyone had their own preferred forums, game pages, and video sites. A piece of content could be omnipresent among your friends for weeks and be completely unknown to someone just a few towns over. So for something to become ubiquitous a cute animal video, early cringe content, a semi-sexual commercial from Europe it had to stand out. Every now and then, there was a Homestar Runner.
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