Dogecoin (DOGE) pronounced ‘dohj-coin’, is a decentralised network that enables peer-to-peer transactions. It is also thought of as ‘the internet currency’. This open-source digital currency was first released on December 6, 2013 by Jackson Palmer and Billy Markus. Dogecoin is named after the popular internet Doge meme trending in 2013 featuring a Shiba Inu dog, thus the image of the Shiba Inu on the digital coin.
The main difference between Dogecoin and other cryptocurrencies such as Bitcoin (BTC) is that it is an inflationary currency. This means there is no maximum market cap to the number of dogecoins that can be mined which creates a consistent reduction of inflation-rate over time.
The large supply and low price of Dogecoin made this digital currency ideal for the internet practice of ‘tipping’ great content and users. The Dogecoin community is also widely believed to be friendly and helpful, having raised money for charities on social platforms such as Reddit.