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What is Dogecoin?
Dogecoin (DOGE) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of USD 60 million in January 2014; as of March 2016, it had a capitalization of USD 22.2 million.
Compared with other cryptocurrencies, DOGE has a fast initial coin production schedule: 100 billion coins have been in circulation by mid 2015 with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth DOGE has been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Many members of the DOGE community, as well as members of other cryptocurrency communities, use the phrase “To the moon!” to describe the overall sentiment of the coin’s rising value. Thanks to crowd-funding efforts, a gold coin representing the cryptocurrency will be reaching the moon’s surface in 2017.
Unlike deflationary cryptocurrencies (like bitcoin), there is no limit to how many Dogecoins can be produced. This puts Dogecoin in the same league as other inflationary coins. According to the current production schedule, approximately 98 billion coins have been released by February 2015, with block 600,000 mined on February 25. Thereafter, approximately 5.256 billion more coins will be produced per year, in perpetuity. This represents an inflation rate of 5.256% (in 2015), that will decay over time due to new coins being introduced into the economy (e.g. in 2025 yearly inflation rate will be 3.4%, in 2035 2.5%, etc…). During December 2013 and January 2014, Dogecoin’s developers discussed in public forums whether this should be changed, and, on February 2, 2014, Dogecoin founder Jackson Palmer announced that the supply of coins would remain uncapped.