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Dogecoin: How Will It Affect the Bear Market?
Is Dogecoin Still the Leader in Meme Tokens?
Dogecoin (DOGE) is a decentralized open-source digital currency traded by Litecoin. It has characteristics similar to Bitcoin, which is a digital cash system. The network has a straightforward working desktop wallet that can be downloaded from the Dogecoin website. Dogecoin has been used for Reddit and Twitter tips for many years. Network users can also send coins to anyone with a DOGE address for a cheap transaction fee.
Dogecoin was developed in 2013 as a lightweight cryptocurrency compared to other parts of the market. It is the oldest meme coin and the reason behind the cryptomeme culture. Dogecoin was originally developed as a joke, but gained attention in its early development, with over a million website visits in the first month of launch. What sets Dogecoin apart from other cryptocurrencies is that it is inflationary, meaning there is no limit to the number of tokens generated over time. Just as the USD can continue to be printed, more Doge will be added to the total supply over time.
Security is the same as Litecoin or Bitcoin because the decentralized network is secured by mining blocks. However, Dogecoin is an inflationary asset as the supply increases over time. Dogecoin is not in the business of creating a super secure network, they just want something to work for the community in a decentralized way.
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