Finally, after introducing and reviewing the basic cryptocurrencies, we came to Dojquin; A meme that has a lot of margins and has attracted a lot of attention. DodgeQueen is a digital currency based on one of the most famous memes of all time. It is noteworthy that the nature of the joke does not harm its survival and, thanks to its active community, it has become one of the most popular digital currencies available. Stay tuned to BingMag Meg for more on this popular memequin. Since then, thousands of digital currencies have emerged for various commercial purposes. Some currencies sought to establish themselves as currencies, and others, such as Atrium, sought to establish themselves as a major player in smart contract platforms.
Among the coins introduced, Dogecoin may be one of the Be one of the most unique cryptocurrencies. Introduced to the world since 2014, this memequin has fascinated digital currency enthusiasts. In this article we will explain why.
A brief history of Dodge Quinn
When Marcus accidentally became acquainted with the website after launching it, he immediately contacted Palmer to make his idea a reality. Converted and started working on what is now known as Dogecoin. After its launch, news of the digital currency spread quickly on social media, reaching a multimillion-dollar market value within a few months.>
The Dogecoin community is well known for its charitable contributions during this time. The digital currency was originally introduced as a reward system on sites like Reddit, where users sent small amounts of Dogecoin to each other as content rewards.
This practice was more ambitious in raising donations. He was able to show himself more. In 2014, more than $ 30,000 in Dogecoin was raised for Jamaica's "bobsled" team to compete in the Sochi Winter Olympics. The team was fully eligible to compete in the Winter Olympics, but could not travel to Russia for the event due to financial difficulties.
In the same year, the digital currency community launched two other projects. Doge4Water raised more than $ 30,000 more Dogecoin to drill wells in Kenya, and enthusiasts later sponsored NASC driver Josh Wise with more than $ 50,000 Dodge. As a result, Wise came to the race with his car emblazoned with the Dogecoin logo.
Tesla CEO Ilan Musk also tweeted that Dogecoin may be one of the favorite cryptocurrencies. Be him. He was later named CEO of DojQueen following a poll in the DodgeQueen community. (Of course, this was a joke that Ilan Musk did not like much!)
The famous TikTok pump
mid-2020 video The TikTok went viral, triggering a chain reaction that pushed Dodge prices significantly. In this regard, a user asked others to join him in buying Dodge and announced to everyone that by buying this digital currency and selling it, as soon as the price reaches $ 1, everyone will become rich. This caused everyone to rush to buy Dodge, so that the trading volume of this currency in more than seven days, more than 2.5 times in previous weeks. However, the excitement was short-lived and subsided very quickly, after which the price of DodgeQueen began to plummet.
Such activities are called pumps and dumping. Such a scheme is considered illegal in traditional markets because of the risks it poses to investors. In this way, advertisers take a large amount of an asset before making a fuss about it They buy and cause FOMO (fear of losing a position where you can make a profit) and thus tempt others to invest. As a result, the price rises significantly in a short period of time, which is called a "pump". Advertisers then sell their assets, which leads to a "dump". So with high selling pressure, prices fall, and investors who bought digital currency at high prices face huge losses.As always, we remind you to do your research on investing and what is to be done. Get full awareness. BingMag intends to help you better understand digital currency markets by providing articles in this field in simple language.
How does Dodgecoin work? Works. However, significant changes
have been made to its protocol since its inception. So let's take a
look at how digital currency works.
Like Bitcoin, Dodge uses a blockchain, where new blocks are used. They are added through the proof of work system. Participants in this network install word processing software on their devices so that they can appear in the role of a complete node. For those unfamiliar with blockchain technology, this means that each participant maintains a complete copy of the database (which includes all transactions).
This system is decentralized because there is no reference To control it. Instead, users send information directly to each other and rely on cryptographic techniques to tell if their peers are acting honestly.
Proof blockchains, like bitcoin, use a process called mining to create new coins. Participants must prove to the network that they have done the "job", which you can think of as solving a complex puzzle to easily understand.
This puzzle is solved by hashing information until The user can provide output and the network accepts it as valid. The solution cannot be generated manually, so users use the power and computing power of the processors to find the solution instead.
One major difference between Bitcoin and Lightcoin is that the latter uses the SHA-256 hash function. Does not use for extraction. It was an important decision that the Lightcoin team made to rely on Scrypt, an ASIC-resistant proof-of-work algorithm.
Simply put, this means targeted machines used to extract bitcoins , Can not compete with ordinary computers and GPUs used to extract lightcoin. In theory, this leads to more decentralized extraction. However, the difficulty of extracting Lightcoin has increased over time so that personal computers are no longer suitable for extracting Lightcoin.
As a branch of Lightcoin, Dojcoin has also inherited the Scrypt algorithm. However, to avoid any competition and reduce security risks, Dodge developers have switched to an integrated mining model, meaning that Lightcoin miners can earn Dojcoins at the same time.
To extract any The block takes one minute and the reward for each block is 10,000 DOGE. There is also no single unit supply for Dodgequins, and more than 100 billion Dodgequins are currently in circulation.
What can you do with Dodgequins?
Like many other digital currencies, there are several ways you can Get Dodgequins. Either you can extract it yourself, or you can accept it as a payment method for goods and services. However, the easiest way to buy it is through digital currency exchanges.
Once you receive your DodgeCoin, you can use it like any other digital currency, putting it on a wallet for a long time Hold hardware, exchange it for other coins, trade Dodge for merchandise, or even reward it with others. Its existence revolves around an Internet behavior pattern, yet it has managed to create a dedicated community of loyal users and reach hundreds of millions of dollars in market value in six years.
Dodge's proprietary community will not continue to react to this memequin, but given the maturity of the behavior of small traders, it can be imagined that this memequin will be less influenced by advertisers to create pumps and dumps in the future.