Bitcoin may be the most famous (and valuable) cryptocurrency but there’s an old dog in town performing new tricks that sent investors scrambling to buy another type of cryptocurrency last week. I’m talking about Dogecoin, which has increased in value a staggering 6,000% since the beginning of the year, and doubled in value last Friday alone. Here’s what you need to know about Dogecoin:
- What is Dogecoin? It’s a cryptocurrency like bitcoin. It was invented in 2013 by a pair of software engineers who worked for IBM and Adobe. It trades under the cryptocurrency ticker DOGE.
- “Dogecoin” is a weird name, isn’t it? Yep. Its name was taken from the “Doge” meme. The meme is a photo of a Shiba Inu dog with multicolored text in broken English. The text represents the dog’s inner monologue.
- What does a Dogecoin look like? Like any cryptocurrency, its true form is just a string of digital characters on the blockchain. But a Dogecoin is often visualized as a gold coin with the dog from the Doge meme on it.