Probably many of you if you haven't heard of Dogecoin before, you certainly found out about it through recent news on Twitter, including from Elon Musk.

Following these most likely tweets, DOGE's share price rose by more than 50%. However, let's put that aside for later and introduce ourselves to what DOGE actually is.

Dogecoin is a blockchain-based cryptocurrency that allows you to make quick payments with negligible transaction fees. Even before, the fee on many wallets was 1 DOGE. Currently, for example, on the Exodus wallet we will pay about 20 cents per transaction. Currently, this is more than 50 times cheaper than the transaction fee on the Ethereum network so transfers are virtually free. The cryptocurrency was created as a counter to Bitcoin and the media backlash that followed the shutdown of the Silk Road service. The token's name and logo (a Shiba Inu dog) were meant to convey positive energy and encourage younger people to become interested in cryptocurrencies.

The network has been in operation since 6 December 2013 and runs on the Proof of Work algorithm. It is worth noting that DOGE does not have a limited supply of coins, unlike Bitcoin for example. It was created based on the Luckycoin cryptocurrency, which was based on the Litecoin structure. And so a functioning and thriving currency was created from an online joke to this day. Until March 2014, the reward for mining up a block was random. Since then, a fixed reward of 10 thousand DOGE is set. It is based on the Scrypt algorithm, just like Litecoin. The block time itself is much faster than LTC and BTC and is 60 seconds.

The current price of DOGE is less than 5 cents and the token's capitalisation is almost $6 billion.
We can hold the cryptocurrency on many wallets. The most popular are MultiDoge, Dogecoin Core and Exodus.

Do you own your DOGE tokens? Share your opinions about this cryptocurrency in the comments!