What Is Dogecoin?
Dogecoin (DOGE) is based on the popular "doge" Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
How Do You Mine Dogecoin?
Dogecoin differs from Bitcoin's proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
What Can Dogecoin Be Used For?
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities.
How Can You Buy Dogecoin?
You can sell or buy Dogecoin at any exchange that offers the digital currency, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any communities that accept Dogecoin. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab.
Dogecoin Foundation and Board of Advisors
In 2014, a not-for-profit foundation was formed by members of the Dogecoin team to provide support, advocacy, trademark protection and governance for the cryptocurrency project. However, the foundation was dissolved over time.
After several years of being inactive, the foundation was relaunched in 2021 with a “renewed focus on supporting the Dogecoin Ecosystem, community and promoting the future of the Dogecoin Blockchain.” In addition to some of the original core team, the project now has some seasoned industry players as part of its board of advisors.
According to the foundation’s website, members of the board will meet monthly to discuss issues relating to Dogecoin.
In regards to its advisors, the group is made up of Dogecoin founder Billy Markus, the project’s core developer Max Keller, Ethereum founder Vitalik Buterin and Elon Musk as represented by the head of the Musk’s family office, Jared Birchall.
Members of the Board of Advisors will function in various capacities. While Keller will serve as the project’s technical advisor, Markus will be in charge of the community and memes. Meanwhile, Buterin will function as the blockchain and crypto advisor for the foundation, and Birchall will represent Elon Musk as legal and financial advisor.
As a first assignment, the Board of Advisors will be working to secure three-year funding that would allow it to employ a small, dedicated staff to work on Dogecoin full-time. Up until now, the work on the ecosystem has been done by volunteers.
What Is SHIBA INU (SHIB)?
Once upon a time, there was a very special dog. That dog was a Shiba Inu, and this dog inspired millions of people around the world to invest money into tokens with the dog's image on it.
According to the SHIBA INU website, SHIB is the "DOGECOIN KILLER" and is listed on their own ShibaSwap, a DEX. Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi." Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.
This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Vitalik Buterin was long believed to be the originator of Shiba Inu, but denied such rumors on the Lex Fridman podcast on June 5, 2021.
Shiba Inu aims to be the Ethereum-based counterpart to Dogecoin's Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS) and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.
Shiba's success sparked an avalanche of copycats, such as BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba and countless others. In total, there may be well over 100 Shiba Inu copies, and the number keeps rising constantly.
On Sept. 17, 2021, Coinbase, the largest U.S.-based crypto exchange, listed Shiba Inu on their platform. This news caused Shiba Inu price to rise by over 40% in the following two days, bringing the meme dog token into the spotlight again.
Shiba Inu has since attracted more interest from other exchanges as well. Bitso, Mexico's biggest cryptocurrency exchange, announced in September that SHIB would start trading on its exchange. Giottus, an Indian crypto exchange, announced the same. Bitstamp, the biggest crypto exchange in Europe, said that it would list Shiba Inu for trading at the beginning of 2022. Korbit, a South Korean exchange, became the country's first exchange to list the SHIB token in 2021.
Who Are the Founders of SHIBA INU?
The SHIBA INU WoofPaper has three reasons why their team created SHIB:
"We started from zero, with zero."
"The brilliant minds behind Shib had never collaborated before."
"We love Shiba Inu Dogs."
The anonymous creator of the Shiba Inu coin is known as "Ryoshi." However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto.
In his blog RYOSHI RESEARCH, he characterizes himself as "just some guy of no consequence tapping at a keyboard." Ryoshi said that usually in projects there are different roles like a CEO, a "tech guy," and a roadmap, resulting in "someone plebs can bitch at." He stresses that with Shiba, no one person is accountable or responsible and underlines that he owns 0 SHIB to this day. For this reason, Ryoshi can be "pure and unbiased," getting satisfaction from Shiba "in other ways."
It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu's liquidity on Uniswap. According to Ryoshi, he had "a fren" he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His "job" is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
What Makes SHIBA INU Unique?
The SHIBA INU website invites dog-inspired artists from all over the world to foster the "artistic Shiba movement" as they bring their SHIBA INU community into the NFT market. SHIBA INU has also created a campaign using Amazon Smile in order to collect donations to escue real, live Shiba Inu dogs with the Shiba Inu Rescue Association.
After initially being only one meme coin of many, Shiba Inu skyrocketed to popularity after Vitalik Buterin famously burned his share of the SHIB supply. Ryoshi had given Buterin 50% of the SHIB supply, announcing that "as long as Vitalik doesn't rug us," Shiba Inu would be fine.
However, Buterin decided to burn 90% of his share, which later would have been worth billions thanks to the soaring value of SHIB. The remaining 10% were sent to a charity, as were about 50 trillion SHIB more that Vitalik had donated to a COVID-19 relief fund. He stated that he did not want "to be a locus of power" and thus gave the tokens away. This resulted in a temporary loss of value for SHIB, which the token later recovered from after the community agreed on an arrangement with the charity in question.
Ryoshi's goal for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In a blog post, Royshi noted that the rift caused by Buterin's token donation made the community stronger and would enable it to distribute further and decentralize the movement. His vision for the core ecosystem is to perform its utility while the Shiba Inu-own stablecoin becomes the globalized exchange of value.
In October 2021, SHIB surged on the news of a possible Robinhood listing and briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. Thus far, Robinhood has not listed SHIB, despite a petition with over 500,000 signatures calling for it. Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. However, Robinhood would prioritize safety over the "short-term gain" of a new token listing and has left Shiba Inu fans waiting since.
The October 2021 price surge famously minted a billionaire, as one wallet was uncovered that had bought $8,000 worth of SHIB in summer 2020, which was worth over $5.7 billion at SHIB's all-time high valuation. The wallet owner has not been determined, although the person appears to have sent parts of their fortune to other wallets several weeks after the price explosion.
The price surge also led to increased adoption across token holders. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. CRO was a distant second with only 5%. SHIB also surpassed the one-million holder mark following its all-time high.
Moreover, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald's to accept Shiba Inu, although the social media effort eventually fell short.
A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem.
ShibaSwap is the coin's designated DEX that started as a fork of Sushiswap that has, in the words of Ryoshi, its "own little twists and elements." Furthermore, Shiba Inu also plans to develop SHI, which will be the "global exchange of value for plebs," an algorithmic stablecoin pegged to one cent instead of one dollar as most other stablecoins. Its launch is planned after the Shiba layer-two solution called Shibarium, and Ryoshi envisions SHI to work in a similar way to DAI. That way, SHI would have collateral as a backstop that would push it back to one cent if the peg was lost.
According to Ryoshi, the end goal is that SHI becomes a global stable currency "that plebs across all countries are able to use as both a store of value and method of payment."
In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function.
Shiba would also start hosting localized meetups and a once-a-year ShibaCon convention that would be hosted at an easily accessible location in a country without oppressive visa restrictions "for the sake of inclusiveness for global plebs."
One immediate change Shiba Inu has implemented is increasing token burns, which have sparked renewed interest in the token at the beginning of 2022. Bigger Entertainment, a crypto record label selling merch, NFTs and concert tickets, organized a SHIB burn party that burned over 239 million SHIB over Christmas. In total, the team has burned almost one billion SHIB since the end of October.
What Is Dogelon Mars (ELON)?
Dogelon Mars is a dog-themed meme coin on Ethereum and Polygon. It follows the example of other successful dog coins like Dogecoin, Shiba Inu and Floki Inu.
Dogelon Mars plays on several popular themes in the meme coin space. Its name is a mixture of Dogecoin and Elon Musk, the billionaire entrepreneur who is an outspoken supporter of Doge. It alludes to Mars, a spin on the famous moon meme, implying that Dogelon will experience a massive upward movement. Beyond its tongue-in-cheek name, Dogelon Mars has managed to build a significant community, with more than 300,000 Twitter followers and more than 84,000 followers on Telegram.
Who Are the Founders of Dogelon Mars?
Just like is the case for its more prominent and more established cousins, the founders of this particular dog coin are unknown. That is somewhat of a common occurrence for meme coins, and investors are well-advised due to due diligence with little-known coins to avoid falling victim to malicious practices like rug-pulls and exit scams. With that said, ELON has been on the market for several months, making the likelihood of the coin being a scam relatively small.
What Makes Dogelon Mars Unique?
Dogelon Mars uses a humorous comic story of Dogelon, the dog giving the coin its name, as a background for its coin. Dogelon “explores the greatest mysteries of the galaxy and seeks to recolonize the planet he once called home with the help of the friends he’s made during his travels through the stars.” Several short comics are published on the coin’s website that follow Dogelon on his adventures to Mars, where he meets friends and goes on adventures.
Dogelon Mars does not have a roadmap per se, but instead developed a fantasy version through its comics. After the re-colonization of Mars in 2420, Dogelon will have to fight for survival against the annihilators. This fantasized version suggests that once the coin is listed on all major exchanges, the price of ELON will reach “Mars,” or, in other words, it will trade at a much higher valuation. However, “annihilators,” by which the volatility of the crypto markets could be meant, will be a problem the community will have to fight against.
In practice, ELON is a meme coin without much utility beyond buying it and holding it in a wallet like Metamask. However, considering it has a potent combination of several very “memeable” attributes in its title (Elon Musk, Doge, Moon/Mars), Dogelon Mars could appreciate rapidly if the overall cryptocurrency market appreciates and the risk appetite for meme coins increases.
How Many Dogelon Mars (ELON) Coins Are There in Circulation?
The total supply of ELON is 1 quadrillion. 50% of all ELON tokens have been sent to Vitalik Buterin, the founder of Ethereum, in an effort to burn the tokens and remove them from circulation effectively. This is similar to Shiba Inu’s approach, although it initially disrupted the Shiba Inu token price because Vitalik decided to give the tokens to charity. The remaining supply of ELON is permanently locked in the liquidity pool, with a current circulating supply of 553 billion ELON.
How Is the Dogelon Mars Network Secured?
ELON is an ERC-20 token on Polygon and Ethereum, which is one of the most popular blockchains and the go-to solution for many decentralized applications. Its proof-of-work consensus mechanism requires miners to mine new Ether and ensures that Ethereum is one of the safest blockchains in the crypto industry. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.
Polygon is a layer-two scaling solution for Ethereum that allows for increased transaction throughput, meaning there are no gas wars on Polygon.
Can ELON Hit $0.01?
Due to its artificially high supply, ELON may appreciate, but it unlikely to hit $0.01. However, the crypto space is unpredictable.
Where Can You Buy Dogelon Mars (ELON)?
ELON is available on KuCoin, UniSwap (V2), OKEx, Poloniex, Gate.io and Crypto.com Exchange.
💵💵💵💵💵💵💵💵💵💵💵💵💵💵
Among the resources you will find my links to sign up for free to Binance and KuCoin, my favorite exchanges!
💵💵💵💵💵💵💵💵💵💵💵💵💵💵
