Source: @crypto-guides
There is a section in the "What is Dogecoin (DOGE)? - Dogecoin Guide" titled "What gives Dogecoin value?"; with this post I hope to contribute an item or two we don't usually hear about from both legacy media and even cryptocurrency-oriented media. Feel free to adjust as needed for Guide purposes.
Short answer: Yes.
Long answer: Dogecoin is real--
-- It has its own blockchain.
-- It uses a cryptographic algorithm (Scrypt).
-- It has its currency (DOGE, XDG, Ð).
-- It uses Proof of Work (PoW).
-- It uses miners.
-- It is one of the first cryptocurrencies and altcoins ever made.
-- In crypto terms, it has a long history.
-- It's listed on the major cryptocurrency exchanges (and they don't waste resources on things that are fake or imaginary)
-- It's real enough for USD billionaires (plural) to hype it and not get sued.
Those are facts which no one doubts. That's enough for it to be considered real.
Instead on solving a problem or presenting a use case, Dogecoin was made as a joke based on a meme. Accroding to Wikipedia, Dogecoin
is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time.
Had the joke fizzled and Dogecoin flamed out, it would have been no big deal; hundreds or thousands of altcoins have come and gone and most of us don't know about any of those. Yet Dogecoin found its legs and stood the test of time. Even good jokes need to be popular, and this one just happened to take the form of a cryptocurrency.
Developers Billy Markus ("Shibetoshi Nakamoto") and Jackson Palmer state on the Dogecoin.com that "Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide."
Despite its origins as a joke and its reputation as the Godfather of Meme Coins, Dogecoin has evolved into a widely accepted cryptocurrency.
Just as the number of money professionals is small compared to the total population of money users, Bitcoin and altcoins prior to 2013 were seen as niche tools for a niche group while Dogecoin was made for the masses.
When Dogecoin shot up in popularity outside the community of fans and supporters in early 2021, it became a Top 5 Cryptocurrency. Despite its shaky performance in 2021Q2, its market cap remains astounding.
Despite being a heavyweight in the world of cryptocurrencies, Dogecoin still has its reputation as a joke and a lightweight. However, while most cryptocurrencies (including Bitcoin) remain terrestrial, Dogecoin will make the closest approach to The Moon yet.
