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Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that began as a playful experiment and quickly evolved into a prominent digital currency backed by a vibrant community. Termed as a memecoin, [RS1] it was created by Billy Markus and Jackson Palmer in December 2013. Leveraging the popular Doge meme of a Shiba Inu dog, Dogecoin’s branding has helped it gain notoriety and a fun-loving image. Its popularity skyrocketed when Elon Musk began supporting the coin on Twitter and also replaced the logo of Twitter with that of Doge for a day. [RS2] Unlike Bitcoin's SHA-256 algorithm, Dogecoin uses a Scrypt-based proof-of-work which reduces the time required to confirm transactions, aiming for a block time of one minute. It was initially designed to have a supply limit of 100 billion coins, which was reached in mid-2015; since then, it issues a fixed reward of 10,000 DOGE per block to encourage continued mining and network participation.
