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What is Dogecoin?
Based on the well-known “doge” Internet meme, Dogecoin (DOGE) was created. Its logo depicts a Shiba Inu. The developers intended it to be a humorous, lighthearted cryptocurrency that would appeal to a wider audience than just Bitcoin users. Elon Musk, the CEO of Tesla, frequently stated on social media that Dogecoin is his preferred cryptocurrency.
Dogecoin's proof-of-work protocol differs from Bitcoin's in several ways. Scrypt technology is employed. The block time for the altcoin is one minute. There is no constraint on the overall supply, hence there is no restriction on the quantity of Dogecoin that may be mined.
On Reddit and Twitter, Dogecoin has mostly been used as a tipping system to encourage the creation and sharing of high-quality content.