Dogecoin marketed itself as a “fun” version of Bitcoin with a Shibu Inu dog as its logo. Dogecoin’s casual presentation suited the mood of the burgeoning crypto community. Its scrypt technology and unlimited supply were an argument for a faster, more adaptable, and more consumer-friendly version of Bitcoin.
Dogecoin is considered an “inflationary coin,” while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Every four years, the amount of Bitcoin released into circulation via mining rewards is halved, and its inflation rate is halved along with it until all coins are released.
In 2014, the Dogecoin community donated 27 million Dogecoins worth approximately $30,000 to fund the Jamaican bobsled team’s trip to the Sochi Winter Olympic games, $11,000 worth of Dogecoin to build a well in Kenya, and $55,000 of Dogecoin to sponsor NASCAR driver Josh Wise.678