Dogecoin initially started as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog). It is based on Litecoin and uses the same proof-of-work technology. Dogecoin has a loyal community of supporters who trade it and use it as a tipping currency for social media content .
Read moreDoes Elon Musk like Dogecoin?
When asked why he supports Dogecoin, Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto. “
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