noun | dȯj - kȯin – A cryptocurrency, originally created by computer programmers
Billy Marus and
Jackson Palmer, to parody other cryptocurrencies. The Dogecoin, with the ticker symbol of “DOGE,” features a Shiba Inu dog, from the “Doge” Internet meme, as its logo. Dogecoin differs from most other cryptocurrencies in that it is inflationary, rather than deflationary. Deflationary cryptocurrencies, such as Bitcoin, have a hard cap on the number of coins to be produced. An inflationary currency, such as Dogecoin,
may allot for perpetual production (i.e., Dogecoin production is capped at about five billion coins per year). Critics argue that inflationary cryptocurrencies destroy value, due to perceived unlimited supply, whereas proponents believe inflationary cryptocurrencies have better
long-term utility – as it discourages factors such as hoarding – and provides a predictable and steady currency supply.
Elon Musk had Tweeted that Dogecoin might be considered his “favorite cryptocurrency” and agreed that a ‘
Mars economy will run on crypto.’
