Understanding Dogecoin, An Alternative to Bitcoin.
                     Understanding 
Dogecoin, An 
Alternative to 
Bitcoin?
What is 
Dogecoin?
According to CNBC, the digital token 
was created in 2013 by software 
engineers Billy Markus and Jackson 
Palmer as a faster but “fun” 
alternative to Bitcoin.
Source: www.indianexpress.com
How has it started?
It was started as a satire on the numerous fraud 
crypto coins that had sprung up at the time and 
takes its name and logo from a Shiba Inu meme 
that was viral several years ago.
Source: www.indianexpress.com
How it is different from 
Bitcoin?
• Unlike Bitcoins, whose maximum possible 
number is fixed at 21 million (a figure that is 
estimated to be reached by 2040), Dogecoin 
numbers do not have an upper limit, and there 
are already more than 100 billion in existence.
Source: www.indianexpress.com
Sponsorship
• When the crypto coin first took off, the online 
community that was backing it invited attention 
by supporting unconventional causes, such as 
sponsoring Jamaica’s bobsled team at the 2014 
Winter Olympics. 
• Also, that year, the Dogecoin community gave 
$55,000 worth of the digital token to a Nascar 
driver in the US.
Source: www.indianexpress.com
What is behind 
Dogecoin’s rise?
The main reason believed to be behind Dogecoin’s 
meteoric surge is the same that has propelled the 
value of Bitcoin and Etherem– this week’s listing of 
Coinbase, the most popular virtual currency 
exchange in the US.
Source: www.indianexpress.com
Market cap
Coinbase’s market cap briefly hit $100 billion after 
it went public on Wednesday, and the values of 
Bitcoin and Etherem touched $64,000 and $2,500, 
respectively, during the week. Dogecoin is said to 
be a part of this frenzy.
Source: www.indianexpress.com
Why are some 
concerned?
Some investors have expressed fears that 
Dogecoin’s rise would lead to a bubble, given that 
buyers do not see any meaningful value in the 
digital token, and are only trading to make money 
while the price keeps going up.
Source: www.indianexpress.com
Crypto investors in 
India
Crypto investors in India can set up their accounts 
on any of the Dogecoin-supporting crypto 
exchanges such as WazirX, BuyUcoin, etc.
Source: www.indianexpress.com
Reason behind its 
current success
• The reason behind its current success is also said 
to be Satoshi StreetBets. 
• Here members built up an enthusiasm for the 
cryptocurrency to lead to the rise of GameStop 
earlier this year. The group's name is Satoshi 
Nakamoto. 
Source: www.indianexpress.com
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