Dogecoin is a cryptocurrency created in 2013, and is based on the popular shiba inu "Doge" meme. Dogecoin differs from most cryptocurrencies in that its total available supply is unlimited, meaning there is no limit to the total amount of dogecoin that can exist. This makes it look more accessible to people with smaller amounts of money than other digital currencies.
Dogecoin was created as a joke but has since been adopted more widely, even among some corporations and individuals who consider themselves to be investors.
One reason why Dogecoin become popular is that it appears to be one of the most affordable cryptocurrencies. One dogecoin currently costs few cents and used to cost tiny fractions of single cent. This makes it appear significantly cheaper than most other coins, which can cost in hundreds or even thousands of dollars. Due to this perceived affordability, many new crypto investors are drawn towards Dogecoin - it allows them to invest small amounts and own multiple whole coins, instead of tiny fractions of Bitcoin, Ethereum or some other scarce cryptocurrency.
In addition to its affordability, Dogecoin also stands out with its enthusiastic community of users and miners who continue their support for what used to start as nothing more than a Bitcoin fork with attractive smiling dog logo.
Perhaps the most prominent member of Dogecoin community is billionaire Elon Musk who has expressed support for it in his Twitter posts, and even invested in Dogecoin via his company Tesla Motors.
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