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The Dogecoin (DOGE) was launched in December 2013 by two software engineers (Jackson Palmer and Billy Markus), who created the payment system as a sarcastic meme coin (a type of cryptocurrency that originated from an online meme or viral image). The logo for this coin is the image of the Shiba Inu dog (an ancient Japanese breed of dog, which became popular in 2013 as a meme).

Although the cryptocurrency started as a means to poke fun at the wild speculations in cryptocurrencies, it is an open-source peer-to-peer digital currency based on the Scrpyt algorithm. The Scrypt algorithm allows for an easier transaction process and quick confirmation of the transaction as compared to the conventional blockchain technology.