Dogecoin has been in development since 2013.
Anyone thats been involved in cryptocurrency for more than a few months will almost certainly have heard of Dogecoin.
Dogecoin uses a similar mining algorithm to Litecoin, called Scrypt.
As a result, Dogecoin has smaller block times compared to Bitcoin.
The Scrypt algorithm also makes it more difficult to use specialist ASIC mining equipment to mine the coins.
Though its not all fun and games for Dogecoin.
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While there are only 21 million Bitcoins that will ever be mined, Dogecoin has no limit.
According toCoinMarketCap, there are over 120 billion Dogecoins in circulation, at the time of writing.
As with most other cryptocurrencies though, Dogecoin experienced its most notable price increases between mid-2017 to early 2018.
By late September of the same year, the coins trading price fell back towards $0.001134.
Dogecoin reached its all time high price during the cryptocurrency boom across the winter of 2017 to 2018.
As was the case with other cryptocurrencies, Dogecoins prices fell sharply as 2018 progressed.
There were two brief rallies which saw Dogecoins price increase noteworthy amounts.
The first came in April when Doges price jumped from $0.002708 to $0.005868.
Ultimately though, Dogecoin ended 2018 a long way down from the high is saw in early January.
However, at the start of April, Dogecoins trading price started heading skyward.
It has been on the up, slowly, ever since.
This upward trend was seen across numerous cryptocurrency markets.
Unfortunately, it was swiftly followed by a correction that saw Doges price drop to $0.002873.
A notable decrease from its early quarter high, but still 38-percent up on where it opened the quarter.
However, within 24 hours Doges price dropped by 16 percent to $0.002849.
After all, thats what its creators set out to do.
Whatever the case, Musks musings certainly seemed to stir some extra interest in the cryptocurrency.
Dogesprice pumped afterwardsand had given a good start to Q3 for the cryptocurrency.
Story byMatthew Beedham
Matthew is the editor of SHIFT.
He likes electric cars, and other things with wheels, wings, or hulls.
