The project, like Bitcoin, uses a Proof of Work model for reaching consensus. However, Dogecoin’s algorithm differs slightly. More specifically, it uses the Auxiliary Proof of Work algorithm, which allows miners to mine DOGE simultaneously with other cryptocurrencies. The processes of mining for Litecoin and Dogecoin were merged in 2014 when Litecoin founder, Charlie Lee, reached out to Palmer and suggested this feature be added. As a result, Dogecoin is dependent on Litecoin, as well as the fact the project began as a Litecoin fork. Dogecoin stock name Despite these advantages, it's important to note that the future of Dogecoin is uncertain. While its community is passionate and its transaction speed is advantageous, these factors alone may not be enough to secure its long-term success.

The recent meme stock surge has mirrored an upward trend in their crypto counterparts. On the year, dogecoin has this week clawed back more than 31% of its losses — and shiba inu has roared back to the tune of 2023 gains of as much as 75%. About Dogecoin cryptocurrency can be used for various purposes. One of the notable uses of Dogecoin is promoting charitable donations. The token’s community has a long history of supporting charitable causes. It has raised significant amounts of money for organisations such as the Jamaican bobsled team, the Dogecoin Foundation, and various disaster relief efforts.