Dogecoin

Dogecoin is an open-source, peer-to-peer digital currency launched on 8 December 2013 by software engineers Billy Markus and Jackson Palmer, originally as a parody of the cryptocurrency market inspired by the "Doge" internet meme. It is designed to serve as a fast, low-cost medium for everyday payments and digital tipping rather than as a store of value or programmable smart-contract platform. It targets anyone who wants to send small amounts of value quickly and cheaply without relying on a corporation or formal company structure.

Dogecoin is a Layer 1 proof-of-work blockchain that is a fork of LuckyCoin, itself a fork of Litecoin, and it uses the Scrypt hashing algorithm to reach consensus, with miners competing to validate transactions and add new blocks approximately every 60 seconds — the 24-hour average block time recorded in this data is 63.5 seconds, and 1,360 blocks were produced in the most recent 24-hour period. A distinctive feature called merged mining allows miners to secure the Dogecoin network simultaneously with other Scrypt-based chains such as Litecoin, sharing computational effort without reducing security. DOGE is the native token used to pay transaction fees and to reward miners who produce new blocks; there is no smart-contract execution layer, so the token's role within the system is limited to these two functions.

Transaction fees on Dogecoin are paid by users who send transactions and are collected by miners as compensation for securing the network; the protocol itself retains no revenue, and the revenue figures for the trailing 24 hours, 30 days, and 12 months all stand at zero in this data. Over the trailing 30 days the network collected 19,856 USD in fees, which annualises to approximately 241,581 USD; the trailing 12-month fee total is 521,202 USD. The 24-hour average transaction fee is 0.026346 USD and the median is 0.001651 USD, illustrating that most transfers cost a fraction of a cent. Because the protocol captures none of these fees as revenue, fee-based valuation ratios such as the market-cap-to-fees ratio of 56,083 and the fee yield of 0.001783 percent reflect only miner income relative to the network's size, not any earnings accruing to a protocol treasury.