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Over the years, Dogecoin's community has fluctuated. After a period of relative dormancy following its initial rise, the cryptocurrency gained momentum again in 2020, propelled by social media trends and the endorsements of influential figures, primarily Elon Musk. Musk's involvement has been significant, initially appearing to be a mere fan but later revealing deeper connections with Dogecoin developers.
Despite its humorous beginnings, Dogecoin's allure has grown. Its original purpose was the facilitation of tipping, donations, and payments within the online community. It operates on a proof-of-work blockchain, processing around 30 transactions per second, with an annual increase of its supply by 5 billion Doge coins.