Dogecoin is a cryptocurrency created in 2013 as a bifurcation of the Litecoin blockchain. Its task is to conduct peer—to-peer transactions without centralized management. Earnings on the coin were not expected. The developers thought it would be a humorous parody to encourage content creators.

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Global cryptocurrency exchanges liquidated over 405,000 traders' positions totaling more than $2.3 billion in a single day, reports Coinglass.