Dogecoin is a cryptocurrency, like Ethereum or Bitcoin—although it’s a very different one than either of these popular coins. Less than a decade ago, the cryptocurrency began as a lighthearted joke for crypto enthusiasts but has since grown to become one of the most popular cryptocurrencies. Dogecoin, which started in the year 2021 at less than one cent, quickly jumped to 74 cents last year. Do you know what exactly happened that led to such a quick jump? How did DOGE go on to become one of the most popular cryptocurrencies of this decade? Read on to find out the answers.
The History of Dogecoin
Dogecoin was created in late 2013 by software engineers Jackson Palmer and Billy Marcus. It is a satirical homage to Bitcoin just to generate a few laughs. Palmer imprinted the cryptocurrency’s logo using a meme popular at that time that marked the deliberately misspelled term "doge" to represent a ShibaInu dog.
The popularity of Dogecoin as a cryptocurrency skyrocketed in mid-2021 and it owes a lot to a series of tweets by Mr. Elon Musk.
By the start of the year 2021, Mr. Musk had written a series of tweets that showed his particular interest in this cryptocurrency. Once, he wrote, "No highs, no lows, only Doge." and "Who let the Doge out?" Another time, he shared a meme based on the movie "The Lion King," with the ShibaInu dog superimposed on Simba’s face.
Mr. Musk resumed his tweets about DOGE in April and wrote, "Doge Barking at the Moon." And after SNL circulated, he tweeted: "SpaceX launching satellite Doge-1 to the moon next year."
By mid-2021, Dogecoin had consistently been ranked among the top five cryptos in terms of total market cap. Since then, the value of DOGE has fallen recklessly, hitting its lowest in March 2022, with a market price of $0.11, though it remains among the top 20 cryptocurrencies.
The benefits of Dogecoin
• DOGE’s listing on the stock exchange: Since its beginning, some of the best crypto and stock platforms have listed Dogecoin, including WISEBITCOIN. It’s the listing on these platforms that have substantially raised the clients’ requests to trade Dogecoin.
• Decentralized exchange compatibility: DOGE can be traded and transacted on decentralized exchanges. In particular, the Ren project has promoted it to work on the Ethereum blockchain platform and also to be an integral part of the decentralized finance network. This means that DOGE is compatible with the crypto market's emerging decentralized finance movement.
• A growing community of holders: One of the major benefits of Dogecoin is that it has a growing community of supporters and holders. The primary reason for its rising support is that traders use it as an absolute value. The investors are also very active on various social media handles, sharing memes based on the crypto as a part of its promotion.
• Easy transfer and transaction: Dogecoin shares many similarities with Bitcoin, which means it delivers certain advantages that are similar to Bitcoin. With coding similar to Bitcoin, it is easier to transact. Investors have an unlimited opportunity to trade Dogecoin, in the short-term as well as long-term due to its nature of having no mining limits.
Conclusion
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