The crypto space is filled with stories of Bitcoin and other virtual currencies that have risen to prominence in the past decade. However, few bloggers or media outlets talk about Dogecoin, which started as a joke but has become one of the most valuable cryptocurrencies on the market.
The DOGE currency is a digital currency like Bitcoin and Ether. It was created in late 2013 by Jackson Palmer and Billy Markus. What started out as a joke about the popular Shiba Inu meme has become one of the most valuable cryptocurrencies in the world. Here’s a look at the history of Dogecoin and how it’s become a coin worth more than $1 billion.
How It All Started
While the crypto space was filled with stories of Bitcoin, Dogecoin stood out because it was based on an Internet meme. However, this didn’t dissuade Palmer or Markus; they recognized that Dogecoin had the potential to become something great.
Dogecoin was created as a joke in late 2013 by Jackson Palmer and Billy Markus. The two wanted to create a fun cryptocurrency that would appeal to a wider audience than Bitcoin. They chose the Shiba Inu dog from the popular Doge meme as the mascot for their project.
Dogecoin quickly rose to prominence in the cryptocurrency community. This cryptocurrency could be mined easily and cost fractions of a cent at the time. The meme aspect also made it easy to market this coin to a wider audience. Dogecoin became the most popular cryptocurrency on Reddit, which was a major reason it gained recognition in the crypto space and exceeded expectations.
Real Utility and Active Community
With an incredibly driven community determined to prove its potential, Dogecoin has raised thousands of dollars for charity and supported numerous sporting teams. Initially, there were some issues with mining Dogecoins through computers due to the high number of coins released every minute. However, this was resolved by using custom software that allowed users to mine more efficiently.
Dogecoin also sponsored the Jamaican bobsled team’s appearance in the 2014 Winter Olympics. This iconic moment demonstrated that Dogecoin could be used for more than just jokes and entertainment. This story garnered mainstream media attention and helped raise awareness about Dogecoin. News outlets such as Business Insider, The Washington Post, and The Guardian picked up the story and broadcasted Dogecoin to the rest of the world.
By mid-January, DOGE daily transaction volumes even briefly overtook bitcoin and every other cryptocurrency (in U.S. dollar equivalent). Its community also started a fundraiser called “Doge4Kids” that raised $30,000 for the 4 Paws For Ability charity which provides service dogs to children with special needs.
Support From Celebrities
Dogecoin has also received support from some high-profile individuals. For example, in July 2020, Tesla CEO Elon Musk tweeted about Dogecoin and said it was his “favorite” cryptocurrency. Musk’s first association with Dogecoin was back in September 2018 when he enlisted the help of Jackson Palmer to combat Twitter scam bots.
Since then, Musk has continued to tweet about Dogecoin and even changed his Twitter bio to “CEO of Dogecoin.” This has helped continue to raise awareness about the coin and its potential.
Dogecoin’s support isn’t just limited to Elon Musk, though. It’s attracted other celebrities such as Snoop Dogg, Kiss bassist Gene Simmons, and the Dallas Mavericks owner Mark Cuban. These celebrities have helped Dogecoin gain mainstream attention and legitimacy. Their support has shown that Dogecoin is more than just a joke – it’s a real cryptocurrency with real utility.
The Future of Dogecoin – Conclusion
Dogecoin is still one of the most popular cryptocurrencies on the market and has a loyal following. It’s a testament to the power of community that Dogecoin has grown from a meme to a real cryptocurrency with some of the highest daily transaction volumes.
Dogecoin’s growth shows no signs of slowing down, and it continues to be a favorite among miners and investors alike. Since it was created, Dogecoin has emerged as one of the most valuable cryptocurrencies on the market, with a current market cap of $1.2 billion. It would appear that the joke has become a reality – Dogecoin is here to stay.