The Rise of Dogecoin From Meme to World Leading Cryptocurrency.
Dogecoin is an open-source peer-to-peer cryptocurrency created in December 2013. Once started as a joke it has now become one of the leading and most talked about cryptocurrencies of the world. It has gained a huge price surge over the past year. Before investing in this trendy source of wealth it’s important to understand what is Dogecoin, how it was made, and all about the rise of Dogecoin.
What is Dogecoin (DOGE)
Dogecoin ($DOGE) is a decentralized, peer-to-peer digital currency that was introduced on December 8th, 2013. It has rapidly become one of the most popular cryptocurrencies in existence with an estimated worth of about $2 billion USD. The coin is currently ranked as the 20th most valuable crypto out there and has been steadily climbing up the charts for months now. Dogecoin reached its peak value in January 2018 when it hit over $0.01 per DOGE which made each coin worth more than 3 times what they were worth at their initial release date back in 2014!
Dogecoin was created by programmer Billy Markus from Portland, Oregon who wanted to create a fun cryptocurrency that could reach a broader demographic than Bitcoin.
History of Dogecoin
In 2013 a meme featuring Japanese dog Shiba Inu was very popular and from this meme, Adobe’s software engineer Jackson Palmer got the idea of a cryptocurrency with the logo of this innocent hunter dog. He purchased the domain Dogecoin.com and started posting his views and vision about next-generation cryptocurrency. The home page was created in a very casual manner with the logo of Dogecoin on it. He wrote that “Anyone who wants to help me in making this friendly currency a reality can contact me”. The IBM software engineer Billy Markus joined the league and together they created the most controversial yet successful cryptocurrency that we know today as ‘Dogecoin’.
Within few weeks of launch, its value jumped to nearly 300%. On December 25, 2013, Dogecoin faced a major theft where hackers’ gained access to the system files and ‘Dogewallet’. The Dogecoin community decided to help the members who faced losses. They started an initiative ‘SaveDogemas’ to donate coins for the sufferers. Thus, it became one of the most trending cryptocurrency communities on Twitter and Reddit. Due to which in 2014 its trading volume surpassed that of Bitcoin and all the cryptocurrencies together.
The year 2021 begins with a breakthrough in the market value of Dogecoin. It went all over 800% within 24 hours after a tweet of Billionaire Elon musk. There are 3 contributing factors in the rise of Dogecoin, the inadvertent support of Elon musk and celebrities like Snoop Dogg and musician Gene Simmons, the Twitter community, and the Reddit groups. In April 2021 it was listed in Coinbase and the electronic trading platform Robinhood.
In May 2021 Dogecoin is up with more than 26,000% increase in one year and reached the value of 0.05$/coin.
Dogecoin is More Than a Trend
In a world of Bitcoin and Litecoin, there is one more currency that’s making waves in the crypto-sphere. Dogecoin has taken over as an alternative to these currencies because it was created with less difficulty than others: all you need are two things-a computer and an internet connection- which can be obtained by anyone anywhere for very little money or effort! It also allows transactions without any fees attached while providing many features similar to its counterparts like fast transaction times, low inflation rates, security against fraudsters through encryption codes etcetera.
This low barrier for interest has translated into higher search interest in 2021. If you had asked me about Dogecoin a few months ago I would have said it’s just another cryptocurrency. It was one of the first to use the Proof-of-Work algorithm, that’s why it is so easy for people who are new to crypto investing. But when I looked at its price performance over time and saw how the currency has grown over the last 4 months, I was pleasantly surprised.
Technology, Mission, & Limitations Behind Dogecoin
The reason for success behind the Dogecoin is that it is more like a community than a trading system. It is the largest and most active community on social media platforms that has raised funds for several talked about events like Winter Olympics, Nigerian water problem (Doge4water), and NASCAR sprint cup series. This community aims to take the value of Dogecoin up to 1 dollar.
The plus point of this cryptocurrency is that unlike the limited supply of Bitcoin which is 21 million there is no such cap for Dogecoin which is a very crazy inflation schedule according to market experts. Dogecoin started with 100 billion coins and thereafter 5 billion coins were added into circulation every year.
The technology used to create Dogecoin is very similar to those of Litecoin Blockchain. It uses a script algorithm as its proof of work. The negative point is that there is no R and D team is working behind this crypto and there’s no one who has added new functionality or code to it over the last few years.
Coming to the scope of investment those who are good at speculations can invest in it while the old school thinkers should think twice before investing.
A Future With Dogecoin
With its script technology, low price, and unlimited supply, Dogecoin became one of the most user-friendly, adaptable, faster, and funnier versions of all cryptocurrencies in the world. As a result of which it has surpassed a market capitalization of $92B and from a viral meme it has now become the fourth most successful cryptocurrency in the world.
The future of cryptocurrency is here. As a free, decentralized, and secure digital currency, Dogecoin has the power to help you make your transactions safer and more reliable than ever before. If this sounds appealing to you but you’re not sure how or where to start dipping your toes into the world of cryptocurrencies, we can help! We are experts in all things cryptocurrency – from mining Bitcoin to trading Ethereum – so if there’s anything that catches your eye on our website (or one of its many social media channels) don’t hesitate to reach out for more information about what it means for you as an individual investor or business owner.