History of Dogecoin
Dogecoin is a fantastic meme cryptocurrency in the world of finance. Today, even people far from the crypto world have heard about Dogecoin in one way or another, and the question “What is it?” is so rare as “What is XMR?”. So who is behind the creation of this popular meme coin? Who of the influential people supports it and why? Let’s sort it out together.
In 2013, American programmer Billy Marcus and Australian marketer Jackson Palmer invented Dogecoin (DOGE), officially launched on December 8. The project was conceived as a joke amid the hype around Bitcoin. The new coin was based on the popular Internet meme about the Shiba Inu dog. The image of the dog ended up on the cryptocurrency logo and became its symbol.
Already in the first days of its existence, Dogecoin came under severe attack. Two weeks after the official launch, hackers broke into the Dogewallet wallet and stole $12k worth of coins. To help those who lost money, the Dogecoin community launched the “SaveDogemas” action to collect donations for the victims. After a month, enough money was raised to cover all the losses.
Technologically, Dogecoin was not new. The cryptocurrency was developed based on the Luckycoin coin, which, in turn, is based on Litecoin. Proof-of-Work algorithm is used to mine Dogecoin. Earlier, the reward for each obtained block in the cryptocurrency network was set arbitrarily, but in March 2014, the amount of remuneration for miners became fixed – 250 thousand DOGE. Initially, the developers would release 100 billion coins, but later, they removed this restriction. By September 2018, 116 billion coins had been mined.
The rapid growth of DOGE began after Tesla CEO Elon Musk posted on Twitter. In 2021, the Doge price was $0.087. The entrepreneur called Dogecoin “the people’s currency.” It is noteworthy that the head of Tesla has published humorous posts. He took DOGE seriously and even named the main problem of the digital coin. The crypto world changes so fast, and it is too hard to analyze Dogecoin’s future or make an XMR price prediction.
In his opinion, the main problem of the project is the high concentration of cryptocurrency in a small number of wallets. The entrepreneur also said he bought Dogecoin as a gift for his son in 2020.
Elon Musk’s purchase of the social network Twitter was one of the latest drivers of Dogecoin’s price rise. This event may make it a full-fledged competitor in the world of cryptocurrencies.
FAQs: History of Dogecoin
When was Doge created, and by whom?
It was created on December 6, 2013, by Billy Markus and Jackson Palmer as a fun and light-hearted alternative to Bitcoin.
Why was Doge initially created?
To appeal to a broader audience and create a more approachable cryptocurrency, It was launched as a parody of Bitcoin, inspired by the popular “Doge” meme featuring a Shiba Inu dog.
How has Doge’s popularity evolved?
Despite its humorous beginnings, it quickly gained popularity due to its vibrant and enthusiastic community, notable sponsorships, and charitable initiatives, significantly increasing its value and recognition in cryptocurrency.
What impact has Doge had on the cryptocurrency world?
It has been pivotal in popularizing digital currencies by attracting new users and fostering a strong community spirit. Its rise has also demonstrated the power of social media and online communities in influencing financial markets.
What are some key milestones in Dogecoin’s history?
Key milestones include its rapid adoption for tipping content creators online, sponsoring the Jamaican bobsled team in 2014, and achieving a market capitalization of over $80 billion in 2021, primarily driven by social media support and celebrity endorsements.
