Dogecoin current price is $0.3049 with a marketcap of $40.02 B. Its price is -2.22% down in last 24 hours.
- Dogecoin (DOGE)
- Live Price $0.3049
- 24h % -2.22%
- Market Cap$40.02 B
- Volume$1.74 B
- Available Supply130.08 B DOGE
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Ever wondered how a dubious digital currency with a Shiba Inu dog for a mascot rose to fame? We did too.
You'll be surprised to know that it all started from a joke between two engineers.
Billy Markus and Jackson Palmer wanted to combine two phenomena of 2013- Doge and Bitcoin. What you now know as Dogecoin.
Yes, you read it right. The dog meme that had thought bubbles reflecting monosyllabic ideas inspired the two.
This meme was used to express everything.
So, it comes as no surprise that Dogecoin received the same scrutiny and appreciation.
It has been the center of media attention since its stocks surged exponentially within a day.
That wasn't the only time this unusual currency was in the spotlight, though. People started using Dogecoin as soon as it came out.
The website received over a million visitors the first month.
Let's learn about Dogecoin since its inception...
Start of Something New
Billy Markus wanted to program his digital currency. He wanted something that would include a larger demographic of users.
He stumbled across Dogecoin's website shortly after it went live.
His interest was piqued. Markus reached out to Palmer while reconfiguring Bitcoin's source code.
A partnership was formed soon afterward, and Dogecoin was launched in December 2013. Dogecoin had a unique culture.
It wasn't being taken as seriously as Bitcoin. The two engineers weren't planning to compete against the cryptocurrency giant either.
That changed in 2014, though. The trading volume of Dogecoin briefly surpassed every other digital currency. Reddit users contributed to the hype.
The environment turned chaotic, which compelled Palmer to step back.
Dogecoin trudged through and crossed a milestone in 2017. It had a whopping $2 billion market value!
It all fell through in 2018 with the rest of the crypto market. It faced a similar obstacle in the summer of 2019.
There were some good moments too. The CEO of Tesla, Elon Musk, cryptically endorsed the coin in a tweet.
It was hard to pinpoint the real agenda behind it, but the traders took it in stride! After all, he referred to Dogecoin as his favorite currency.
Not only that, but he also used a mock Vogue cover. He called it "Dogue." It's hard to be mad when the title says, "The Goodest Doge."
Now that you know how Dogecoin came to life, let's take a closer look at the currency itself.
What is Dogecoin?
Dogecoin is a cryptocurrency that sanctions peer-to-peer transactions. All of this happens over a decentralized network. Cryptocurrencies are extremely volatile. Dogecoin is even more so.
The attention is further fueled by Reddit, TikTok, or even tweets by Elon Musk.
This digital currency portrayed itself as a frivolous version of Bitcoin. With the Shibu Inu as its logo, it's hard not to.
The casual atmosphere associated with it captured the attention of the crypto community. The code is adapted faster and more user-friendly.
It's also an inflationary coin. Most other cryptocurrencies are the exact opposite. There's a reason for that too. There's a ceiling on the number of coins produced.
Bitcoin injects currency into the system every four years. Is it like GameStop or AMC speculation? Well, there are both differences and similarities.
The frenzy around GameStop and AMC was caused by short selling. Because of the pandemic, traders borrowed more shares than existence.
It drove up to their prices, which cost billions worth of hedge funds. It was a risky trade, albeit a profitable one.
It was a different ballgame for Dogecoin, though.
Enthusiasts blindly invested their money just for the sake of it. Reddit users were adamant about holding the stocks until the value increased to $1.
It's puzzling to find Dogecoin so highly desired by the consumers. There's no company to invest in, or short sells to exploit.
It does hold a common factor with GameSpot or AMC.
Most traders are investing in this for a laugh. They're also doing it with disposable cash.
People have cast their stakes with the hope that the price will hike.
Reddit users are discouraging others from cashing out even though the risk of falling out is higher!
The Flip Side of the Dogecoin
Something as popular as Dogecoin is associated with some obvious controversies.
The crypto community lost some interest in 2015 with the departure of Palmer.
He claimed a toxic community had associated itself with the coin. One notable member was Alex Green, also known as Ryan Kennedy.
Green had created Moolah, a Dogecoin exchange system.
He was known for his lavish lifestyle. He had mistakenly given $15,000 to a NASCAR fundraiser instead of $1,500.
This sparked the interest of other users. They were convinced to donate funds to create his exchange.
That was to no avail. It was later found that he used these donations to buy over $1.5 million Bitcoin! This transformed his lifestyle.
He was later convicted on assault charges in 2016. He may have left the community, but the stain remained.
It's hard to tell what will become of Dogecoin in the long run.
The number of individual investors is steadily increasing in this frothy market.
They tend to ignore the fundamental rules that should be adhered to while bidding.
No wonder the asset's price once went far beyond its worth...
This ignorance stems from amusement. They don't care about the market or how it runs.
These investors are simply doing this for a laugh. Or sheer stubbornness. Either way, many claims Reddit made them take this wild bet.
Users roused the rally behind Dogecoin from WallStreetBets and SatoshiStreet Bets.
The users hoped to send this currency "to the money." In reality, their goal was $1 per coin. It stands at $0.032 at the time of writing this!
That's a far cry from its glory days. There was even a poorly attempted TikTok trend involved.