Dogecoin is a cryptocurrency that started as a joke and has now been around for nearly seven years. It was created in 2013 due to a brief online craze for images of a particular Japanese dog breed. Dogecoin has been increasing in value since December 2020, but the most recent surge has sparked howls of “crypto-hype” from sceptics. Even though it began as a joke by two software developers, Billy Markus and Jackson Palmer, the cryptocurrency like DogeCoin price has seen a 2000% increase in value since the beginning of the year. DOGE (Dogecoin) has no intrinsic value and is not linked to any specific commodity or service. It’s been referred to as a sentiment-based asset. Even though a few businesses embrace cryptocurrency, it is not commonly accepted as a type of payment in physical stores. Even though Dogecoins are “mined” in the same way as Bitcoins are, unlike Bitcoins, there is no limit to the number of Dogecoins that can be created. There are 100 billion doge coins in circulation.
From meme to the blockchain, all has changed.
Dogecoin’s mascot, dubbed “Doge,” is a “fun, friendly mascot,” according to its developers. The internet erupted with the infamous doge meme featuring ‘Shibe’ after it first appeared many years ago. Paler, an Australian marketer, joked about merging two of the internet’s most well-known subjects, the doge and cryptocurrency. Palmer had tweeted at the time, “pretty sure it’s the next big thing.”
Although many people on the internet recognized Palmer’s tweet and began talking about “Dogecoin,” the Australian marketer held the jock alive by purchasing Dogecoin.com and even uploading a photoshopped coin with Shibe’s picture. Billy Markus, who was working as a software engineer at IBM, saw Palmer’s message on the official website and attempted to contact the Australian citizen. However, after they were unable to communicate, Markus started working on Dogecoin. Markus, the cryptocurrency’s co-creator, told Newsweek last month that he developed it in only a few hours using Bitcoin’s open-source code. Today, Dogecoin has risen through the ranks to become one of the world’s top ten most popular cryptocurrencies.’
What is the current value of Dogecoin?
According to a Newsweek survey, the total of Dogecoin in movement, also known as the coin’s marketplace cap, is currently $32.4 billion, putting it eighth on valueobserving platform Coinmarketcap’s cryptocurrency chart. According to the news, it was at number 10 just a few days ago. Markus also tweeted, “Just so you know, guys, this is rare,” after the cryptocurrency’s value skyrocketed overnight. Essentially, cryptocurrencies are regarded as a highly volatile commodity that is notorious for rapidly rising and falling prices.”
How did the sudden increase happen?
Dogecoin’s meteoric rise in recent weeks has been credited to high-profile backers such as Elon Musk and Kiss frontman Gene Simmons. Aside from that, the cryptocurrency has an active and dedicated community on Twitter and Reddit, which opens up the possibility of large-scale price movements. Dogecoin has been compared to GameStop, a retail stock that has risen from about $20 to a peak of $480 thanks to a forum on Reddit called WallStreetBets. On the other hand, Dogecoin also has a long way to go to catch up to the cryptocurrency pioneers, as Bitcoin is already worth over $60,000 and has a market capitalization of $1.15 trillion. If you want to know more, you can check at https://www.webull.com/newslist/ccc-dogeusd.