Dogecoin Today – What’s in a Meme?

Dogecoin is a meme-currency that is gaining a lot of popularity, especially after Elon Musk proclaimed himself a ‘Dogefather’ and announced that SpaceX would accept dogecoin for a satellite launch on the moon.

Where’d it all start? The Unusual Success Story of Dogecoin

In 2013, the Doge meme became popular among the netizens of the internet. Almost at the same time, bitcoins and cryptocurrencies were gaining a lot of attention. In the same year, Jackson Palmer, a software engineer, made a joke combining two of the internet’s most talked-about topics: cryptocurrency and Doge, and sent out this random tweet:

Little did he realise that the crypto lovers will actually take it seriously. He decided to take the joke a step further and bought the domain and left a note on the site: If you want to make Dogecoin a reality, get in touch!

On the other side of the world, Billy Markus, another engineer working with IBM, saw the note on the site and got in touch with Palmer. Markus was already working on Bells, which he called a ‘cryptocurrency for the sillies’. Unlike Bitcoin, the rewards on mining Bells were completely random. 

Both Palmer and Markus then collaborated to create DOGE, and the rest is history.

The Rise of Dogecoin’s Popularity

DOGE was first used by Reddiors as an alternative to upvoting a post. If a user posted something like, “Hey ‘Dogebot’ tip this Redditor seventeen Dogecoin,” then that Reddit user would automatically receive Dogecoins. Its popularity soared high after a tweet from the chairman of WallStreetBets

Dogecoin Post

Right after this tweet, the cryptocurrency and Shiba Inu lovers joined together to take Dogecoin to the moon, starting with Satoshi Street Bets (mysterious founder, or group of people, who ideated bitcoin) who urged people to ‘make Dogecoin a thing’.  Instantly, the valuation of DOGE spiked up by 80%. In the next 24 hours, its total market cap stood at $8.2 billion, making it the ninth-largest cryptocurrency.

The Musk Effect 

Celebrity endorsements from Elon Musk and others like Mark Cuban, rapper Lil Yachty also played a crucial part in Dogecoin’s rise to stardom. Though, there was a slight dip in the momentum after Musk called Dogecoin’s popularity a ‘hustle’. However, the slumber was short-lived since Musk’s SpaceX announcement again plummeted the valuation of this meme currency.

The Last Word

While all the hype and the tweets about Dogecoin seem interesting. The important question is – is it wise to invest in DOGE or not?

Many crypto experts believe Bitcoin is a much safer bet in the long term. There is an unlimited supply of Dogecoin; however, the availability of Bitcoins is capped at 21 million. 

Also, the technology behind Bitcoin is much more robust (and secure). Dogecoin’s is largely built from tweaking an open-source code. DOGE’s advocates of say investing in the meme coin while the hype is still ripe can yield profits. Crypto’s story is still unfolding and DOGE’s future is yet to be seen.

Head to ZebPay to invest in Bitcoin for just ₹100. We’re a one-stop-shop to invest in Bitcoin and other digital currencies.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now