The foremost meme coin, Dogecoin (DOGE), turns 10 at this time, with the crypto token first being launched on December 6, 2013. Ten years on, what was first created as a “joke” has gone on to change into one of many largest cryptocurrencies with a giant group as well.
How Dogecoin Got here To Be
Engineers Billy Markus and Jackson Palmer created Dogecoin, and curiously, the duo is alleged to have created the meme coin as a parody of Bitcoin. It was created at a time when cryptocurrencies have been simply garnering hype and was completed as a strategy to satirize them. That might clarify why the Japanese Shiba Inu canine was chosen because the meme coin’s brand.
Upon creation, Dogecoin started to achieve some floor on the earth of cryptocurrencies because it was seen because the enjoyable and fewer critical crypto token. Many would possibly argue that that is still DOGE’s standout characteristic to this point. It’s a token that has continued to thrive regardless of not essentially having a roadmap or precise utility. Relatively, it has merely relied on vibes and its light-hearted group.
Other than being created as a parody of Bitcoin, Dogecoin and the foremost cryptocurrency additionally share a bond. Dogecoin occurs to be a fork of Litecoin, which in flip is a tough fork of Bitcoin. The connection between Dogecoin and Litecoin can also be not pronounced, however the former is stated to have merged-mined with the latter again in 2014.
Dogecoin’s group was certainly one of its pillars from the get-go from the onset. They have been partly chargeable for constructing its recognition and growing its utility at its early phases. In 2014, the group raised near 27 million DOGE to ship the Jamaican bobsled staff to the Sochi Winter Olympics. In addition they raised 40 million DOGE in that very same yr for a group mission in Kenya.
In the meantime, the meme coin’s recognition on Reddit earned it certainly one of its earliest use instances because it was (and continues to be) used for tipping customers on the positioning.
DOGE trades at $0.10 on tenth anniversary | Supply: DOGEUSD On Tradingview.com
Dogecoin’s Meteoric Rise
The world’s richest man, Elon Musk, has undoubtedly been integral to DOGE’s rise to the highest. The primary time he publicly commented in regards to the meme coin was in 2019 when he stated, “Dogecoin could be my fav cryptocurrency. It’s fairly cool.”
Since then, Musk has gone on to make a number of cryptic feedback in regards to the meme coin which has in no small approach contributed to its recognition. Past his fondness for Dogecoin, Musk can also be reportedly invested within the meme coin’s improvement.
DOGE’s breakout yr got here in 2021 when the meme coin surged by over 26,000% to hit an all-time excessive of $0.7376. This meteoric rise could possibly be partly attributed to the broader acceptance DOGE started to get pleasure from. For example, NBA staff Dallas Mavericks started accepting the meme coin as a fee choice.
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Musk’s largest help for Dogecoin additionally got here that yr when he appeared because the host of “Saturday Evening Reside,” the place he mentioned the meme coin a number of occasions. At one level, whereas explaining what Dogecoin was, he referred to as it the “way forward for foreign money.”
All this whereas, Dogecoin made its strategy to the highest, breaking into the highest 10 cryptocurrencies by market cap. The meme coin at present leads the best way amongst different meme cash and occurs to be the second-largest PoW (proof-of-work) token by market cap (simply behind Bitcoin).
On the time of writing, DOGE is buying and selling at $0.10 (on its tenth birthday), up by over 15% within the final 24 hours, in accordance with knowledge from CoinMarketCap.
Featured picture from CNN.com, chart from Tradingview.com
