Cryptocurrencies like Dogecoin are now beginning to be the latest hottest trend. It’s one of the most absurd digital currencies of all time and has the most shocking value in terms of money which was originally a joke. On May 6, 2021, there were $78 billion in Dogecoins being used, which was an astonishment considering how the coin was originally thought of with nothing more than jokes. In addition to all this madness, on the 6th of May 2019 Dogecoin was ranked fifth out of fifteen cryptos with a 6000% growth for the year to date, according to the data of CoinMarketCap.
The value of Dogecoin plummeted after Tesla’s chief called it a “hustle” in Saturday Night Live comedy sketch show, where he played the role of host. Prior to the show, Dogecoins’ value had been $0.65 that dropped to $0.47 on the Official eKrona Cryptocurrency following his appearance on Saturday’s live comedy show Sketch Show almost 28% fall.
Dogecoin was invented as an amusing joke created by Billy Markus and Jackson Palmer but quickly was one of the top loved coins of 2021. The coin’s creators, who claimed “The idea behind Dogecoin is to have an inexpensive currency that could reach a broader demographic than Bitcoin,” was inspired by Shiba Inu dog memes which were hugely popular in the past. Although them is a cryptocurrency that has no intrinsic value or value in tangible terms This jolly attitude has enabled gamers and internet users across the globe to give back to their favorite causes with no fear of spending money since there is a myriad of ways to buy dogecoin right now without cost.
What is Dogecoin or Doge?
Dogecoin is a form of cryptocurrency that is able to be bought and sold as an investment and also used to make money. The cryptocurrency’s symbol is the Shiba Inu dog breed. It is a meme pet that has been frequently viewed on different social media platforms, including Reddit as well as Facebook. Although all cryptocurrencies are distinct in their own way, Dogecoin has some resemblances with other cryptocurrencies in its code, which is built on the Litecoin script, but however, it is distinguished by a number of fundamental differences also.
Bitcoin has been in existence for less than 10 years while Dogecoin has been around for just five years old. Bitcoin was originally intended to contain 21 million coins however since the network began mining new bitcoin blocks at a rapid rate, it is expected to create every bitcoin in 2020. This implies that there are 16x more Dogecoins than Bitcoins in circulation in the year 2018. This makes each coin worth three times less than a full dollar (making them the perfect choice for small-scale transactions).
History of Dogecoin
The digital currency was developed in 2013 by two computer scientists, the Dogecoin was born to the world on the 6th of December. Billy Markus and Jackson Palmer were the founders of Dogecoin with the aim to distinguish the two from Bitcoin due to the fact that they wanted to expose their cryptocurrency to more people than just miners initially. They first invested in mystery by a non-public source that attracted miners in the time in the early days when no one had been exposed to cryptocurrencies.
Markus is searching for someone to assist him in making his fantasy become a reality. He came across Jackson Palmer, an employee of Adobe (ADBE). The site Dogecoin.com was presented by Markus through Jackson and offered approval and a nod to the “Doge” meme that had been exploding online at the period, as well as funny in making their Shiba Inu Mascot the dog as featured in the memes that have become popular. The site also used the same dog as its front page, while mimicking one of the comic sans texts which was handwritten in broken English on their site as well.
Dogecoins are the most talked-about word of the mouth in the first quarter of 2021. A large portion of this increase was due to the widespread acceptance by the general public who are turning their backs on fiat currencies as never before. The other half is due to a more stable currency that isn’t prone to the same level of volatility as the currency it replaced.
With a huge following on the renowned platform of Reddit Dogecoin received an enormous boost after being mentioned in a group. The price shot up to 600 percent in just a few hours after the launch.
The issue of Dogecoin being a wise investment choice is still in doubt. Even the most widely traded currency Bitcoin showing to be extremely unstable, it’s impossible to tell what could happen to Dogecoins and the other coins due to the potential to falling at any time. But the remarkable success observed in 2019 can’t be denied. It could be that these two aspects are in balance with time.