If you love memes as much as I do I’m sure you would’ve seen this cute little face on memes all over the internet
Well, this meme originated in about 2013 with people all over the world talking about the adorable ‘Doge’ but one of the fans of this iconic meme found a way to place the face of this very ‘doge’ upon a payment method that now has a market cap of over approximately $350,884,472(10/09/2020). That’s right, I’m not crazy ranting about a meme but I’m in fact talking about DogeCoin, the cryptocurrency which was made to be a ‘fun alternative to BitCoin and soon became almost as popular.
The adorable face of the dog that you see is now worth about $0.002; while that may seem like a low number, the actual volume of the number of dogecoins on the internet is about 120 million. This currency rose up quickly with the rise of other altcoins and cryptocurrencies during the 2018 bubble which caused a rise in most cryptocurrencies. Along with the rise of bitcoin, the cryptocurrency market also saw the rise of DogeCoin as the meme began to grow once again with this creation by Billy Markus from Oregon, USA.
Initially based off LuckyCoin’s random distribution method of giving the cryptocurrency miners a small amount of the currency. This reward was given out on a random basis before implementing the static reward system used by bitcoin, which would reward the miners a fixed amount of the currency.
Having an unlimited supply and a meme as its marketing technique, the DogeCoin rose to its popular status amongst cryptocurrency traders but unlike its counterparts, DogeCoin is an unlimited currency and as demand rises for the peculiar cryptocurrency, so does the volume of Dogecoins on the market. The Dogecoin also operates similar to the BitCoin using a decentralised ledger along with blockchain. Initially launching on the 6th of December in 2013, the value of DogeCoin rose about 300% within a week due to the memes popular status as well as due to the worldwide growth of cryptocurrencies.
Along with its worldwide fame, the currency has also benefitted several people all over the world as the worldwide dogecoin community donated approximately 30 thousand dollars worth of bitcoin to the Jamaican bobsled team for the Winter Olympics. Another beneficiary of this cryptocurrency is the people of Kenya who were given 11 thousand dollars in dogecoin to pay for a new well.
The dogecoin also gained popularity with the tweet by Elon Musk in the summer of 2019 that established his preference for dogecoin over other cryptocurrencies currently present in the market. Following this tweet was a tremendous rise in both the volume of dogecoin and its price. Ever since Elon has stated that this currency was his choice several times and has even collaborated with the creator of dogecoin to prevent scammers on social media platforms such as Twitter.
DogeCoin has certainly brought the meme of the famous Shibu from Japan to life through its popularity and has attracted the attention of the younger generation all over the world. To this day, DogeCoin acts as both an asset as well as a currency that may replace a fiat currency one day. Until then, we can all adore and store these dogecoins in our crypto wallets.
