Dogecoin is a cryptocurrency of great functional relevance, which gained popularity and adoption among crypto-users worldwide. The history behind this meme coin — in particular – is not without controversies, yet original and uncommonly surprising. Let’s learn a bit more about Dogecoin’s past narrative to understand more about the actual features and shape of the “sardonic” Dog’s coin par excellence.
DogeCoin’s mascot’s name is “Doge.”
Brief History of DogeCoin
Dogecoin’s birth year dates back to 2013. Its birthplace is Portland, Oregon (a federal state that’s more commonly associated with its colonial wild-west past and related gunslingers showdown movie scenes than cryptocurrency projects). 2013 was a year marked by the race towards the creation of new cryptocurrencies. The then project’s founders, Billy Markus and Jackson Palmer, started DogeCoin almost as a pun, combining two of the hottest topics at the time — the dog meme coupled with the cryptocurrency concept. Since the beginning, the project’s mascot (and lucky charm) is the “Doge, “a seemingly eye-giggling Shiba Inu. It’s picture stands out as the coin’s symbol and which is often used on web memes, as well as any application related to the coin, highlighting the funny & user-friendly nature of this cryptocurrency.
Despite its playful/joking inception, DogeCoin almost immediately managed to attract quite some attention. Both Markus and Palmer kept on conveying the sarcastic imprint about the coin, which would act as a sort of commentary to the unrealistic hype and the barrage of new cryptocurrencies coming out at the time. At the same time, the duo managed to partially steer from this funny dog-currency direction & aim to a more accessible, utility-charged one that users would eventually utilize with much more ease to many other competing coins – as an online deposit cryptocurrency.
DogeCoin’s popularity has risen in time thanks to its stability and low price (due to the unlimited supply of the coin), which made it easy to use to do transactions.
Though, the coin’s history has not been without turmoil — during December 2013, millions of Doges were stolen by a hacker and then recovered thanks to community donations. Adding up to that, in 2015, Jackson Palmer left the community indefinitely, defining the community as “toxic,” after a supposedly Doge user (Alex Green) was indicted for money laundering.
Elon Musk has frequently made humorous tweets about DogeCoin.
Yet, despite these black swan events, and despite the last substantial update being released two years ago, DogeCoin’s ascension has kept following a gradual upward spiral in terms of recognition, by becoming – by January 2014 – Reddit’s official and regularly used coin, at each Reddit user’s disposal. Its popularity was furthered by Elon Musk’s frequent sound-off and tweeting about the meme coin, causing (even with his latest sarcastic tweet about DOGE) occasional spikes in the quotation, as well several renowned fundraising initiatives: Doge4Water, NASCAR, and even the notorious 2014 Jamaican bobsled team sponsorship for the Winter Olympics (for which the project even managed to raise an astounding sum of circa 129.000 dollars).
The Jamaican bobsled team and “Doge.”
Today $DOGE is still and mainly used as a “pure” currency for payments thanks to its low unit price – which serves users as a mere efficient currency compared to other competing payment cryptos and trading/capital gain purposes.
Dogecoin’s Technology and Advantages
As we’re all well aware, nowadays, the actual number of cryptocurrencies in circulation in the crypto universe is in the magnitude of thousands. It’s often tough to identify projects that might be successful, especially when compared to more capitalized and established platforms, which usually bear with them structurally acknowledged technology and more substantial competitive advantages.
Dogecoin can be ascribed to such category of battle-tested projects, given its underlying technological infrastructure harking back to Bitcoin (Dogecoin implemented scrypt technology as well), but also bringing forth several important differences (e.g., by requiring dedicated FPGA and ASIC chips for mining), which mark a substantial improvement compared many of the Orange Coin’s features.
First of all, Dogecoin’s transaction and validation protocol is relatively fast and often requires less than a minute to add a new block to the (Doge)chain, which is much quicker than Bitcoin or even Litecoin block-time.
Secondly, unlike Bitcoin or Litecoin, there is no maximum number of minable $DOGEs — as outlined earlier in the article, the supply is unlimited.
Thirdly, Dogecoin is one of the most traded cryptocurrencies in terms of absolute values (circa 500k USD as the 24-hour trading volume at the time of writing). This statement refers not merely to the speculative trading (which represents more than 80% of the total $DOGE transactions) and all the transactions that involve “real” exchange between users for a service/product in return for the corresponding sum of $DOGE. At the moment, there are more than 1000+ companies that accept Dogecoin as means of virtual payment, including many products/services categories.
Dogecoin is backed by a solid, dedicated, worldwide community. Its members are known as “Shibes,”
What about the Cons?
While Dogecoin has great potential, there is also some seemingly community-vocalized limit to the project (on which many would disagree, though): the underlying mining technology, analogous to Bitcoin, utilizes the proof-of-work algorithm, which is seen as expensive in terms of energy and computer equipment/resources costs. There have been several proposals inside the Dogecoin community, asking for a change towards a block verification model that’s more similar to Ethereum’s, such as proof-of-stake.
A true meme coin
Perspective and Takeaways
Dogecoin — Notable Personalities & Social Media
Dogecoin managed to capture the attention of many users online in the cryptocurrency world, especially (as stated previously) after several acknowledgments from Tesla’s CEO Elon Musk.
It has inspired so many memes and, despite being “initiated as almost a prank coin,” since then, it has managed to grow an incredible community, especially on Twitter and Reddit.
Elon Musk has actively spoken about Dogecoin, even though some of his tweets could have been considered contradictory. In April 2019, Musk tweeted that Dog’s coin could be “his” favorite cryptocurrency, after stating that he found it pretty. In December 2020, he even changed his Twitter bio as “Ex Dogecoin’s CEO,” then followed up by tweeting:
“One word: DOGE.”
This tweet alone seemed to have spurred a 20% value increase on Binance. Recently though, on January 9th, 2021, when questioned by a Twitter follower whether he had already investments in $DOGE, he replied with “maybe one day.”
Dogecoin and Tik Tok
Instead, “flaunted” the hostage #dogecoininto1dollar, advancing a potentially bright future for $DOGE.
As we know, dozens of online shops and sellers accept $DOGE as means of payment. Many users who want to be empowered with the chance of using cryptocurrencies to pay want to have the possibility to use $DOGE.
Several crypto influencers and internet stars have been proposing to further Dogecoin’s strategical influence via social media platforms, among which Tik Tok. Among these social media personalities and Instagram model Corinna Kopf who, on January 9th, 2021, tweeted:
“Dogecoin needs to go viral on Tit Tok.”
Ms. Kopf constantly tweets about Dogecoin, having mentioned it many times in the past as well. Her followers and hodlers of the Dog’s cryptocurrency expected a newer and even greater chance to a Doge’s price pump challenge on TikTok.
On Tok Tok, on July 2020, after a week of non-stop viral videos, the price of $DOGE witnessed a 30% spike in price, peaking to more than 1800% trade volume variation.
One more fun fact that celebrates Dogecoin as one of the most transversely favorite cryptocurrencies among many influencers & personalities and in many various sectors: at the beginning of this year, adult performer Angela White tweeted that she’s been a holder of $DOGE since 2014, showing amazing patience as an investor, also reaping a lot of the coin’s gains over the years, thanks to the market exuberance, after which Dogecoin’s price more than doubled.
Dogecoin e DeFi
There’s also another excellent news for Dogecoin’s loyalists: On January 7th, 2021, $DOGE finally managed to land on Ethereum, thanks to pNetwork’s support.
Adding a piece to the DeFi puzzle: as many know already, the volatile markets marking the period that led to the last days of July 2020 managed to spark and gather even more focus & attention on Ethereum’s DeFi’s from users throughout the crypto space. Many cryptocurrencies have been riding on the crest of the bull wave, with a surge in the magnitude of dozens, if not hundreds of percentage points of value (and in some cases even more) in the last months. While not directly & “properly” tied to the DeFi space, there is an indirect correlation between the DeFi growth and Doge’s. As long as the trend is bullish, the time has proven that this will also reflect positively (in terms of value increase — and therefore market capitalization) on the most established coins, along which $DOGE is another co-protagonist.
$DOGEs will continue to be minted indefinitely — even though with a lower minting rate — on Dogechain. The combination of all these factors might suggest that DOGE’s rally might signal the beginning of a new cycle of the coin in the next future.
The fact that this cryptocurrency turned to the crypto markets with sarcasm does not imply that it’s a non-credible project. Instead, it can boast an ecosystem that’s within everyone’s reach. DOGE’s mascot — the cute Shiba Inu portrayed on the characteristic image of the coin — served and still serves to showcasing the ludic facet of the meme coin to make it more delicious. After all, it’s not possible to consider $DOGE as a joke anymore, given its 1+ billion dollars of market cap. And that’s also why there’s not much to be amazed about if “the DOGE” enjoys such fame and reputation.
Furthermore, as outlined earlier, it’s quite apparent that Dogechain’s execution speed, paired with a practical and intuitive ecosystem, made $DOGE’s fortune in terms of popularity, with which this currency managed to distinguish itself over the multitude of other projects in the crypto space. Thus, its further success down the road will mostly depend on its adoption as money of exchange by way more merchants and stores than now, which will eventually drive more user adoption worldwide.
For everything, you need to know about DOGE, visit the official Dogecoin website.
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Join the conversation on Reddit to stay up-to-date about Dogecoin and DOGE.
Dogecoin on BitcoinTalk & LitecoinTalk Forums
Get in touch and socialize with other members of the Dogecoin community. Join the Forums at BitcoinTalk.com.
How To Store and Manage DOGE
DOGE is compatible with numerous wallet providers, including Atomic Wallet, a secure and decentralized crypto wallet. Atomic Wallet gives you access to over 300 cryptocurrencies through a decentralized platform built on a sophisticated architecture that keeps your investments safe. In Atomic Wallet, you can conveniently manage, earn, stake, and buy many cryptocurrencies and develop your investment portfolio. Install the user-friendly Atomic Wallet App now and manage and exchange your Dogecoins (DOGE) today.
It is undeniable that Dogecoin still holds great value and potential, needing further backing and support if this evolution witnesses even greater adoption. Support would involve not just an (excellent) community of fans (like Dogecoin’s community) and dedicated miners. Still, probably a determined team laying continuous updates to keep innovating, a more structural and organized plan, and the will that allows the project to stay on the crest of the wave in an ever-expanding and paradigm-breaking sector called the crypto space.