Software engineers Billy Markus and Jackson Palmer created the meme-based cryptocurrency Dogecoin. The duo decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and also namesake. Introduced on December 6, 2013, Dogecoin quickly developed its online community on Reddit and other social media platforms. Today, meme-based cryptocurrency Dogecoin is reaching a market capitalization of US $86 billion.
What is Dogecoin?
What started as a ‘joke’ became a phenomenon in the digital cryptocurrency space. By 2014, it became the fifth-largest cryptocurrency in the world and it even spawned convention for its fans in San Francisco creatively titled “Dogecoin.”
It is not all just jokes and pun though, in 2014. It was used as a means to encourage fundraising for professionals who had qualified but could not afford to go to the Sochi Winter Olympics. Also, it was even used as an impetus to build a well in the Tana river basin in Kenya.
Why is it trending now?
Meme-based cryptocurrency Dogecoin, created as a joke, has soared as much as 80 percent and saw an exponential increase in trading volume by over 800 percent. The surge in Dogecoin has got the attention of billionaire Tesla CEO Elon Musk. Because of this, people interpreted by Twitter and Reddit users as Musk supporting the cryptocurrency.
The Dogefather— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
With its ever-growing rise in popularity, including a mention from billionaire Elon Musk on the hit American TV show Saturday Night Live, Dogecoin has exploded into the culture. The meme-based cryptocurrency Dogecoin started in 2013 as a joke. However, it has since established itself as a popular cryptocurrency, soaring to an all-time high last week.
Tesla owner and billionaire Elon Musk has been talking about Dogecoin since at least 2019, describing the cryptocurrency as his “fav cryptocurrency” and calling it “pretty cool”.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.— Elon Musk (@elonmusk) April 2, 2019
However, he is not the only celebrity to push the animal-branded token. NBA team Dallas Mavericks owner and billionaire Mark Cuban has come out in support of Dogecoin. On April 26, Cuban announced that his basketball team was on track to complete more than 6,000 dogecoin transactions by the end of April.
“Doge is the one coin that people actually use for transactions,” Cuban said when asked by a user why he was backing dogecoin. “People spend their Doge and that means more businesses will start taking it.”
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it’s growth is that you can’t spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb— Mark Cuban (@mcuban) April 26, 2021
The latest with Dogecoin
Dogecoin investors were in for a wild ride this weekend. The cryptocurrency hit its record-high ahead of Elon Musk’s Saturday Night Live appearance. However, the value of Dogecoin took a sharp downward turn after Musk called it “hustle”.
Musk tweeted that “SpaceX launching satellite Doge-1 to the moon next year Mission paid for in Doge 1st crypto in space 1st meme in space”.
SpaceX launching satellite Doge-1 to the moon next year— Elon Musk (@elonmusk) May 9, 2021
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce”, said SpaceX Vice President of Commercial Sales Tom Ochinero in the statement released by Geometric Energy.
On crypto data tracker CoinGecko.com, dogecoin jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday last week above $0.73.
Dogecoin is a volatile cryptocurrency, and investing in it comes with risks, therefore investor discretion is advised. Exercise caution and invest wisely.