Software engineers Billy Markus and Jackson Palmer created the meme-based cryptocurrency Dogecoin. As a joke, the two decided to make a payment system based on cryptocurrencies. As well as its logo, Dogecoin is named after Shiba Inus from the Doge meme. Since its introduction on December 6, 2013, Dogecoin has quickly developed an online community on Reddit and other social networks. The meme-based cryptocurrency Dogecoin has reached the US $86 billion in market capitalization today.
Do you know what Dogecoin is?
In the digital cryptocurrency space, what began as a joke has become a phenomenon. Dogecoin surpassed Bitcoin in 2014 and even spawned a convention for its fans in San Francisco creatively titled “Dogecoin.”
Despite the jokes and puns, 2014 is not all about them. To encourage people to raise money for qualified professionals who could not afford to travel to Sochi for the Winter Olympics, this fundraising initiative was used. Moreover, in Kenya, a well was constructed as an impetus to the construction of the project.
What makes it trending now?
In the last two months, meme-based cryptocurrency Dogecoin has soared 80 percent and seen its trading volume increase by 800 percent. Tesla CEO Elon Musk has taken notice of the surge in Dogecoin prices. As a consequence, Twitter users and Reddit users regarded Musk as a supporter of cryptocurrency.
The Dogefather— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
Having recently been mentioned on Saturday Night Live by billionaire Elon Musk, Dogecoin has grown in popularity. The meme-based cryptocurrency Dogecoin started in 2013 as a joke. Nevertheless, it has since become a popular cryptocurrency, reaching a record high just last week.
According to Elon Musk, Tesla’s owner and billionaire CEO, Dogecoin has been in the news since at least 2019, when he called it his favorite cryptocurrency and described it as “pretty cool.”.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.— Elon Musk (@elonmusk) April 2, 2019
The celebrity, however, is not the only one to promote the animal-branded product. Owner and billionaire of the Dallas Mavericks, Mark Cuban, has endorsed Dogecoin. On April 26, Cuban announced that by the end of April, his basketball team would have executed 6,000 dogecoin transactions.
Dogecoin is the most commonly used cryptocurrency for transactions, Cuban said when asked why he backed it. “People spend Doge, which means more businesses will start accepting 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
What’s new with Dogecoin
This weekend was a wild ride for dogecoin investors. Before Elon Musk’s appearance on Saturday Night Live, Bitcoin hit its record high. Following Musk’s call for Dogecoin to “hustle”, its value plummeted sharply.
“SpaceX will launch to moon satellite Doge-1 next year paid for with Doge 1st crypto in space 1st meme in space” Musk tweeted.
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
SpaceX Vice President of Commercial Sales Tom Ochinero said in a statement released by Geometric Energy that this mission will demonstrate cryptocurrency applications beyond Earth orbit and lay the foundation for interplanetary commerce.
During the last month, dogecoin has jumped more than 800%, making it the fourth most valuable currency, with a market capitalization of $73 billion, according to crypto data tracker CoinGecko.com. In the past week, it surpassed $0.73 for the first time.
Due to the volatility of the cryptocurrency, investing in it carries risks, so investors should use discretion. Be cautious and invest wisely.