Cryptocurrencies like Dogecoin are starting to become the new hot thing. It is one of the most bizarre digital currencies in history, and it has a completely shocking monetary value that actually began as just a joke. As of May 6th 2021, there was approximately $78 billion worth of Dogecoins in circulation which came as quite an upsetting surprise considering how this currency originally started off being nothing but jokes . On top of all this madness on May 6th 2019, Dogecoin emerged at number five out 15 cryptocurrencies with over 6000% growth rate for 2019 so far according to CoinMarketCap’s data.
Dogecoin’s value plummeted following the statement of Tesla’s chief who termed it a “hustle” in Saturday Night Live comedy sketch TV show where he essayed the role of guest host. Prior to the show, Dogecoins had been $0.65 which dipped to $0.47 on crypto exchange Binance after his appearance in Saturday night live comedy Sketch Show almost 28% collapse.
Dogecoin was created as a joke by Billy Markus and Jackson Palmer but it quickly became one of the most popular coins in 2021. The coin’s creator, who said “The idea behind Dogecoin is to have an inexpensive currency that could reach a broader demographic than Bitcoin,” based its name on Shiba Inu dog memes which were wildly popular at the time. Despite being just another cryptocurrency with no intrinsic worth or tangible value, this lighthearted sense of humor has allowed gamers and internet users alike from all over the world to contribute to their favorite causes without fear that they’re wasting money because there are so many ways you can buy dogecoin now for free .
What is Dogecoin or Doge?
Dogecoin is a type of digital currency that can be purchased and sold like an investment, but also spent as money. The cryptocurrency’s mascot is the Shiba Inu dog breed—a meme friendly canine that has been widely memed on various social media platforms such as Reddit and Facebook. While all cryptocurrencies are different, Dogecoin shares some similarities with other cryptos in its code being based on Litecoins script; at the same time it holds several integral differences too.
Bitcoin has been around for a little over 10 years, while Dogecoin is only about 5. Bitcoin was initially designed to have 21 million coins in total but since the network started mining new blocks of bitcoins at an accelerated rate it will eventually mine every bitcoin ever created by 2020; this means that there are 16x as many Dogecoins than Bitcoins currently circulating in 2018. This also makes each individual coin worth 3 times less than one full dollar (making them perfect for micro transactions).
History of Dogecoin
A coin that was created in 2013 by two software engineers, Dogecoin emerged into existence on December 6th. Billy Markus and Jackson Palmer were the creators of this cryptocurrency with the hopes to separate it from Bitcoin because they wanted their currency exposed to a larger group than just miners at first. They initially invested mystery through an anonymous creator which attracted some miner groups during those days when people had not heard about cryptocurrencies yet
Markus is on the lookout for someone who can help him make his bizarre dream a reality. He found Jackson Palmer, an employee of Adobe (ADBE). The website Dogecoin.com was introduced to Markus by Jackson and it offered both a nod of approval for “Doge” meme that had just exploded online during this time as well as humorously making its Shiba Inu mascot the same dog featured in the popular memes its front image while imitating one such comic sans text written in broken English at their site too .
Dogecoins the name on everyone’s lips in early 2021. Half of this boost was due to widespread adoption by everyday people who are turning away from fiat currencies like never before, and half thanks to a more reliable currency that doesn’t have the same volatility as its predecessor.
With an intense following on the popular platform of Reddit, Dogecoin experienced a massive boost after being mentioned in one group. The value skyrocketed past 600% within hours of that push.
The question of Dogecoin being a prudent investment decision still prevails. With even the most widely traded currency in Bitcoin proving to be highly erratic, there’s no telling what will happen with Dogecoins and their potential for collapse at any point. Yet despite this, the surprising success that was seen in 2019 cannot be denied either; it is possible that these two factors balance each other out as time goes on.