From A Joke To Reality: The Story of Dogecoin

Imagine creating a cryptocurrency as a joke and unintentionally making one of the most successful memecoins. This is the story of Dogecoin, which was created to poke fun at the nature of crypto, but it has developed into a cryptocurrency that can be bought, sold, and traded just like any other crypto coin. 

So, how did this happen? Let’s look at the story of the popular memecoin, Dogecoin.

What is Dogecoin, and How Did It Start?

Dogecoin was created in December 2013 by Billy Markus, an IBM software engineer, and Jackson Palmer, an Adobe software engineer. Its underlying technology is Litecoin’s, and it uses the same Proof-of-Work technology. 

Dogecoin is an open-sourced, peer-to-peer cryptocurrency, but it started as a meme by Jackson Palmer back in Australia to mock the existing cryptocurrencies. 

With the picture of the Shiba Inu dog as its logo, Dogecoin has gained traction over the years and caught the attention of some pretty famous and influential people (we’ll get to that in a bit).

When Doge was created, the founders were quite surprised when people started using the memecoin, which gradually increased in value.

Doge was developed to have an unlimited maximum market cap, and its total supply is currently sitting at 146B DOGE. With a high market capitalisation of around $30 billion, Dogecoin continues to perform beyond expectation and has made its way into the mainstream and onto many investors’ portfolios. 

Dogecoin hit an all-time high of $0.731578 on May 08, 2021, and has continued on an upward trend ever since but, like all cryptocurrencies, it’s had its fair share of down moments.  

Why is Elon Musk Called The Father of Dogecoin?

“Is Elon Musk the creator of Dogecoin?” is a virally searched question on Google because of the connection between Elon and Dogecoin over the years. Sorry to break it to you, but no, he is not the creator of Dogecoin. There seems to be quite a bond between the two. 

Over the years, Elon Musk has influenced DOGE prices in the market, which has happened a couple of times just because of tweets he published. 

The Tesla Motors CEO has been interested in the memecoin and has continuously talked about it, but why is he called the father of Dogecoin?

In addition to his outspoken support of Dogecoin, Musk announced in March 2021 that people can now buy Tesla merch with Dogecoin. On February 4th, 2021, Dogecoin’s value increased more than 50% after Musk tweeted his support for it. 

Previously, Musk called Dogecoin one of his favourite cryptocurrencies and expressed his desire to make it the “currency of the internet.”

Frequently Asked Questions (FAQs) About The Story of Dogecoin

Is Dogecoin a good investment?

Dogecoin is an investment choice you must make. Some criteria you should consider while making this decision are:

• Market trends, 
• Your risk tolerance,
• Your portfolio diversification strategy, and 
• Your financial goals.

Despite its popularity and success, it’s important to note that Dogecoin is a highly volatile coin. So, proceed cautiously and never invest more than you can afford to lose. 

How valuable is Dogecoin?

Dogecoin, created as a joke about the nature of cryptocurrencies, does not have a clear use case. However, due to its size, it is often used to tip digital creators on X (formerly Twitter) and Reddit. Some merchants worldwide are also adopting it as an acceptable payment method. 

Therefore, Dogecoin’s value comes from its massive acceptance and adoption but not from its use case. 

What is the highest price Dogecoin has ever been?

Dogecoin’s highest price was $0.74 on the 8th of May 2021. This was during the intense hype around the coin when popular personalities like Elon Musk endorsed this coin. This was a redefining moment in cryptocurrency as the outlook of memecoins changed. The community was also established as essential in crypto coins’ success and rapid growth.

However, you can use Breet’s rate calculator to get the live price of dogecoin at any time.

Can I Mine Dogecoin?

Yes. Dogecoin uses the Proof-of-Work model, the same as Bitcoin. The only major difference is that Dogecoin has an unlimited supply as opposed to Bitcoin’s limited supply model.

Will Dogecoin Reach $1?

Whether Dogecoin will ever reach $1 is subject to speculation. It got close in 2021 when it reached its all-time high of $0.7 but has since then dropped in price, which is currently sitting at $0.2