In 2010, Atsuko Sato, a Japanese KG teacher, posted a few pictures of her “Shiba Inu” dog. By October, someone on Reddit mentioned one of them with “LMBO LOOK @ THIS FUKKEN DOGE.” The rest is history. It became one of the most popular memes, and even appeared on NASCAR racer Josh Wise’s car and later became a Cryptocurrency – DOGECOIN.
Dogecoin is said to be created as a lighthearted joke for crypto enthusiasts who were pumping the crypto market. Fans of the cryptocurrency buy it and hodl it (a crypto way of saying “not selling”). Dogecoin has given nearly 1900 per cent returns since January 2021.
Founding Team of Dogecoin
Dogecoin was founded by two software engineers Billy Markus and Jackson Palmer, in December 2013.
Palmer, an Australian marketer, once joked about combining two of the internet’s most talked-about topics: cryptocurrency and Doge. Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.” This tweet was noticed by many people on the internet who started talking about Dogecoin.
On the other side of the world, Billy Markus, working as a software engineer at IBM, saw a note left by Palmer on the mentioned domain. Markus has admitted to using Bitcoin’s open-source code for creating Dogecoin, where he changed a few elements and made 100 billion Dogecoins against 21 million Bitcoins. Also, he made them easier to dig (Dogs don’t mine, they dig).
How did dogecoin become the 5th largest cryptocurrency?
Even when Markus and Palmer were not serious about it, enters Reddit. The Dogecoin subreddit exploded almost immediately, giving them the eyeballs and resources needed to make crypto successful. Reddit users started sending each other Dogecoins as a token of affection, making it famous and expanding its user base.
One of the reasons people started using the term ‘To the Moon’, Elon Musk tweeted that he will put a Dogecoin on the moon, some thought it is an April Fool’s Day prank, but Musk has made several cryptic tweets about this cryptocurrency.
Although it is listed as a ‘memecoin’, its use case remained limited; it attracted people who wanted to mock the crypto market or liked dogs. In an interview, Musk said, “Arguably the most entertaining outcome, the most ironic outcome would be that Dogecoin becomes the currency of Earth of the future”. However, Musk isn’t the only celebrity. Rapper Snoop Dogg and Kiss singer Gene Simmons are also bullish on Dogecoin
Is Dogecoin technically sound?
In simple words – No. It is similar to Litecoin or Bitcoin, but it’s not nearly as secure or decentralized. However, there are specific differences to be noted. Unlike BTC, DOGE supply is not limited. There are 129 billion DOGE in existence, and many more may be created. The most significant difference is that Dogecoin is not actively managed and does not get updated occasionally, unlike Bitcoin and Litecoin. Due to no lifetime cap, it is highly inflationary. At the same time, it is easier to mine Dogecoin as it takes 1-minute to process new blocks on Dogecoin as compared to 10 minutes on Bitcoin blockchain.
Is it wise to invest in Dogecoin?
Currently, with the prices moving down, one may think of buying it at a dip. But when one thinks of it fundamentally, it can go to 0 and why not? One can think of it as a company that produces no value but has enormous support. But, at the same time, it has massive Reddit and Twitter support and is supported by one of the world’s richest men. One can refer to https://www.pvot.in/blog/7-reasons-to-buy-dogecoin/
How to buy Dogecoin?
Dogecoin can be purchased through any cryptocurrency wallet or online platform. These platforms require a KYC process which will be used to verify your details. Click here, to know more about cryptocurrency