Dogecoin – The rise and evolution
Team TheCodeWork
4 May 2021
2 minutes read
With the massive surge of the value of Dogecoin, the power of cryptocurrency continues to grow. This in turn is adding value and generating gains for us, who are participating in the Crypto ecosystem altogether.
The success of the meme coin aka the “Dogecoin”, has proven that blockchain technology isn’t just about money. It is more of a social movement of sorts that cements the power of a community and its people.
What community am I talking about? To know that you have to walk with me to the history and evolution of Dogecoin.
Shall we begin?
Let me start with a very cool fun fact – Dogecoin was never meant to be a serious project. It was basically an internet parody aimed at the crypto market and Bitcoin. This whole concept, is inspired by the hilarious, trending Doge meme.
Founders Billy Markus and Jackson Palmer founded Dogecoin in 2013. It was more like an addition to the internet’s favorite doge meme but in the crypto space. However things started rolling pretty soon.
The meme coin has emerged to be the fifth most valuable cryptocurrency in the market.As per data released by CoinGecko, its market cap has grown to a whopping $63.1 billion.
I am sure you have come across this phrase on every trending article, post and even memes now! Why so? See the internet is obsessed with trends. Just like the time of the crazy Gamestonks surge, Dogecoin has reflected the power of the meme community again.
Initially Dogecoin was nothing but a joke. People started using it for tipping on Reddit groups. The interesting part is that people acknowledged the fact that Dogecoin was not about money making. As a result they started giving out Dogecoin as a charity/noble cause. For example, people sponsored the Jamaica Bobsled team in the 2014 winter olympics using 28 million Dogecoins. That is a total of $30000. Can you imagine?
People actually funded similar charity projects all around the globe using Dogecoins.
Soon, it started getting celebrity endorsement. Gaga personalities like Elon Musk, Snoop Dog, Guy Fieri, Mark Cuban and so on started posting about Dogecoin. As a result, the internet couldn’t keep calm.
In addition to all this, a Reddit group by the name – “SatoshistreetBets” , named after Satoshi Nakamoto (associated with the launch of Bitcoin), started promoting the trade of Dogecoin.
And guess what? “CoinBase” – the virtual currency exchange in the US, has listed Dogecoin in its platform too. Not just that, eToro (a trading platform) has also listed Dogecoin on Monday.
Everything has added up!
Dogecoin is trending on Twitter with hashtags like “DogecoinRise” and “DogecoinRisetothemoon”.
A cryptocurrency that started from 8 cents is at 56 cents now (the time I wrote this article) and people are looking forward to a firecracker future of the dear meme coin to add to huge financial gains in the future!
The love for technology is on the rise and will be! Blockchain is a golden part of this very ecosystem. With some of the major global brands starting to accept crypto, it is proof that crypto is definitely here to thrive and stay. This is exactly what we have been talking about here.
Keep investing!
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