Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.
Have your ever heard of a joke that outstayed its welcome? Yeah, you too, right? Well, many would say that the likes of Dogecoin are in the same league too. It started as a joke and well, maybe it still is. However, there are many who would disagree with the same.
Some believe otherwise, however. For instance, have you ever heard a joke that evolved to become something else entirely. According to a few, Dogecoin is a perfect example of such a ‘joke.’ In fact, it’s no surprise that DOGE holders have laughed all the way to the bank over the years,
All of us remember the frenzy around the world when cryptocurrency first arrived on the internet. The blockchain-enabled token system had a rather grandiose plan to transform the dull financial system. It envisioned a decentralized and autonomous financial system, remaining trustless and regulation-free. The pioneering titans of the cryptocurrency industry dreamt of an alternate world order that would offer to us a bank-free financial system with no external intervention.
Needless to say, such a grand plan elicited suspicion, and invited smirks. Billy Markus and Jackson Palmer, a pair of software engineers, thought that the whole crypto affair was being taken far too seriously and decided to do something fun about it. In December 2013, they created a memecoin named Dogecoin to poke fun at the ultra-serious crypto maximalists.
The token featured an image of an adorable Shiba Inu dog, a rare breed of hunting dog from Japan. Dogecoin went viral on social media platforms such as Reddit, gaining instant popularity worldwide.
Dogecoin soon earned a devoted following. Those who were interested in cryptocurrency but were not too serious about its alleged revolutionary potential, were the first to flock to this memecoin. People who liked this breed of Japanese dogs also bought this memecoin. Anyone willing to casually engage with cryptocurrency also participated in the Dogecoin culture.
However, as it gained more traction in the market and its value increased, people began to buy this joke of a cryptocurrency in earnest. Today, it is the 10th largest cryptocurrency by market capitalization, and post the Ethereum Merge, has emerged as the 2nd largest Proof-of-Work (PoS) cryptocurrency after Bitcoin. In fact, the value and popularity of this memecoin grew so popular that it was the sleeve sponsor for the English football club, Watford F.C. for the 2021-22 season, as reported by The Atlantic.
Thanks to the popularity of Dogecoin, a herd of meme-inspired cryptocurrencies have mushroomed across the globe- Shiba Inu being the most popular among them. Over the years, more than 200 meme coins have been created since the launch of Dogecoin.
Within a few days of its launch, it rose from $0.00026 to $0.00095 in value, recording a significant hike of around 300%. In doing so, it quickly established itself as one of the market’s top-10 cryptocurrencies. Between January and May 2021, DOGE surged by more than 8,600%.
One of the reasons behind such a surge was it being mentioned on social media by tech and entertainment giants such as Elon Musk, Snoop Dogg, and Mark Cuban. On 8 May 2021, it hit an ATH of $0.7376. At the time of writing, Dogecoin was trading at $0.0617 on the charts.
A long-term Dogecoin developer Sporklin, now no more, once remarked,
“Dogecoin can be a joke and still be functional … While the branding is frontal jokes and memes, everything under that has been solid from the start.”
What is peculiar to Dogecoin is it being a fascination of the business magnate Elon Musk. Musk even supported Dogecoin on Twitter and once called it a hustle on an SNL episode, significantly pushing its price both the times.
Much wow!
So far, DOGE has been used to reward creative users on Reddit, Twitter and other such networks for good content. People can also get tipped with DOGE in the eponymous online communities where the currency is popular. Another new concept for our readers might be the existence of Dogecoin faucets. A Dogecoin faucet is a website that gives you a Dogecoin for free so that you get introduced to the world of Dogecoins and become an active member of this meme coin community.
Dogecoin has also been used to raise funds for a number of causes. In 2014, the community came together to raise $50,000 worth of Dogecoins to build water wells in Kenya. The same year, a group of enthusiasts raised over $25,000 worth of dogecoins to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi. In 2014 again, the community raised $55,000 worth of Dogecoins to sponsor the Nascar driver Josh Wise. “I can’t thank the dogecoin and Reddit community enough for the support… To the moon!” said Wise.
The growth of Dogecoin over these years has less to do with its infrastructure development and more to do with its strong mining community.
Only recently, Billy Markus, the co-founder of Dogecoin, rejected a $14 million offer to promote Dogechain, the unofficial layer-2 solution for the meme coin. Many believed that the decision reflected Billy’s loyalty to the Doge community. Decentralization is a central marker of this revolutionary financial system and forging an alliance with another group is a possible violation if the latter comes to dominate the system. Keeping the memecoin community fun and independent has been the cornerstone of the belief system underlying the growth of the community.
Today, Dogecoin is as mainstream as Bitcoin and is traded on all the major cryptocurrency exchanges such as Coinbase, Gemini and Binance.
Many prominent members of the blockchain and fintech communities are currently involved with Dogecoin. A foundation was formed in 2014 to support and govern the project but it dissolved over time. It was reinvigorated in 2021 by members of the original core team along with fresh faces and new seasoned advisors ready to grow Dogecoin for the decade ahead.
Its group of directors include Dogecoin founder Billy Markus, core developer Max Keller, Ethereum founder Vitalik Buterin, and Jared Birchall representing Tesla founder Elon Musk. Markus takes care of the community and memes, Keller handles technical aspects of the project, Buterin acts as the crypto-advisor for the foundation, and Birchall provides legal and financial advice.
We can see how a currency that began as a joke has come such a long way that the most prominent members of the crypto community are today leading, advising, and monitoring its development.
Let us explore how this fun cryptocurrency, one that claims to “Do Only Good Everyday,” will perform in the next few years.
Why these projections matter
Dogecoin is the pioneer among all the memecoins active in the market. It is only after the initial success of Dogecoin that other memecoins like Shiba Inu and Monacoin entered the market. In fact, at press time, it was among the market’s top 10 cryptocurrencies.
Dogecoin remains immensely popular among its core fanbase and other crypto-enthusiasts. Currently, its Twitter and Reddit communities have 3.4 million and 2.3 million members. A major reason behind its increasing value has been the support of these online communities.
In January 2021, its price saw a hike of 800% in just 24 hours when a subReddit named r/SatoshiStreetBets began pushing its price to make it the cryptocurrency equivalent of Gamestop. In early April 2021, it rose by 400% after popular crypto-exchange Coinbase went public and Elon Musk tweeted about Dogecoin.
Before investing in Dogecoin, it is wise that you should be aware of its previous performance, studies and market predictions. It is precisely for this reason that we are providing a summary of most reliable predictions regarding Dogecoin, in…
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