What is dogecoin? – News from free internet users

The first memcoin, Dogecoin, brought media attention to cryptocurrencies. His rise in popularity is simply historical. Here’s where it came from and why everyone can’t stop talking about it.

Start of Dogecoin

The path of Dogecoin since its inception has likely changed the world of money as we know it forever. The popularity of cryptocurrencies was growing in the years before Dogecoin became famous. But when Dogecoin appeared on all social networks, discussions about cryptocurrencies became commonplace. That was the goal of Dogecoin founders Billy Markus and Jackson Palmer.

Dogecoin was created with the hope of making cryptocurrencies more accessible. Marcus and Palmer considered bitcoin obscure and difficult to use. They wanted to develop a peer-to-peer currency that was shrouded in less secrecy and not associated with crime on the dark web. To raise awareness, the 2013 “doge” Shiba Inu meme that was circulating on the internet was chosen as the logo to help reach a wider audience.

Dogecoin shares similarities with many other cryptocurrencies despite its memcoin status. It is safe and immutable. It uses the Proof-of-Work consensus mechanism. Dogecoin can be bought and sold on many exchanges just like other cryptocurrencies. It can even be used as payment for services and goods. But it took some time to achieve this status as the first memcoin to capture the attention of the world.

Since 2013, Dogecoin has been gaining momentum and periodically attracting attention. In the second half of 2020, Dogecoin became popular on social media. At the time, it cost only $0.003. People started buying Dogecoin in the hope of driving up its price. And it worked.

In 2021, Dogecoin appeared in the mainstream media. In mid-January, Dogecoin caught the attention of a group of well-known celebrities and entrepreneurs. The most famous of them, Elon Musk, supported Dogecoin on Twitter several times between 2020 and 2021. With all the attention, the price of Dogecoin hit $0.08 in February 2021, up 2500%.

After a brief lull, the upswing continued in April when one of the most widely used cryptocurrency exchanges, Coinbase, listed Dogecoin. This quote took Dogecoin to a new all-time high of $0.41. At one point during this recovery, Dogecoin was the fifth largest cryptocurrency by market cap. Even the heavily used stock and cryptocurrency exchange Robinhood has stopped working due to the huge traffic of people trading Dogecoin.

The climax of the Dogecoin hysteria was reached when Elon Musk unveiled Saturday Night Live in the first week of May 2021. Prior to its introduction, Dogecoin soared to $0.72. From December 2020 to its peak in May 2021, Dogecoin is up almost 24,000%.

Dogecoin remains relevant

Dogecoin may not have run out of steam yet. In late 2021, Musk announced that Tesla would begin accepting Memcoins as an official form of payment for certain products. He is not the only one. Film company AMC announced in April 2022 that moviegoers can now buy tickets with dogecoin. The number one live streaming platform, Twitch, allows users to pay in Dogecoin. In April 2022, the news that Musk had made a takeover bid on Twitter brought the currency back into the spotlight as rumors swirled about integrating Dogecoin payments into the social media platform.

The future of Dogecoin remains controversial and up in the air. Some proponents argue that it is a legal form of currency. Others think it’s a complete joke with no intrinsic value.

Given that he is always in the spotlight and is the favorite of one of the richest men in the world, don’t be surprised if he sticks around. Strange things have happened thanks to the Internet. Only time will tell if Dogecoin remains or if it dies out like a one-hit wonder.

Back to top button