The Dogecoin token was intended as a joke, but has grown into a popular cryptocurrency with a market cap of over $ 52 billion. The creators of the Dogecoin coin used the Shiba Inu dog meme, and this has made an unexpected contribution to the growth of demand for cryptocurrency. In addition to being ironic, the token has other advantages as well.
Dogecoin development history
One of the creators of Dogecoin, programmer Billy Markus, decided to launch his own cryptocurrency back in 2013 when he discovered that mining bitcoins on a gaming computer is slow and expensive. The first altcoin developed by Markus using instructions found on the Internet turned out to be a failure – a token based on the currency from the Animal Crossing game did not interest anyone.
However, thanks to bad experience, Marcus met one of the Adobe developers, Jackson Palmer, who had already acquired the domain dogecoin.com. By this point, new tokens began to appear like mushrooms after rain. According to Marcus, it seemed ridiculous to him how seriously all the developers of new coins were going to make billions and take over the galaxy.
Palmer adhered to the same ironic point of view, so the friends quickly agreed that if they did create a new token, it would be just for fun. The meme with an eccentric dog of the Shiba Inu breed just took over the Internet, and the developers decided that a funny picture would reflect the parodic nature of the coin in the best possible way.
Out of sheer mischief, friends began to create memes involving their Dogecoin and the dog. Pictures, on the one hand, were a witty parody of other developers’ attempts to promote their tokens, and on the other hand, they drew attention to the comic currency. Many skeptical users liked this approach – the parody campaign, paradoxically, turned into an advertising one: the number of Dogecoin holders began to grow.
Distinctive features of the token
From the very beginning, the creators positioned their token as clear, simple and accessible: for a long time, the cost of one dojcoin did not even reach 1 cent. In addition, for the sake of PR, the platform took part in charity events – once Dogecoin users raised $ 30,000 to equip a Jamaican bobsled team for the Winter Olympics, and another time they sent $ 50,000 to purchase clean drinking water in Africa.
In 2015, Palmer became disillusioned with the self-serving cryptoindustry aimed at generating money out of thin air instead of developing technology and left the project. Until 2021, dozhcoin continued to gain popularity, but the token’s price began to grow quite recently – amid the excitement around bitcoin.
Since during the 7 years of Dogecoin’s existence, its value was negligible, many cryptocurrency holders who have accumulated thousands of coins can now praise themselves for their foresight: from less than 1 cent, the price jumped to 33 cents within a few days. In addition, unlike bitcoin and most altcoins, there are no restrictions on the issue of dojcoin.
Should you buy Dogecoin
The token is growing in price against the background of missed opportunities with bitcoin: buyers for whom the most expensive cryptocurrency can no longer afford it, pay attention to more democratic counterparts in the hope that they will rise in price amid the excitement. Among the fans of the token is Elon Musk.
Online bookmakers that accept bets on the growth of cryptocurrencies estimate the chances of Dogecoin to overcome the $ 1 mark as 5: 1 by the end of 2021. In the short term, the token is expected to rise as the coin has caught the attention of the public.