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Cryptocurrency-meme Dogecoin has unexpectedly risen in price by 1500% in a month and a half. Where did the comic coin come from and who made it so popular? Let's figure it out
Dogecoin was created in 2013 by two programmers - Billy Marcus from IBM and Adobe engineer Jackson Palmer - as a joke. At that time, there was the first big boom in Bitcoin. In 2013, a meme gained popularity in which a Shiba Inu dog was depicted with thought bubbles. The meme can be used to express anything from jokes about sleep and dieting to space exploration. Palmer, who has followed developments in the cryptocurrency world, tweeted that the next big step would be to invest in Dogecoin, the "dog-coin", hinting at a popular meme. In response, messages poured in, quite seriously encouraging him to implement this idea. And a week later, Palmer bought the Dogecoin.com domain.
In Portland, meanwhile, Billy Marcus was trying to program his own digital currency that would appeal to the wider population. But the project came to nothing. Then he stumbled upon Dogecoin.com a day or two after launching the site, tweeted Palmer that he would like to get involved in the project, and started developing the code. This is how the partnership was formed.
The Internet meme underlying Dogecoin cryptocurrency.
Dogecoin started in December 2013. Dogecoin was developed on the basis of Litecoin, which gives it one of the main advantages - unlike Bitcoin, Dogecoin does not have a limit on the number of coins that can be produced in the system.
To the surprise of Markus and Palmer, people started using Dogecoin right after its launch. In just the first month after the official launch in December 2013, over a million unique visitors came to dogecoin.com.
The popularity on Reddit pushed Dogecoin's market value to $ 8 million.Despite the developers' statements that they did not plan to compete with Bitcoin, at some point in 2014, the trading volume of the meme cryptocurrency briefly overshadowed Bitcoin and all other digital currencies. In 2017, the currency crossed a new milestone - its market value has already reached $ 2 billion, and the rate has reached a historic high of $ 0.017-0.18.
Specifically, on December 21, 2020, Musk tweeted: "One word: Doge" and changed the description to "Former CEO of the Dogecoin project." The community appreciated the joke, and the dogcoin rate grew. Further, Reddit users on the hype around GameStop managed to increase the dog-coin rate by 600%. Musk has been actively tweeting about the currency, supporting interest around Dogecoin, and rapper Snoop Dog.
But a few weeks later, the founder of SpaceX and Tesla wrote that a high concentration of Dogecoin in a limited number of users could cause manipulation of the currency rate. Therefore, it must be sold. “If the large Dogecoin holders sell most of their crypto coins, they will have my full support. Too much concentration is the only real problem with cryptocurrency, ”Musk wrote. Immediately after that, the cryptocurrency fell by 20%.
It turns out that famous people can "pump" cryptocurrency with a few tweets? Does this mean Dogecoin is a bubble? In any case, the situation with dogcoin surprised even its creators. Billy Marcus, who left the project in 2015, said in an interview with Bloomberg that the mania that Dogecoin spawned "looks surreal."
Dogecoin was created in 2013 by two programmers - Billy Marcus from IBM and Adobe engineer Jackson Palmer - as a joke. At that time, there was the first big boom in Bitcoin. In 2013, a meme gained popularity in which a Shiba Inu dog was depicted with thought bubbles. The meme can be used to express anything from jokes about sleep and dieting to space exploration. Palmer, who has followed developments in the cryptocurrency world, tweeted that the next big step would be to invest in Dogecoin, the "dog-coin", hinting at a popular meme. In response, messages poured in, quite seriously encouraging him to implement this idea. And a week later, Palmer bought the Dogecoin.com domain.
In Portland, meanwhile, Billy Marcus was trying to program his own digital currency that would appeal to the wider population. But the project came to nothing. Then he stumbled upon Dogecoin.com a day or two after launching the site, tweeted Palmer that he would like to get involved in the project, and started developing the code. This is how the partnership was formed.
The Internet meme underlying Dogecoin cryptocurrency.
Dogecoin started in December 2013. Dogecoin was developed on the basis of Litecoin, which gives it one of the main advantages - unlike Bitcoin, Dogecoin does not have a limit on the number of coins that can be produced in the system.
To the surprise of Markus and Palmer, people started using Dogecoin right after its launch. In just the first month after the official launch in December 2013, over a million unique visitors came to dogecoin.com.
The Role of Reddit in the Growth of Dogecoin
Members of the Reddit community quickly picked up the hype around Dogecoin. The comic cryptocurrency began to be used for donations - cheap coins (each coin cost a fraction of a cent) were transferred in gratitude for the exchange of ideas, useful information, interesting content. Also in early 2014, almost $ 30,000 of this crypto was raised on Reddit to send the Jamaican bobsled team to the Winter Olympics. And as part of the Doge4Water campaign, they raised $ 32 thousand for the supply of clean water in Kenya.The popularity on Reddit pushed Dogecoin's market value to $ 8 million.Despite the developers' statements that they did not plan to compete with Bitcoin, at some point in 2014, the trading volume of the meme cryptocurrency briefly overshadowed Bitcoin and all other digital currencies. In 2017, the currency crossed a new milestone - its market value has already reached $ 2 billion, and the rate has reached a historic high of $ 0.017-0.18.
Elon Musk and Dogecoin
Since the beginning of 2021, Dogecoin has grown by 1500%, in early February its capitalization reached $ 9 billion (then slightly decreased to $ 6.7 billion). The increased interest in Dogecoin at the end of last year and the beginning of this is due to Elon Musk.Specifically, on December 21, 2020, Musk tweeted: "One word: Doge" and changed the description to "Former CEO of the Dogecoin project." The community appreciated the joke, and the dogcoin rate grew. Further, Reddit users on the hype around GameStop managed to increase the dog-coin rate by 600%. Musk has been actively tweeting about the currency, supporting interest around Dogecoin, and rapper Snoop Dog.
But a few weeks later, the founder of SpaceX and Tesla wrote that a high concentration of Dogecoin in a limited number of users could cause manipulation of the currency rate. Therefore, it must be sold. “If the large Dogecoin holders sell most of their crypto coins, they will have my full support. Too much concentration is the only real problem with cryptocurrency, ”Musk wrote. Immediately after that, the cryptocurrency fell by 20%.
It turns out that famous people can "pump" cryptocurrency with a few tweets? Does this mean Dogecoin is a bubble? In any case, the situation with dogcoin surprised even its creators. Billy Marcus, who left the project in 2015, said in an interview with Bloomberg that the mania that Dogecoin spawned "looks surreal."
