Dogecoin is a cryptocurrency that features the face of the Shiba Inu dog from the “doge” meme as its logo and namesake. It was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer, who wanted to make fun of the wild speculation in cryptocurrencies at the time. However, dogecoin quickly gained a loyal fan base and became one of the most popular and valuable cryptocurrencies in the world.
Here are some of the key facts and events in the history of dogecoin:
Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to Dogecoin.com1
Dogecoin is based on the Scrypt algorithm, which makes it easier to mine than Bitcoin. It also has a faster transaction confirmation time of one minute, compared to Bitcoin’s 10 minutes2
Dogecoin has a fixed reward of 10,000 dogecoins per block, which means that there is no limit to the total supply of dogecoins. As of May 2021, there are over 129 billion dogecoins in circulation.
Dogecoin has been used for various charitable and social causes, such as sponsoring the Jamaican bobsled team for the 2014 Winter Olympics, raising funds for clean water projects in Kenya, and sending a physical dogecoin to the moon.
Dogecoin has also been embraced by celebrities and influencers, such as Elon Musk, Snoop Dogg, Gene Simmons, Mark Cuban, and others. Musk has been particularly vocal about his support for dogecoin, calling it his favorite cryptocurrency and “the people’s crypto”.
Dogecoin has experienced several price surges and crashes over the years, often influenced by social media trends, memes, and news events. Some of the most notable ones include:
In January 2014, dogecoin reached its first peak of $0.002 per coin, after being featured on Reddit and Twitter.
In December 2017, dogecoin reached its second peak of $0.018 per coin, amid the general
crypto boom of that year.
In January 2021, dogecoin reached its third peak of $0.08 per coin, after being boosted by a viral TikTok challenge and a Reddit group called r/WallStreetBets.
In May 2021, dogecoin reached its fourth peak of $0.74 per coin, ahead of Musk’s appearance on Saturday Night Live and Coinbase’s announcement to list dogecoin on its platform.
Dogecoin has a loyal and passionate community of fans and supporters, who call themselves “shibes” and use phrases like “much wow”, “such coin”, and “to the moon” to express their enthusiasm. They also celebrate April 20 as “Doge Day”, a reference to both the cannabis culture and the $0.420 price target for dogecoin.
Dogecoin is more than just a meme coin; it is a cultural phenomenon that has captured the hearts and minds of millions of people around the world. It is a symbol of fun, generosity, and optimism in the crypto space. As its slogan says: “Dogecoin is money for the people.”
Sources:
1: https://en.wikipedia.org/wiki/Dogecoin 2: https://www.investopedia.com/articles/investing/120414/dogecoin-what-it-and-does-it-have-future.asp : https://coinmarketcap.com/currencies/dogecoin/ : https://www.forbes.com/sites/billybambrough/2021/02/07/how-dogecoin-became-so-popular/?sh=4c5a9f2a6c8d : https://www.cnbc.com/2021/05/07/elon-musk-is-a-big-fan-of-dogecoin.html : https://www.coindesk.com/dogecoins-price-soars-as-reddit-group-wants-to-make-it-the-crypto-of-the-earth : https://www.cnet.com/news/dogecoins-price-is-soaring-heres-why/ : https://www.bbc.com/news/business-55864355 : https://www.reuters.com/business/finance/dogecoin-nearly-doubles-record-high-after-elon-musk-tweets-ahead-snl-appearance-2021-05-08/ : https://www.theguardian.com/technology/2021/apr/20/dogeday-dogecoin-cryptocurrency-meme : https://dogeconomist.com/dogecoins-slogan-is-money-for-the-people/
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