Ten years ago, Dogecoin came from the brilliant minds of engineers Billy Markus and Jackson Palmer as a parody of the ever-popular Bitcoin. As a form of flattery, they model their digital coin to the Japanese Shiba Inu, a famous animal for memes. Now, a decade since its launch, Dogecoin, or DOGE, sees value at millions of dollars in the digital market.
As DOGE turns ten this year, let us talk about things we could learn from something that started as fun but turned into a digital sensation.
Where It All Started?
2014 Billy Markus and Jackson Palmer created Dogecoins to satirize the digital finance business. Little did they know they were pioneering a trend known now as Meme coins. They chose the Doge logo, thinking people would not take them seriously.
However, in December 2013, Dogecoins ramped up its value to 300% within 74 hours. And after a month, it surpassed the value of many coins in the market.
How Does Dogecoin Work?
Like most crypto coins, Dogecoins operates on a blockchain system as a digital ledger, keeping the records of all transactions. It employs the “proof of work” concept, typical among most crypto coins.
What’s Proof of Work or PoW? It’s a system where miners use dedicated setups to solve complex math-like puzzles to add blocks to the blockchain.
Reddit & Elon Musk
Fast forward to the dawn of 2021. Reddit’s Wallstreetbets message board hyped Dogecoin for its involvement in the GameStop affair. With the hype train on the roll, fans of the meme coin agreed to drive its value to new heights. Eventually, the site banned any cryptocurrency discussions on its platform.
Then, in May of the same year, Elon Musk pumped the doge even more. The owner of Tesla and Twitter posted that Dogecoin is his favorite cryptocurrency. This significant boost drove the hype, making Dogecoin one of the top 5 in the industry.
Is Dogecoin Worth It?
Despite the hype, Dogecoin’s value is low compared to crypto coins like Bitcoin and Ethereum. However, the good boi coin still ranks as one of the top meme coins in the crypto market as of 2024.
On one hand, many experts warn against holding onto meme coins for an extensive period. However, when in trend, these coins can fetch a nice profit for anyone who studies the industry.
Very Novelty Good Boi
While meme coins like Dogecoin are a novelty, establishing an excellent community ensures their place in the industry as a leading coin. By celebrating a decade of existence, the longevity and stability of its foothold in the market cements the fact that innovation can sometimes be funny.
