Written By Jason Gan
Dogecoin, it's something you might have heard of, whether you have seen people telling you to invested in Dogecoin, heard of Dogecoin from people like Elon Musk or Snoop Dogg on twitter, or just have heard of the Shiba Inu known as Doge, Dogecoin has been through a lot going from a mere $0.000299 on December 15th 2013 per coin to $0.74 on May 7th of 2021, that's a whole 247392% increase! The fact that it all started as a joke coin (A coin that is made for fun) unlike cryptocurrencies like bitcoin makes it all the more interesting, from being created by 2 people as a joke coin to being a coin that that has a market cap of 36 Billion USD and has 132 Billion Coins in Circulation. May I introduce: the history of Dogecoin. (Such wow~)
The Cryptocurrency; Dogecoin was created on December 6th 2013 as a joke by Billy Markus and Jackson Palmer who created the coin with a Shiba Inu (A Japanese Breed of Dog), more accurately Doge, a meme of a Shiba Inu on the coin and combined it with Bitcoin name creating: Dogecoin. The Dogecoin software was based on a coin known as “Litecoin” as they use the same proof of work, proof of work being a way of securing digital currencies as well as its code being based on another coin known as “Luckycoin '' itself a derivative of Litecoin. Dogecoin started picking up popularity in late 2017 after being a part of the Cryptocurrency bubble that sent the price of lots of Cryptocurrencies up, but in 2018 after the bubble had burst, it sent Dogecoins value down according to Investopedia. ‘The price of Dogecoin then increased after a series of Tweets by Ceo Elon as well as Rapper Snoop Dogg increasing the value of Dogecoin and they seem to keep increasing the value of the coin every time they tweet. Elon Musk also confirmed that he does own Dogecoin as well as the cryptocurrencies Bitcoin and Ethereum during “The B-Word” conference according to CNBC.
Dogecoin is also known as an inflationary coin unlike other coins like bitcoin that are a deflationary coin as unlike bitcoin where there is a cap to the amount of coins that can be mined each year using some hardware, Dogecoin however does not have a cap meaning Billions of Coins can mined each year. The Dogecoin has also been used as a Donation Coin as on January 2014 the Dogecoin Community helped donate over 27 Million Dogecoins, worth around $30,000 back then (7 Million Now) to help fund the Jamaican bobsled team to get to the 2014 Sochi winter Olympics as well as that same year donating $11,000 worth of Dogecoin to help build a well in Kenya and spending $55,000 worth of Dogecoin to Sponsor NASCAR driver Josh Wise according to CNN.
However despite the fun nature of Dogecoin it has had its own share of controversy, as Jackson Palmer left the Dogecoin community saying it was becoming toxic. An example would be a person known as Alex Green, Real name Ryan Kennedy who created a Dogecoin exchange called Moolah. After convincing other members of the Dogecoin community to help fund the Exchange it was later surfaced that he used the Donations which amounted to $1.5 Million to fund his own expensive lifestyle.
Despite all the things Dogecoin has gone through, Dogecoin is still a fun coin, being based off a a Meme and having people such as Elon Musk supporting the coin it may one day become much, much larger than it is currently, the fact that it went from a low value coin worth less than one cent to a coin that is not only a Meme, but also having a trading value 3.2 Billion making it the number 10 cryptocurrency in market rank, Dogecoin has grown and may one day become #1 and even if not, it still gave us a good laugh.
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