Dogecoin began as a joke. It is now a top-10 digital currency with a market capitalization of $34 billion.
The cryptocurrency is based on the “Doge” meme, which gained traction in late 2013. The meme depicts a Shiba Inu dog alongside nonsensical phrases written in multicoloured Comic Sans text.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but more “fun” alternative to bitcoin. It has since attracted a sizable online following. And now, defying all expectations, dogecoin has a total market value of $34 billion, according to crypto market data site CoinGecko, having added about $19.9 billion in the last 24 hours. The digital token hit an all-time high of more than 28 cents on Friday morning, more than doubling in price from the previous day. This is not the first time dogecoin has experienced a meteoric rise.
Meme based Cryptocurrency
The cryptocurrency we’re talking about here is Dogecoin and in case this name sounds familiar, you’re right, the coin is actually named after a meme of ‘Doge’ shiba dogs that are prominently found in Japan.
The cryptocurrency was created by software engineers Billy Markus and Jackson Palmer, who made this as a joke — a fun way to circumvent traditional banking fees in the year 2013.
It, like many other cryptocurrencies, is prone to volatile price swings. Earlier this year, dogecoin began to make a comeback, skyrocketing thanks to the enthusiasm of a Reddit group called SatoshiStreetBets.
SatoshiStreetBets, like the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, aims to boost cryptocurrency prices.
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