Dogecoin is perhaps one of the more famous cryptocurrencies available, aside from the likes of Bitcoin and Ethereum, which arguably have bigger reputations. However, the altcoin has managed to form its global recognition for a very different reason than those known because of its value.
Dogecoin is a digital token that managed to gain traction amongst the wider community later in its life when one of the world’s influential men decided to put a simple tweet out stating “DOGE”, thus resulting in the coin exploding and skyrocketing in price and popularity.
So much so, it became a main standout cryptocurrency for many holders of digital currency, with numerous industries deciding to embrace the popularity that had been experienced. Industries that decided to accept the coin included those across various sectors, with the entertainment niche being one market that truly embraced it.
AMC Theatres were among the early adopters, as were travel firm AirBaltic and automotive Tesla. The casino industry was not far behind, either, with players able to play online pokies in Australia using Dogecoin without issue to enhance their overall gambling experiences.
Gamers have been able to enjoy several security benefits that the altcoin has provided, such as being able to enjoy a fun, decentralized, and community-driven alternative compared to when they may have used traditional Australian dollars instead. It is a simple coin that enjoyed widespread adoption, low fees, and rapid speeds, which are similar traits Bitcoin experienced while offering more favorable conditions than other cryptocurrencies that could be used.
The Story of Dogecoin’s Rise to Millions from Being a Simple Meme
With meme coins being in the news currently due to the TRUMP meme coin being talked about as a potential rival to the Dogecoin and Shiba Inu crypto giants, it does seem a perfect time to reflect on the crazy years that the Dogecoin had witnessed.
Birthed in 2013, the DOGE coin was designed by Jackson Palmer and Billy Markus as a meme due to the viral sensation of Kabosu, the female Shiba Inu of Japanese owner Atsuko Sato. The art teacher had posted photos of her loved pet online and before she knew it, one of them would blow up as the photo of the dog staring into the camera from the side with her paws crossed would be given worded treatment of colorful but grammatically incorrect statements in Comic Sans. From there, it became a phenomenon of sorts, as Kabosu became a marketing tool for many companies.
Going back to the coin, Palmer and Markus wanted to capitalize on its popularity but see how far they could go with the joke coin. They made billions of it available with the technological knowledge they had, and within its first year, they had seen it become the world’s sixth-largest cryptocurrency, having a market cap of $22,144,496. In 2014, the world did not even have Ethereum, which perhaps helps highlight its extraordinary rise from meme to millions.
Of course, this was just the story’s beginning, as it went through several other stages. The altcoin would go through a period of abandonment by Palmer, as he decided to leave the industry in 2015. However, in 2017 – after a natural period of decline – DOGE soared once again and reached a record-high of $0.018773 in January 2018. An unusual story in 2017 helped boost its popularity once again, as the Twitter account for China Central Television posted that Doge (the dog) had died, something that her owner would deny and disprove with a video of her eating.
That April Fool’s Day joke led to its revival again in 2020, with the TikTok craze playing its role. A user posted under the hashtag ‘#DogecoinTikTokChallenge’ stated that if users were to invest $25 in the practically worthless coin, they would have $10,000 once it hit a value of $1. This led to a lot of interest, but then a certain Elon Musk helped push the boundaries further.
Elon Musk’s influence on Dogecoin
An admirer of the altcoin, Musk posted a one-word tweet that saw it jump in value by 20% in December 2020. A few months later, he continued to fan its popularity by mentioning it in various tweets, such as claiming it to be the people’s crypto and even uploaded a photoshopped picture of him holding Shiba Inu like he was holding Simba in The Lion King.
Before this, he had responded to a tweet in 2019 stating: “Dogecoin might be my fav cryptocurrency.” In doing so, he got some famous celebrities to get in on the action, which helped Dogecoin reach an all-time record-high of $0.08495, an increase of 352% from its previous high. It continued to escalate as mainstream media attention had reported and followed the story.
Today, it continues to trend positively, with the coin’s market cap being $11,856,800,863, and it is currently at a price of $0.08286 in February 2024.
Image by Anna Mustermann from Pixabay