What is Dogecoin?
While Dogecoin started as an accidental cryptocurrency movement that made people smile, it quickly became a digital currency that led online tipping on social media platforms.
With that in mind, let’s talk a little about Dogecoin.
Dogecoin, created by software engineers Billy Markus and Jackson Palmer in 2013, is a cryptocurrency that pretty much pioneered “meme coins.”
Meme coins are cryptos based on viral internet memes. Their prices rely heavily on speculation, so first-time investors, take note of that.
Surely you know memes and the famous Doge. You know. The image of the excited Shiba Inu, which is also the logo of Dogecoin.
Dogecoin was initially meant to be a lighthearted joke. A satire about the hype around Bitcoin at that time. But surprisingly, the coin managed to build a strong community.
In 2014, the Dogecoin community raised $30,000 to help the Jamaican bobsleigh team compete in the Winter Olympics in Sochi, Russia.
That made Dogecoin more attractive, and celebrity endorsements boosted that popularity further.
Tesla Inc. CEO Elon Musk, in particular, endorsed Dogecoin constantly that it created many memes and, of course, more importantly, sent its value skyrocketing to $88 billion.
Dogecoin has since gone down from that peak, but it remains one of the largest meme coins by market cap.
Due to Dogecoin’s success, over 200 meme coins have been introduced since its inception, with the Shiba Inu coin being another to experience success.