What exactly is Dogecoin (DOGE)?
What happened to make a joke more popular than bitcoin?
Dogecoin (DOGE), a famous dog meme from many years ago dubbed crypto-currency, set a new all-time high Friday evening. It now has a market capitalization of around $92 billion after a six-month increase of almost 26,000 percent. Over the same period, S&P grew 19%, while crypto competitors bitcoin and ether rose by 286% and 698%, according to CoinMarketCap, respectively. And Tesla’s honey on the stock market? Since November, it has risen by 56%.
How did it start?
Dogecoin was founded as a prank by a few software developers on December 6, 2013.
A Portland, Oregon IBM programmer, Billy Markus sought to separate his Bitcoin cryptography, which was mysterious to the anonymous designer, attracting a small number of miners. According to Chohan, Markus wants his coin to be available to the public.
Markus tried to make his strange fantasy come true and contacted Jackson Palmer, who worked with Adobe (ADBE). Palmer bought the dogecoin.com domain — a doge’s node all over the internet at the moment.
The website nodes at the top of its joke: Its Shiba Inu mascot is the first image, imitating the inspired memory of the same dog, with a collection of comics without the text in poor English.
At dogecoin.com, her mascot is labeled: “Dogecoin is a peer-to-peer digital open-source money, which Shiba Inus favors globally.”
Why is it all of a sudden so widespread?
Dogecoin isn’t a joke anymore. This year, its popularity has increased astronomically, partly due to the widespread acceptance of Bitcoin and other cryptocurrencies.
But Elon Musk is Dogestic’s loudest and leading backer. One of his odd tweets might deliver the crypto to his 50 million followers. That’s what happened in April when Musk tweeted “Dog’s Barking on the Moon,” posted a photograph of a Spanish artist’s work, Joan Miró, entitled “Dog Barking on the Moon.”
Dogecoin (DOGE) set a new all-time high Friday evening. It now has a market capitalization of around $92 billion after a six-month increase of almost 26,000 percent. Dogecoin was founded as a prank by a few software developers in December 2013.