It started off as a mere joke and now it has a market value of over $1 billion. This is the story of Dogecoin, a cryptocurrency that was created as a parody and based off a meme that was popular on the internet around 2010. It was created as a joke and is now sailing on financial success. How did this all start?
The coin was created in 2013. The mascot on the coin is a shiba inu, a dog that is native to Japan. The dog was popularized in 2010 when it became subject to a popular internet meme. They coined the cryptocurrency as “the internet currency that allows users to easily make purchases online”. Dogecoins aren’t exactly hard to pick up either. You can mine them, get tipped in cryptocurrency and even buy them at online exchanges.
The founder of Dogecoin who left in the company is 2015, Jackson Palmer has been showing a lot of concern since the coin’s rise to fame. In an interview with CoinDesk, Palmer told them that the software for the coin hasn’t been updated in over two years and it’s shocking that the coin has had such a drastic rise in price.
Dogecoin is one of the best examples of what an altcoin is. Altcoins are peer-to-peer cryptocurrencies that descended from Bitcoin. Amongst the most popular of the altcoins are ripple and ethereum.
Octagon Strategy managing director, Dave Chapman touched on the popularity of altcoins during an interview with CNBC. “The most significant contributing cause for altcoins to rise so parabolically is owing to the perception of ‘cheap’ coins. The two most well known cryptocurrencies are considered too expensive for most new entrants. Despite being able to purchase a fraction of each, there is a real psychological barrier around owning something in its entirety,”