Who would have ever imagined that a joke or meme in social media would turn out to create a new Cryptocurrency and would gain such popularity?
Well, the unprecedented happened and we all know that it’s Dogecoin.
It sounds goofy though!
The history behind the emergence of the Dogecoin as a Meme Currency
begins with the story behind the emergence of the meme.
A Japanese woman posted her rescue dog’s several pictures on the internet in the year 2010 on Feb 23. She captured many shots among which there was this particular picture of the dog with him sitting on the couch and glaring at the corner of the camera with raised eyebrows.
This picture caught the attention on the internet and it went viral. The meme was created and was used widely across the globe.
Billy Markus a computer programmer from Portland created Dogecoin with the hope to create a Fun cryptocurrency but he did not succeed to pursue his dream at that time though. The story of Dogecoin took a great turn when Jackson Palmer, then, a member of Adobe’s marketing department of Sydney Australia was encouraged by a student on twitter to turn this idea into a reality.
Palmer purchased the domain name Dogecoin.com and added the dog’s meme as its logo. Markus noticed this in the IRC chat room and approached Palmer and started to work on the coin. He described the coin to be a Lucky currency.
After a lot of planning and analysis, Finally, Dogecoin was launched on December 6 in 2013. At first, it was expected that the Dogecoin Community would produce only 100 million Dogecoins but soon after they announced that they would produce Infinite Dogecoins.
The popularity of Dogecoin rose and in less than two weeks since its release witnessed its first moon launch. The coin value jumped to 300% in less than 72 hours.
The reason behind its hype was China’s decision to forbid the Chinese banks to invest in Bitcoin and this led investors to look for another Alternative to invest in Cryptocurrencies.
Well! Dogecoin was right up front to grab the opportunity. Many used Dogecoin as a tipping system on online forms as it was cheaper and faster than Bitcoin.
Three days later, just after its hype, the same event also led Dogecoin in turmoil and faced its first market crash by dropping 80%. This was due to the little computing power that led the other large mining pools to exploit it in mining further Dogecoins.
Another event of major theft occurred right after its drop where millions of Dogecoins were stolen from the Dogewallet through hacking. To compensate its investors, the Dogecoin Community initiated a campaign named “SaveDogemas“. Enough money was raised by the campaign to cover the losses of the investors.
Also read Dogecoin Price Prediction 2020
However, Dogecoin managed to gather a large fanbase. It received huge attention when the community hosted many fundraising and charity events and helped the needy sectors round the globe. The Dogecoins Community is massive and stands as a rock bottom support for Dogecoin’s success.
Events that fueled the popularity of Dogecoin
- The Singapore based Exchange Huobi listed Dogecoin on its Platform with three pairs of trading options a couple of years ago. Within a day, Huobi global was the third biggest Dogecoin market with a $20 million trading volume.
- Elon Musk’s fondness towards the Dogecoin Project also circulated a heat on the speculation for its hype when his tweet in favor of Dogecoin went viral last year
- Dogecoin went viral on Tiktok within the last 24 hours. The TikTokers ran a challenge quoting the #Dogecoin Challenge sweeping the app. The reason behind such a promotion is still unknown. But several users of TikTok can be seen sharing the videos urging the followers to invest in it with just $25. Dogecoin saw an increase of 17% since last week when the challenge was issued. The Dogecoin hashtag has over 2.7 million views until now and is still counting.