DogeCoin is sure to hit the news feed to troll the absolute insanity of cryptocurrency. And it recently set new history by possessing 11.5 cents in value. It’s the first time that this “meme-currency” hits the double-digit mark.
The market cap of DogeCoin currently holds over $14BN in value. Its startup as an internet joke now making many clients ridiculously rich. And one of the buyers is none other than Elon Musk, currently the second richest man on the planet.
It doesn’t take much imagination to know that DogeCoin started off as a stupid prank. Following the popularity of the viral Japanese Shiba Inu, an Australian marketer wanted to make fun of cryptocurrency using the Doge meme. But his tweet on the DogeCoin investment regarding the next big thing held notable attention. He even bought the DogeCoin.com domain to keep the fun going.
Later, a simple car bonnet to feature the Shiba Inu, commonly known as Shibe. appeared with a bottom cap displaying a digital coin to follow ‘DOGECOIN’ on top. And just like that, DogeCoin became a tweet to enter cryptocurrency in the real world within six months. It officially launched as a cryptocurrency on Dec 6, 2013.
Billy Markus, a video-game software engineer from IBM, finished his spare-time Bells project. And it was the ultimate point for DogeCoin to come to light. It’s one digital money to resemble bitcoin for enabling peer-to-peer online transactions. Of course, the working mechanism of DogeCoin differs from Bitcoin to multiple extents.
The crypto bubble in 2017 triggered a massive increase in its value. Also at one point, the worth reached a whooping $2BN to mess up traditional concepts.
Adrian Lee, a finance lecturer at the University of Technology from Sydney remained puzzled with such a high value. To him, it’s a replicable coin to set a distinctive difference from the Bitcoin mechanism. He believes early establishment makes DogeCoin viable to hold extreme value in the virtual or digital world. So even though it may take a long time for DogeCoin to reach the 1$ mark, the concept isn’t out of the picture.
Additionally, a direct linkage to the video game with Reddit driving pushed DogeCoin’s value at a skyrocketing rate. However, it experienced a financial struggle following the bankruptcy of Moolah in 2014.
The virtual crypto manages to initiate a culmination of semi-ironic movements to involve buyers. Also, the Wall Street Bets Reddit Community demanded a GameStop Stock of $1000 per share. Making the crypto community want to get attached and to send 10-cent DogeCoin.