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Dogecoin is a cryptocurrency, similar to Bitcoin, with the wow meme dog logo. It started out
back in 2013 by Billy Markus and Jackson Palmer, and was meant as a joke after the
internet’s crazy obsession with Bitcoin, and therefore cryptocurrency. Today, the circulating
supply stands at 127 billion, with 113 billion coins already being mined. Currently, Dogecoin
is worth $10 billion, and is a close competitor of Bitcoin.
So how does it work? Dogecoin, as most cryptocurrencies, is a peer-to-peer money
exchange model, where users can create instant, fun and free payments, that are devoid of
traditional banking fees.
But if it was started back in 2013, close to 7 years ago, why is the internet going crazy over it
today? Well, thanks to one single tweet by multi-billionaire, Tesla owner Elon Musk, and the
price instantly went up by 50%, thus bagging a position in the top 10 cryptocurrencies in the
market right now. Musk tweeted “Dogecoin was made as a joke to make fun of
cryptocurrencies, but fate loves irony, the most entertaining outcome and the most
ironic outcome would be that dogecoin becomes the currency of Earth in the future”.
The doge symbol is the viral 2012 meme featuring a Shiba Inu Dog with a surprised
expression and a subtext that reads ‘wow’.
Tesla is also responsible for taking Bitcoin to an all-time high by purchasing $1.5 of Bitcoin,
stating that they might start accepting the cryptocurrency as a form of payment in the near
future.
Apart from Musk, American rapper Snoop Dogg is also responsible for the hike that
Dogecoin experienced, referencing a parody tweet of his rap name Snoop Dogg replaced by
‘Snoop Doge’ in one of his album covers.
This is very much similar to the GameStop incident and the power social media platforms
like Twitter and Reddit have to shake markets. Exactly like r/wallstreetbets, Dogecoin started
out as a parody on the people’s obsession with digital currencies, and now the tables have
turned and how- which is proof enough of how fickle the stock market is and how young
investors have to be extremely cautious when they are planning for investments.
