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Thursday, Feb 09, 2023

Short History Of The Infamous Meme Currency: Dogecoin

Short History Of The Infamous Meme Currency: Dogecoin

Dogecoin became one of most talked about crypto along with Bitcoin and Ethereum. Especially the young investors have become fascinated by it. But also more notable investors have praised the coin both for its comedic origins and as a viable medium of exchange.

Dogecoin became one of most talked about crypto along with Bitcoin and Ethereum. Especially the young investors have become fascinated by it. But also more notable investors have praised the coin both for its comedic origins and as a viable medium of exchange.

But what exactly is this Dogecoin? What does it have to do with a Shiba Inu? And furthermore, why both Mark Cuban and Elon Musk promote this coin despite the that it literally started as a joke? Let’s have a look.

The Birth Of Dogecoin
As most already have heard, Dogecoin, quite literally, started as a joke. Billy Markus, a co-creator of Dogecoin, initially minted the coin in 2013. According to him the coin was created in, “about two hours.”

Originally made as a parody of Bitcoin, and based off of the popular “doge meme,” Dogecoin spread like wildfire in the crypto world. Quoting Investopedia:

“Jackson Palmer, a product manager at the Sydney, Australia office of Adobe Inc., created Dogecoin in 2013 as a way to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptic-analytic” observer of the emerging technology, and his initial tweets about his new cryptocurrency venture were done tongue-in-cheek.”

Later on, Markus reached out to Palmer to create a new cryptocurrency. When Markus’ desire to create a crypto and Palmer’s scrutiny towards crypto met, Dogecoin was born.

From Investopedia:

“Markus based Dogecoin’s code on Luckycoin, which is itself derived from Litecoin, and initially used a randomized reward for block mining, although that was changed to a static reward in March 2014. Dogecoin uses Litecoin’s scrypt technology and is a proof-of-work coin.”

Who or What Is Behind The DOGE Hype?

Elon Musk, or as he is widely known in the Dogecoin community “The Dogefather,” has been a huge supporter of the coin. In an SNL skit called “Weekend Update,” Musk is seen participating in a comical bit featuring the coin. As the skit ends, Musk yells: “To the Moon!” The studio audience is cheering following Musk’s remark.

Mark Cuban, a multi billionaire investor, is also a huge supporter of the coin, despite he recently revealed owning only $500 worth DOGE. Cuban has publicly shared his thoughts on Dogecoin as a utility:

“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.”

What The Future Will Bring?

Recently, notable figures have joined the Dogecoin Foundation, such as Vitalik Buterin – Ethereum’s founder, Jared Birchall – head of Musk’s family office, and Billy Markus, the co-creator of Dogecoin.

Despite a recent price volatility in prices, the team remains optimistic. According to Yahoo, “Now, the group is looking for three years’ worth of funding to hire a staff and work on Dogecoin full-time.” As always, the future is uncertain, but recent changes to the group can most definitely be viewed as a positive for Dogecoin investors.

Source: Short History Of The Infamous Meme Currency: Dogecoin – Fintechs.fi

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