Dogecoin was created as a satire of the cryptocurrency mania and social media hype, with no intention of becoming a powerful financial instrument. Even though many individuals have brazenly approached Doge, derided its potential, and also mocked the people who see it as more than a pathetic attempt to make a buck, Dogecoin (DOGE) has transformed into an unexpected giant in the crypto market.
In spite of its origins as a meme coin, DOGE had a fascinating evolution, growing into a global phenomenon which includes lots of features that are commonly found in more established cryptocurrencies. DOGE was first interpreted as a lighthearted parody, but no longer after that, its simplicity and self-awareness have ranked it as a means of expressing a twisted cynicism about them state of the world.
Its playful and insolent nature has resonated with a specific category of people: meme lovers, beginner crypto investors, and online communities that have long sought a buoyant way to immerse themselves in the cryptocurrency world. The outcome is unmistakable: the internet had enough power to boost dogecoin price and drive its popularity.
How did Dogecoin appear?
In 2013, Billy Markus and Jackson Palmer created Dogecoin (DOGE), inspired by a famous meme: an image of an adorable Shiba Inu dog sitting on a couch with a tilted head and a puzzled expression. While Bitcoin has been developed with specific technical goals and economic frameworks in mind, the creators of DOGE intended to create a fun and approachable alternative, embodying the spirit of pop culture and creating a loophole for those who wanted to interact with the crypto market, but didn’t know how to do that exactly.
However, one year later, in 2014, the Dogecoin community decided to solidify its status as a charitable cryptocurrency, generously supporting the Jamaican bobsled team and NASCAR driver Josh Wise.
At present, with a circulating supply of about 148.49 billion DOGE and a market valuation of $58.7 or around $25.36 billion, it competes with some of the world’s largest corporations.
What differentiates Dogecoin from other cryptocurrencies?
First of all, DOGE works on a unique inflation model. Unlike Bitcoin, which is known for its limited supply, DOGE does not limit the number of coins that can be mined, adding at least 10,000 new coins to circulation every minute. Thus, Dogecoin supports wider circulations and creates a space of lower scarcity, ranking DOGE as a favorable method for daily transactions and microtransactions.
Furthermore, if we compare DOGE with giant coins such as Bitcoin and Ethereum, DOGE’s lower fees make it a potentially more suitable alternative. Whether for small purchases, business proceedings, recreational activities, or donations, Dogecoin demonstrates effectiveness and is a top choice for many.
Next, DOGE is a peer-to-peer, open-source cryptocurrency. Its simple and easy-to-use platform facilitates newcomers to the crypto market. Its architecture is specially designed for speed and intelligibility, using a proof-of-work (PoW) system to validate and record transactions.
Lastly, DOGE has generated a vibrant and supportive community that promotes empathy and kindness, teaches people about cryptocurrency, and encourages fundraising and having fun.
How did Dogecoin become so notorious?
DOGE is a community-driven asset, and it has built a cultural identity that is as vigorous as its economic one. Dogecoin’s rise is ineradicably connected with internet culture, as its rapid adoption stems from social media platforms (principally Reddit and Twitter). Their communities rallied behind the coin, sharing tips, memes, and humorous commentary that amplified its appeal to the point of astronomical growth. Moreover, DOGE’s charitable efforts have placed it as a currency of goodwill, solidifying consumers’ approach to it. It’s simple: In a corporatist society where businesses remember about philanthropy only on Christmas, DOGE has set itself apart and resonated with the hearts and principles of many.
Elon Musk, the billionaire entrepreneur behind SpaceX and Tesla, is a very important figure in regards to Dogecoin. In 2020, Musk made Dogecoin popular across the globe, appreciating its approachability and lightheartedness in comparison to the complex technologies and financial ecosystems of many other cryptocurrencies. Elon Musk is known to be an avid fan of leading cryptocurrencies, and he has repeatedly emphasized DOGE’s potential to become a daily payment method. However, it is fascinating how the coin used to spike every time Musk mentioned it, but now it seems immune to his influence.
What is the position of Dogecoin today?
From a harmless joke, DOGE is now a widely recognized digital asset, and it is accepted as a payment method in numerous online and physical stores. In the beginning, people had a skeptical perspective regarding this matter, refusing to contribute to a movement that appeared practically through a meme. However, DOGE’s increasing relevance in the real-world economy has facilitated people’s acceptance, and both businesses and consumers are now benefiting from its unique advantages as a payment method.
Moreover, DOGE plays a significant role in the sectors of charity and philanthropy, becoming the all-time largest crypto donor to Save The Children. Dogecoin’s history includes multiple charitable endeavors, fortifying the act of making a good impact on the world as a core value of its community. Some notable examples include:
- The Dogecoin community raised $50.000 to build walls in Kenya through a partnership with the charity WaterProject.
- Dogecoin contributors helped raise funds to support Australian wildlife and the victims of the devastating bushfires.
- The Dogecoin community contributed to feeding America and providing meals for those in need during the pandemic.
- Dogecoin’s figures raised funds to support the rescue and care of Shiba Inu dogs, aligning with the bread embodied by the coin’s mascot.
Final Thoughts
Over all, Dogecoin has proven that even the most modest beginnings can grow into something extraordinary. From a position of irrelevance, it has a point where it dominates and thrives.
