Dogecoin: A Brief History Of Crypto’s Greatest Meme
August 29 2021 - 4:00PM
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Dogecoin: one of crypto’s most hyped coins. It seems as if it is
always in the mouths and minds of young investors. Moreover, more
notable investors have praised the coin both for its comedic
origins and as a viable “medium of exchange.” But what exactly is
this comical fad? Additionally, what does it have to do with a
Shiba Inu? Why is it that both Mark Cuban and Elon Musk are
promoting this coin despite the fact that it literally started as a
joke? The answers may surprise you. The Origins Of Dogecoin If you
have heard the rumors, it is true: Dogecoin, quite literally, is a
joke coin. Billy Marcus, a co-creator of Dogecoin, initially minted
the coin in 2013. Bragging to CNBC, he says the coin was created
in, “about two hours.” The original Doge meme in its glory |
Source: Wikipedia Originally made as a parody of Bitcoin, and based
off of the popular “doge meme,” Dogecoin spread like wildfire in
the world of crypto. From 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.” Related
Reading | Latest News On Dogecoin, Trends And Analysis Later on,
Marcus reached out to Palmer to create a new cryptocurrency. When
Marcus’ 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 Is Behind The Hype? As you
have probably heard by now, Elon Musk, now crowned “Daddy Doge” by
many crypto enthusiasts, 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 is seen
yelling, “To the Moon!’ The studio audience is heard cheering
following Musk’s remark. As a result, Dogecoin saw a spike in their
prices shortly after Musk’s appearance on SNL. Related Reading |
Every Doge Has Its Day: Dogecoin Founder Buys Back Into DOGE Mark
Cuban, a multi billionaire investor, is also a huge supporter of
the coin. As of recently, Cuban pitched in on his thoughts for
Dogecoin, “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.” Despite this remark,
Cuban has faced scrutiny over the fact that he owns less than $500
in the coin. What Is Next? Just recently, notable figures have
joined the Dogecoin Foundation. Vitalik Buterin, Ethereum’s
founder, has just joined the team. Additionally, Jared Birchall,
head of Musk’s family office, has joined the team as well. Will
this joke coin reemerge to comical heights? Recent drop amist
crypto gains suggests otherwise | Source: DOGEUSD on
TradingView.com Despite a recent drop 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. Featured image from iStockPhoto, Charts from
TradingView.com
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