“Dogecoin can be claimed as the biggest joke in the world with a market capitalization of over $28 Billion and its journey and rise is worthy of description”.
History of Dogecoin
The Dogecoin was started in the year 2013 as a meme token to meme the Bitcoin cryptocurrency with a Shiba Inu dog as its logo. Dogecoin is a decentralized, open source and peer-to-peer cryptocurrency developed by software engineers Billy Markus and Jackson Palmer.
In the beginning of its journey Dogecoin was priced at approx. $0.0002 around December 2013, but with the addition of the mining rewards, the price quickly soared 9x to $0.0018. The currency was literally sleeping from that moment and was completely forgotten by the general investors except the Dogecoin community up to the first month of 2021 from where the uptrend started and Dogecoin recorded its all time high at $0.64 turning the whole cryptoworld upside down.
Reasons for the Surge
To understand the reason behind such a rise of a meme cryptocurrency we must understand the chain of events that took place and paved the path for such a rise.
The Dogecoin CEO
On April 1, 2019 Dogecoin through its official twitter handle tweeted that Dogecoin needs a CEO and asked the community to vote on it. Out of various candidates, Elon Musk was voted as a CEO and responding to the joke Elon Musk quickly changed his Twitter Handle name to “CEO of Dogecoin” that resulted in 78% increase in the price of the coin in a single day.
The Robinhood Effect
The Robinhood Exchange obtained a New York Regulatory License and listed Dogecoin and other leading crypto for trading. Increasing the price of Dogecoin by 20%
The Binance Listing
By the end of June 2019, Dogecoin started to get the fame and with Binance listing it on its exchange on July 5, 2019 Dogecoin price soared by another 30% to $0.0038. Talking about the popularity of Dogecoin Binance CEO tweeted after its listing “This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk)”
In their attempt to troll the hedge funds, the reddit community with over million followers tries to pump the dogecoin 28 January, 2021 with a tweet “Has Doge ever been to a dollar?” which was retweeted several times for the next 24 hours and with Elon Musk confirming on the tweet, the price rose to a staggering 7 cents per dogecoin resulting in 800% return in a single day.
The Return of the Developers
On February 28, the original developers of the Dogecoin returned to the platform among the rising fame and gave another boost to the coin as it was not seen more than a joke or a meme coin.
Elon Musk became a self acclaimed ‘dogefather’ and tweeted that he will send Dogecoin to the moon and this was a game changer for the currency and the price of the Dogecoin literally mooned to $0.64 at the peak price.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as a financial advice. Own research on the topic is advisable.
Photo by Executium on unsplash