Dogecoin: To the moon!!
If you are on social media, I am sure that you must have seen people going crazy after dogecoin. Let’s see what it is and why it is so popular!!
What is Dogecoin?
Dogecoin is a cryptocurrency similar to bitcoin and ethereum i.e. it is a decentralized unregulated form of money. It was invented by Software engineers Billy Marcus and Jackson Palmer in 2013 literally as a joke. They invented it as a joke to pay homage to bitcoin as thousands of new cryptocurrencies kept launching every day. It was inspired by a popular meme at that time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog.
Dogecoin working
As it is a cryptocurrency, it runs on the blockchain network. It differs from bitcoin in a few ways. First, it got unlimited supply, unlike bitcoin which has a cap of 21 million only. Second, although it is based on Proof of Work, the mining time is under a minute only. Rest all is almost similar to that of bitcoin. It can be used as a medium of exchange although very few people accept it as a form of payment.
To the moon!!
Dogecoin was in existence for all these years from 2013 but it never grabbed any attention apart from a few memes as it was invented as a joke. It was traded less than a cent for all these years. But then came 2021 and it was this year when it grabbed the attention of Billionaire Elon Musk. In early 2021, he declared it as his favorite cryptocurrency. He promised to place a physical copy of dogecoin on the moon and keep regularly tweeting about it. The results were unexpected. The prices skyrocketed. It was no joke anymore. Its price went as high up to 70 cents i.e. around 15000% gain from where it started this year. Whenever Elon tweeted about it, the price kept rising and people went crazy about it. Other celebs also started showing interest in it by tweeting and making videos which further increased its popularity. Today, what started as a joke is now in the top 10 cryptocurrencies by market cap.
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