Technology Hits
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Technology Hits

Doge — Zero to Hero

Image Source: https://www.pexels.com/photo/hand-holding-fan-of-us-dollar-bills-4968663/

Let’s begin with the beginning, In 2013 Jackson Palmer and Billy Markus, pair of software engineers created a cryptocurrency as a joke to criticize altcoin's growth. and named it Dogecoin and gave the logo as Shiba Inu dog (from “doge” meme).

DOGE was a derivative of Luckycoin which forked from Litecoin. there is no cap on coin supply. Doge was first to come into the news when millions of Dogecoins (worth around $16,000) were stolen during a cyberattack on the online platform Dogewallet in 2013.

Dogecoin has very slow growth and reached a peak in early 2018 at $0.017 because of the ongoing crypto bubble that happened.

Last year many Tiktokers created some challenges to buy some coins including Doge to “get rich quick” but that wasn’t all. at the end of 2020 doge ended at less than half of a penny. but the game was just about to begin. and yeah Reddit comes into play, in January 2021, Reddit users drew their attention from the stocks such as GME, AMC to dogecoin, and the Reddit dogecoin community just grew more and more.

People started talking about Doge, and the meme lord Elon mask came into the play, he started talking about Doge a lot with many other big influences in the world. at the time of writing this article Doge was trading at $0.435 with the market cap of $56B making dogecoin and at the 5th place in the major cryptocurrency in terms of market cap after BTC, ETH, BNB, and XRP.

Dogecoin is an example of a true community-based cryptocurrency, it has a major community base for example on Reddit Dogecoin subreddit has over 1.6M members and that is huge.

Let’s look at the Dogecoin growth over the time period.

Chart copyright: https://coinmarketcap.com/currencies/dogecoin/

It just skyrocketed. now let's see what happened in the last 3 months.

Chart copyright: https://coinmarketcap.com/currencies/dogecoin/

we can see that it stabilized for 2 months and again took off. Dogecoin stabilizes for some time then takes off and this continues. There is huge potential for Dogecoin to grow to $1 in near future and who knows maybe more than that.

Remember this is not financial advice, always invest what you can afford to lose.

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Manoj Ahirwar

Manoj Ahirwar

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