Unlike many crypto coins, Dogecoin started with the infamous slogan “Straight to the Moon.”
This is just to say that the coin and its investors’ goal was to get it to one dollar. Dogecoin’s popularity came about in 2021 when it came close to that reality when it began trading for $.10.
Ever since then, there have been many copycats that have tried to capitalise off Dogecoin’s success. In contrast, Dogecoin’s success has led scammers to make their own “meme coins,” such as the infamous Squid Game coin fiasco. You can learn more about this coin by reading about it!
How It Started
Dogecoin was invented by Billy Markus and Jackson Palmer in 2013. It started as a joke, and the pair could never have imagined that the likes of Elon Musk would back them up in the future. The pair saw more than one million individuals visiting their site when it was first created.
The creators began “marketing” their product on sites such as Twitter and Reddit, where they gained traction on the latter. As if an overnight success, Reddit sub treads were created, dedicating themselves to the coin and what it stood for.
Unlike Bitcoin, the team created the coin as a joke that would cater to a diverse audience that differed from the Bitcoin mogul that only wanted profit. This coin was built for the community, by the community essentially. After a year, Dogecoin was seen everywhere, with billboards and all.
Standing On Its Own
What seemed like fantasy was now a reality. Unlike its predecessor, Dogecoin had an unlimited amount of coins that could be generated. This meant that even though many coins could be generated, it would lead to a dilution of the currency, which was not good in the long term.
The majority of Dogecoin’s market value came from generous Redditors and Twitter followers who helped make the website/coin accessible and functional. The project was not just a one-man show but a whole community that came together to back it up.
A few key differences that made Dogecoin further stand out from Bitcoin were:
- It was easier to mine;
- Fast transaction speed;
- Fueled by memes.
To the Moon!
There were a few years of silence from Dogecoin as it got time to settle. The name started causing an uproar again in 2019. The cause of that was the fact that the coin was finally listed on a publicly known exchange, Binance. When that happened, more people joined the cause.
The dream was becoming a reality, but the original member, Jackson Palmer, had already departed the project in 2015. They saw their market capitalization surpass one billion dollars in 2018. A major reason for the coin’s continuous success was because of its loyal community.
The coin was actively being mined, everyone in the community wanted a piece of the pie, and nothing was going to stop them.
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Elon Musk
It was only a matter of time before the likes of Elon Musk and other celebrities, such as Snoop Dogg, Started tweeting about the coin, which helped to propel it to the next level. Tesla would later send out a poll on whether they should accept Dogecoin as payment.
It took a few months before other companies and businesses, such as AMC Entertainment Holdings, started following in Tesla’s footsteps by accepting the coin. The next barrier in its way, having major businesses accept the coin, was becoming a reality.
Next Stop, One Dollar!
Dogecoin reached a major goal of $.10 goal in 2021 and fell shortly after. With new meme coins, the community isn’t dead, and many believe that Dogecoin will reach one dollar by 2030 as long as the community stays strong.
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