The Beginning.
Dogecoin created as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog). By IBM software engineer Billy Markus from Portland and Adobe software engineer Jackson Palmer, who set out to create a digital currency that could reach a broader demographic than Bitcoin. It is an open-source, peer-to-peer cryptocurrency that started in 2013 as a way to satirize the hype surrounding cryptocurrencies. It based on Litecoin. Users could buy, sell and exchange DogeCoin from popular Digital Currency Exchanges like Binance, Coinbase, WazirX, namely a few.
The Rise of Dogecoin.
Dogecoin started as something of a joke meme of sorts, but after it was created, it gained a following. In 2017 it also Joined the crypto bubble that got the values of so many coins up significantly. But shortly after the bubble burst in 2018, Dogecoin lost much of its value, like others, but it still had core supporters who trade it and use it to tip content creators on Twitter, Reddit and Twitch( Mostly used for gamers for live streaming).
The Boom.
Basically, the valuation of a particular coin depends on News, among other factors, of course. In the world of Crypto, positive News like being supported by a big company Or a famous person investing in a particular coin can do wonders for the whole crypto market.
It was Feb of 2021, just two days after Elon Musk(CEO of Tesla Inc.) said he was going take a break from Twitter “for a while.” Suddenly came up with a Tweet Musk first tweeted “Doge” and immediately followed it up with “Dogecoin is the people’s crypto.” In the past, Musk has been in support of Crypto, even going as far as accepting Bitcoin as a mode of payment in Tesla Inc. After that Tweet, The valuation of Dogecoin has Skyrocketed From 3.77 INR in Early Feb to being just shy of 30 INR In early April. And so on and so froth Elon has been supporting Doge ever since through his tweets Even say in one of his tweets “Doge Barking at the Moon.”
Written By – Shubham Kaushik