On the 20th of December 2020, Elon Musk tweeted ‘One word; Doge.’ While this single tweet pushed the value of Dogecoin about 20% higher, a double impact was recorded in February 2021 when Elon Musk tweeted ‘Dogecoin is the people’s crypto’ and ‘no highs, no lows, only Doge’.You can check also bitcoin and the economy.
These tweets confirmed the rumors about Elon Musk creating or subscribing to a cryptocurrency called Doge, which has grown significantly popular among crypto investors. It is therefore important to look through the history of Dogecoin.
Amusingly, this cryptocurrency came into existence in the heat of a joke. It was created by Billy Markus and Jackson Palmer, who were an IBM software engineer and an Adobe Software Engineer respectively. They aimed at creating a digital currency that was peer-to-peer and had a broader demographic reach than Bitcoin. They also had the plan to keep it distant from the rather controversial history of the other coins.
Jackson Palmer is always recognized as the fundamental catalyst of the reality of DogeCoin. Palmer bought the domain Dogecoin.com and added a splash screen. The splash screen featured the scattered Comic Sans text and a splash screen. Markus contacted Palmer upon going through the site and began to put in efforts to develop the currency. 1
While Dogecoin was launched officially on the 6th of December 2013, it remarkably recorded over a million visitors to Dogecoin.com within the first 30 days of launching.
On December 19, 2013, Dogecoin rose by nearly 300% in value in just 3 days, with billions of Dogecoins each day. This growth came when bitcoin and several other cryptocurrencies were taking the heat from China’s prohibition of bitcoin investments by Chinese banks from investing into the bitcoin economy.
72 hours later, Dogecoin saw its first significant crash when it dropped by 80%. This was caused by large mining pools that were exploiting the little amount of computing power needed to mine Dogecoin at the time
On December 25, 2013, Dogecoin recorded its first major theft. Dogewallet, Doge’s online cryptocurrency wallet was hacked and billions of coins were stolen. The hacker carried out the theft by accessing the filesystem in the platform and modifying its “send /receive” command, such that all coins sent and received were sent to the sane static addresses. This hack made Dogecoin the most trending Altcoin on Twitter during this period.
The Doge community however came up with an initiative to donate Dogecoins to those whose coins had been stolen. About a month after, the initiative raised enough coins to coins to cover the ones that had been stolen.
In January 2014, the cryptocurrency showed significant progress as its trading volume became higher than that of Bitcoin and all other crypto-currencies combined, though briefly. However, Bitcoin had a substantially larger market capitalization.
During the cryptocurrency bubble between 2017 and 2018, Dogecoin peaked at $0.017/coin on January 7, 2018, though this peak lasted briefly, it placed the coin’s total market capitalization around USD 2 billion.at the time
In July 2020, Dogecoin saw another significant spike. This was in response to a TikTok trend that aimed at getting the price of Doge to one dollar. About six months later, the coin made another significant increase. Though it did not hit the one 1-dollar target, it increased by at least 800% in just one day. This increase was due to the attention it got from Reddit users. Elon Musk, Snoop Dog, and Gene Simmons. Brands like Dallas Mavericks have also supported the brand by accepting payments for goods and products purchased with DogeCoin.
SpaceX has also endorsed Dogecoin. It announced that its rideshare to the moon would be totally funded by Doge, making it the cryptocurrency-funded space mission.
On August 14, 2021, it was announced that the Dogecoin foundation which had been established in 2014 was re-established. Its rebirth also came with a new focus which is to support the Dogecoin Ecosystem, Community and promote the future of the Dogecoin Blockchain. The foundation has on its board, capable investors like Jared Birchall and Vitalik Buterin who particularly happens to be a co-founder and inventor of Ethereum.
DogeCoin has visibly bright prospects and has been open for transactions and investments ever since. While observing its prospects, the trajectory of its growth seems to present it as a good cryptocurrency to invest in in recent times.