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In this blog post we are going to talk about Crypto, Investing, Dogecoin and how it became so popular!

 

So What is a cryptocurrency?

It’s basically a digital form of money and has no physical form. Some also refer to it as digital money, electronic money, electronic currency, or cybercash.

 It was created to solve all of the current issues with our banking system.

You may think that the current banking system that we have is good enough but whenever we make an online purchase it has to go through our bank or credit card company which takes a cut from the transaction.

 

We have to trust the bank that they will do everything right since we have no power or control over the bank.

Cryptocurrencies are here to fix all of that by taking out the middleman.

 

The most popular Cryptocurrency is Bitcoin, but who made it?

It was made by an anonymous programmer named Satoshi Nakamoto, though no one knows who he is or if it were a group of people.

He published an article on a popular cryptography blog detailing the Bitcoin system – That explanation is also called "The White Paper".

 

He proposed that instead of a bank or credit card company holding all of the details in one central ledger, it will be all of the system users who will record all the transitions happening at the same time. 

That way, no one could cheat the community and if they did then the payments would be rejected.

 

As a result, it will be a quicker and easier way to spend money even across national borders.

All other cryptocurrencies that are not Bitcoin are called Altcoins.

 

KEY TAKEAWAYS

  • Digital currencies are currencies that are only accessible with computers or mobile phones, as they only exist in a digital form.
  • Since digital currencies require no intermediary, they are often the cheapest method to trade currencies.
  • All cryptocurrencies are digital currencies, but not all digital currencies are crypto.
  • Digital currencies are stable and are traded with the markets, whereas cryptocurrencies are traded via consumer sentiment and psychological triggers in price movement.

 

Now that you know what a cryptocurrency is we can move on to

Dogecoin

 

You might have heard about it or saw it on Twitter, or Reddit, and for those of you who do not know about it, It was created as a joke back in 2013 by Jackson Palmer, who was a software engineer at Adobe.

 

It all started when Jackson sent out a tweet, making a joke about how there are so many altcoins. The tweet said: 

“Investing in Dogecoin, pretty sure it’s the next big thing”

at that time Dogecoin did not exist and Doge was a meme of a Shiba Inu which is a dog breed.

 

But later this tweet got attraction on Twitter and after some positive feedback, he was quoted in an interview saying:

“One night after work, I sat down with a beer, I had too much time on my hands, and I bought Dogecoin.com. Then I photoshopped the logo on the coin and put it up there”

 

After that, it picked up even more attention on Reddit and from there also caught the attention of Bill Markus who was also a software engineer at IBM. Markus asked Palmer to build out the software to make It a proper Cryptocurrency and after about 2 weeks it was launched in December of 2013.

 

Because it had the face of a meme, it went viral, and at the same time, China banned the trading of Bitcoin, so Dogecoin started growing even more and the value increased by 300 percent. In 2014 Dogecoin's trading volume surpassed all the other Cryptocurrencies combined including Bitcoin.

 

But unlike Bitcoin which is limited to 21 Million coins forever, Dogecoin is based on Litecoin, which is an open-source project.

 This means there is an unlimited number of Dogecoin.

 

At the time of making this post, there are about 128 billion Dogecoins in circulating supply and it rises each year. In addition to that, Dogecoin will allow inflation of 5 billion coins per year. So over time the value of Dogecoin might decrease as more coins are entered into the market. It represents an inflation rate of about 4 percent per year.

 In December 2013 during the holidays, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online cryptocurrency wallet platform Dogewallet.

This hacking incident spiked tweets about Dogecoin, making it the most mentioned altcoin on Twitter at the time.

To help those who lost funds on Dogewallet, The Dogecoin community started an initiative called "SaveDogemas" to help donate coins to those who had them stolen.

Approximately one month later, enough money was donated to cover all of the coins that were stolen. This act of generosity would become a key defining characteristic of the Dogecoin community in the year that followed.

This is what separates Dogecoin from other Altcoins, it has a Real utility and a caring community. They used their popularity to do charity work.

 

In 2014, the Dogecoin community raised $30,000 in a matter of hours to help send the Jamaican bobsled team to Sochi, Russia, for the 2014 Winter Olympics. The story was picked up by several mainstream news outlets including Business Insider, The Washington Post, and The Guardian, and helped broadcast the dog-themed crypto project to the rest of the world.

Also on Mar.11, 2014, the Dogecoin community contributed $50,000 to support a charity: water project that builds clean water facilities in Kenya. The generous donations allowed the U.S.-based non-profit organization to construct two new water wells in the area.

I think it’s safe to assume that Dogecoin has a real and caring community. Another thing that makes Dogecoin so different is that they never took themselves seriously. In an interview, Markus told the WallStreet journal that :

“The idea of Dogecoin being worth 8 cents is the same as GameStop being worth 325$. It doesn’t make sense. It’s super absurd, the coin design was absurd” 

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Back to Doge - So maybe because they didn’t take it seriously and appeared less intimidating when compared to other altcoins it quickly became more appealing to people.

 

I said this before that the reason it became so popular was that it was a meme at first and the other reason was because of celebrities.

In more recent years, it has a growing list of influential celebrity endorsers who frequently voice their support for the Shiba Inu-themed cryptocurrency on social media.

 

The list includes Netflix’s “Tiger King” star Carol Baskin, Kiss co-lead singer Gene Simmons, former professional bodybuilder Kai Greene, former adult film star Mia Khalifa and the American rappers Snoop Dog and Lil Yachty.

The most notable celebrity endorser of dogecoin, however, is none other than Tesla CEO, and the world’s richest man, Elon Musk. 

 

Musk first came into contact with DOGE back in September 2018 when he publicly enlisted the help of former dogecoin creator, Jackson Palmer, to combat Twitter scam bots that were impersonating Musk to steal people’s crypto.

Seven months later, Musk tweeted “Doge might be my fav cryptocurrency. It’s pretty cool.” - in response to winning an April Fool’s Day Pool to become the project’s newly elected CEO.

 

If you look at his Twitter for the last couple of weeks or even months it’s all about Dogecoin. And every time he tweets about it, Dogecoin goes up, and then after a while, it comes down, and then he tweets again and it goes up again. In January 2021, Dogecoin went up over 800% in 24 hours as a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze.

 

In February 2021, Dogecoin hit its all-time high price following Twitter encouragement from Elon Musk, Snoop Dogg, and Gene Simmons.

 

What we can learn from this is that this investment (should you choose to invest) is entirely dependent on attention, and as we’ve seen on the internet, time and time again, attention can change day by day or week by week. It’s not constant. Its price will change.

Will it ever reach a dollar or go back to zero? Let me know in the comments below, I would like to know your thoughts.

 

So how did Dogecoin become so popular?

In short, it seems the selfless community, the light-hearted origin of the project, and the real-world utility were the biggest contributors to dogecoin’s early success in the crypto market.

 

Over the last few years, however, dogecoin has really become a kind of cryptocurrency avatar for meme culture, fueled by online communities and support from internet personalities like Elon Musk. As that culture has risen in influence, DOGE has risen in value – essentially taking on a life of its own that its creators never intended.

 

The creators of Dogecoin were quoted saying they don’t own any coins and they were both surprised at how it was so successful.

Co-founder Jackson Palmer stated in an interview that “With no immediate plans of development, it looks like the coin will become stagnant in the future. The circulation supply of Dogecoin is astronomical, which will deter the price of the cryptocurrency from rising any further"

 

I guess they didn’t expect this kind of success.

 

What are your thoughts on all of this?

Will you invest or have you already invested?

 

If so let us know about your thoughts and also let us know if it will ever reach that 1$ dollar mark or not? Thanks for reading and be sure to leave your support by checking out our merchandise at www.CRYPTOPRNR.com !