Finance

The history and the development of the Dogecoin cryptocurrency

Everyone is talking about investing in many different cryptocurrencies. One of the most popular cryptocurrencies that everyone is talking about lately is Dogecoin. What exactly is it, and why has it become so popular all around the world?

Before we get to its popularity, let’s see why are people so obsessed with investing in this particular cryptocurrency. It’s important to know that Dogecoin refers to open-source software launched in 2013 as a sarcastic and funny coin with the Shibu logo on it.

Although it was developed as a joke, it’s clear that its blockchain has merit. The technology on which this type of cryptocurrency is based on Litecoin, and it uses the famous script algorithm without which it wouldn’t function.

Let’s get back to 2013, the year when it was launched.

The creation of Dogecoin, the famous “joke currency.”

In 2013, two software engineers, Billy Markus and Jackson Palmer, created one of the most popular cryptocurrencies today. They had in mind to create a parody of other then-known currencies such as Bitcoin and Etherum, without any serious intention of making any enormous profits for themselves.

They had in mind to create a peer-to-peer digital currency that will reach a broader demographic than the popular Bitcoin. Officially, Dogecoin was launched in December of 2013. Only 30 days after that, Dogecoin has reached more than millions of viewers.

Dogecoin development from 2013 until today

It was Jackson Palmer who made his idea into reality. On December 19, in only 72 hours, the value of the Dogecoin jumped nearly 300 per cent. At the beginning of 2014, the trading volume of Dogecoin surpassed the value of Bitcoin.

From 2017 to January 2018, the Dogecoin cryptocurrency has managed to reach a peak of $0.017 per coin. It has put the total market capitalization near 2USD billion. In July, the Dogecoin price spiked. That was following the TikTok trend, and that is to reach the coin’s price of $1.

During the first month of 2021, the Dogecoin cryptocurrency went up over 800%, attaining the price of 0.07$. The Twitter encouragement of Elon Musk, Snoop Dog, and the GameStop short squeeze in April 2021, when this currency hit $0.08, which was the new high price.

In May the same year, the value of Dogecoin hit the hurdle of $0.50, which is a greater than 20.000% increase in only one year. On May 8, the value of Dogecoin dropped 34%, below $0.470.

On May 9 2021, SpaceX announced it would go on a mission to the moon, which Dogecoin will entirely fund. It was the first time that one space mission was funded by cryptocurrency.

Conclusion – the key takeaways

Keep in mind that Dogecoin is an open-source cryptocurrency invented by two software engineers Palmer and Markus, in December 2013. It initially started as a joke, based on the logo of a dog, Shibu Inu.

It was based on Litecoin technology. The Dogecoin cryptocurrency has a loyal user base and many supporters who use it and trade it as tripping currency.

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