Dogecoin overtook the parent currency Litecoin, from which the cryptocurrency technology was copied with a couple of settings in both of these metrics.
The value of the dogecoin cryptocurrency has surged in recent months thanks to the convergence of several important factors such as additional capital from
Dogecoin has lost much of its value since the 2018 bubble burst but still has a core of supporters who trade it and use it to post content on Twitter and Reddit. Dogecoin is an open-source cryptocurrency founded by Jackson Palmer and Billy Markus in 2013.
Dogecoin is a parody cryptocurrency designed in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus that went on a rocket to the moon back in 2013, born of the Doge meme, which its fans eventually took seriously. The dogecoin cryptocurrency went on a rocket to the moon and back over the weekend after Elon Musk teased him live on Saturday night before announcing his company would accept it as legitimate payment for a mission to the moon in 2013.
This time, a Twitter user informed Musk that his favorite cryptocurrency “has dogs and memes,” causing Dogecoin’s price to recover from its weekend sell-off. Since then, cryptocurrency enthusiasts and online pranksters have been exchanging dogecoin for fractions of the bitcoins.
The original designers Billy Marcus and Jackson Palmer aimed to break into a larger market than cryptic Bitcoin and Litecoin tokens, so Dogecoin drew as much on the humor and graphic appeal of the Doge meme as possible.
Dogecoin was created by a couple of software developers based in Adobe and IBM in 2013 as a parody of cryptocurrencies like Bitcoin. I’ve invested or written about investing for 22 years and have seen a lot of weird things – but nothing weirder than Dogecoin – a lighthearted dog-themed cryptocurrency designed as a joke – it is now worth over $ 50 billion, surpassing Ford Motor Co. and many others with a long history – this is not the first useless
Curtis Ting, executive director of Europe for the cryptocurrency exchange Kraken told Bloomberg that Dogecoin is a part meme and part money, so he adds this psychological effect that people invest money in as a joke, which makes cryptocurrency more valuable.
The price dropped further on Wednesday when Musk said that Tesla would no longer accept Bitcoin as payments.
It also fell between Tuesday and Wednesday despite community efforts to raise the price of the 20/4 coin dubbed Doge Day. While it has risen nearly 1500% at one point this year, the price of dogecoin has fallen nearly 75% from its original price. At the end of 2017, he participated in the cryptocurrency bubble that significantly increased the value of many coins.
Dogecoin was named after an expressive dog meme and was intended to mock the presumptuous cryptocurrencies of the day, many of which never took off. The first sign that the Dogecoin community was not doing well was the departure of Jackson Palmer who claimed that a “toxic community” had grown around the coin and the money it purged. So much so that Dogecoin issued a warning to all cryptocurrency holders just hours after these scams were discovered on Twitter during Elon Musks’ live Saturday