Image via Adobe Stock
Image via Adobe Stock
You might have seen loads of talk about Dogecoin online lately. The cryptocurrency has been around for six years, but soared even higher after Elon Musk plugged it on Twitter recently.
Dogecoin was invented by Billy Markus and Jackson Palmer in 2013. It’s based on the Doge meme and despite starting as a joke, it has become the fastest-growing crypto. Palmer still joked at the time:
“Investing in Dogecoin. Pretty sure it’s the next big thing.”
The tweet got so much attention that he decided to keep the joke going by registering the Dogecoin.com domain.
Palmer then uploaded a photoshopped Shibe on a coin as the logo and left a note on the website inviting anyone who wanted to turn Dogecoin into a reality to get in touch.
Enter Billy Markus, an IBM software engineer who had some spare time to kill after finishing work on Bells, a crypto named after the currency used in the ever-popular Animal Crossing.
He reached out to Palmer and started working on Dogecoin before Palmer even responded. Markus made sure that Dogecoin was easier to mine (or “dig, in Doge world, because dogs dig. Get it?)
Markus also took the joke one step further and changed the font to Comic Sans. The cryptocurrency was set free but they still weren’t serious about dominating the crypto sector and thought the joke would die out eventually.
Markus and Palmer also used Dogecoin as a force of good. They raised $25 000 using Reddit to get Jamaica’s bobsled team to the Olympics when the team qualified. They donated 26 million Dogecoins as well.
As a Cool Runnings fan myself, this is another way to convert me over to the Gospel of the Doge, but wait. There’s more. They’ve also donated Dogecoin to charity initiatives and raised money to help train assistance dogs for autistic children. They’ve helped build water wells in Kenya
Dogecoin became very popular very quickly. Is it still a joke? Well, it was worth $2 billion at one point so you decide.
Dogecoin’s success is a mystery to many financial gurus. Adrian Lee, a senior finance lecturer at the University of Technology in Sydney, told Cnet: “It is a puzzle to me why Dogecoin is so highly valued”. He added:
“Dogecoin is an easily replicable coin. I don’t know how it distinguishes itself from Bitcoin. I really think it has to do with being established early. And also the dog.
The dog is very important. The iconic Shibe dog is known for his inner monologue expressed, with pearls of wisdom such as “so scare,” “much noble,” “wow.”
And it turns out, Dogecoin is also Elon Musk crypto of choice. Musk had tweeted about Dogecoin in the past, but his latest tweets gave the currency an added boost.
After announcing earlier this week that he would be stepping away from Twitter for a while, Elon Musk returned within just two days to revel in his status of Supreme Influencer. What happened? Glad you asked.
Two days after his big announcement, Musk posted a photo of a fired-up rocket and the tweet below that simply says “Doge”. He also shared the Lion King as seen above and captioned it: “ur welcome”. Some of his other tweets included: