Life can be funny sometimes. What you think started out as a joke can be worth millions (and in this case, even in billions) in such a short amount of time. In this day and age where everything online can be monetized – from video views, likes, and even click rates; it comes as no surprise that even a meme can be worth billions of dollars. Case in point, Dogecoin. Continue to read the article below to know more about how a picture of a dog quickly became an internet sensation (see also: meme) and tripled its value in such a short amount of time.
Internet Meme Turned Billions
Dogecoin is one of the hottest trends in the cryptocurrency world. What started out as a joke and infamous internet meme is now worth $ 50 billion. Yes, you read that right. $ 50 billion. According to CoinMarketCap, Dogecoin is now the fifth best selling cryptocurrency in the market, and it is quickly holding its own against long-time crypto players such as Bitcoin, Litecoin, and Ethereum. There clearly is no stopping Dogecoin because it has increased its value by 6,000% for just 2021 alone – all thanks to the incredible power of social media and influencers such as billionaire Elon Musk. But more about that later.
What is Dogecoin?
Dogecoin works like any other cryptocurrency. It is a digital currency that can be bought, invested, or spent like money. Even though each cryptocurrency likes to think that each has unique features, you can see Dogecoin having similarities with others. For instance, its code is eerily similar to that of Litecoin. But here is what makes Dogecoin truly unique.
Dogecoin has a larger repertoire of coins available in the market. If Bitcoin has only 21 million coins as a finite amount, Dogecoin has over 120 million coins floating around. Unlike Bitcoin, Dogecoin can be mined throughout the coming years. This makes Dogecoin more accessible than other cryptocurrencies. This also means that Dogecoin has a cheaper value in the crypto market. If one Bitcoin is valued at over $40,000, Dogecoin is pennies compared to this.
Even though the world is slowly accepting cryptocurrency as a mode of payment, this rings true for more established cryptocurrencies like Bitcoin, Litecoin, and Ethereum. Unfortunately, Dogecoin is not as widely accepted as a form of payment just yet except for certain niches like tips for artists.
Humble Beginnings
Dogecoin was created December 6, 2013, by Billy Markus, an IBM Programmer. He started this now-viral cryptocurrency as a joke and an ode to the doge meme. Little did they know that their meme is now a viral sensation and costs billions of dollars!
Influence Culture
What really makes Dogecoin different from other cryptocurrencies is its active online community. Several influencers, such as Elon Musk, have actively tweeted about the future of Dogecoin. There is also a hip group on Reddit that actively promotes the use and trade of Dogecoin through fun activities. For example, they have organized a fundraising event for charitable causes and thought of creative ways for influencers to promote Dogecoin.
