Dogecoin: one of the most hyped cryptocurrencies. It seems like it’s always on the mouths and minds of young investors. In addition, well-known investors have praised the coin both for its comedic origin and as a practical “medium of exchange”.
But what exactly is this weird fad? What else does it have to do with a Shiba Inu? Why are both Mark Cuban and Elon Musk promoting this coin even though it literally started out as a joke? You may be surprised by the answers.
The origins of Dogecoin
If you’ve heard the rumors, it’s true: Dogecoin is literally a joke coin. Billy Marcus, a co-founder of Dogecoin, first minted the coin in 2013. He bragged to CNBC that the coin was created in “about two hours”.
The original Doge meme in all its glory | Source: Wikipedia
Originally made as a parody of Bitcoin and based on the popular “Doge-Mem”, Dogecoin spread like wildfire in the world of cryptocurrencies. By Investopedia, “Jackson Palmer, a product manager at Adobe Inc.’s Sydney, Australia office, created Dogecoin in 2013 to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptical-analytical” observer of emerging technology, and his early tweets about his new cryptocurrency company were winking. “
Related reading | Latest Dogecoin news, trends and analysis
Marcus later turned to Palmer to create a new cryptocurrency. When Marcus’ desire to create a cryptocurrency and Palmer’s exam against cryptocurrencies met, Dogecoin was born.
From Investopedia: “Markus based Dogecoin’s code on Luckycoin, which itself is derived from Litecoin, and initially used a random reward for block mining, although this was changed to a static reward in March 2014. Dogecoin uses Litecoin encryption technology and is proof of it. Work coin. “
Who is behind the hype?
As you’ve probably heard by now, Elon Musk, now crowned “Daddy Doge” by many crypto enthusiasts, was a huge supporter of the coin. In an SNL sketch called “Weekend Update”, Musk can be seen taking part in a weird piece with the coin. At the end of the skit you can see Musk screaming: “To the moon!” After Musk’s comment, the studio audience can be heard cheering. As a result, Dogecoin saw its prices spike shortly after Musk’s appearance on SNL.
Related reading | Every Doge has his day: Dogecoin founder buys back in DOGE
Mark Cuban, a multi-billionaire, is also a huge supporter of the coin. Cuban recently commented on his thoughts on Dogecoin: “It is a medium that can be used to purchase goods and services. The Doge’s community is the strongest when it comes to using him as a medium of exchange. ”Despite this remark, Cubans have been put to the test for the fact that he has less than $ 500.
Well-known personalities have recently joined the Dogecoin Foundation. Vitalik Buterin, founder of Ethereum, has just joined the team. Jared Birchall, the head of Musk’s family office, has also joined the team.
Will this joke coin re-emerge to weird heights? Recent crypto gains suggest otherwise | Source: DOGEUSD on TradingView.com
Despite the recent drop in prices, the team remains optimistic. According to Yahoo, “Now, after three years of funding, the group is looking to hire staff and work full-time on Dogecoin.” As always, the future is uncertain, but recent changes in the group can definitely be seen as positive for Dogecoin investors.
Featured image from iStockPhoto, charts from TradingView.com