Dogecoin is one of the leading cryptocurrencies. The cryptocurrency market has existed since the late 1980s but most people learned about it when Bitcoin launched in 2009.
Since then, more than 500 cryptocurrencies have been established and Dogecoin, one of the most successful, was born in December 2013. The brainchild of Billy Markus and Jackson Palmer, Dogecoin was originally created as a joke.
How it all began
Jackson Palmer was in Sydney, Australia, a software engineer with Adobe Systems. In 2013 a dog meme went viral. Jackson bought the domain ‘dogecoin.com’ and joked on Twitter that ‘dogecoin’ would be the next big thing. He was poking fun at some ridiculous claims being made about cryptocurrency at the time.
Meanwhile, in Portland, Billy Markus was trying to develop his own cryptocurrency. He reached out to the Jackson Palmer and in less than a week the two strangers formed a partnership.
The First ‘Meme’ Coin
DOGE technology is derived from existing cryptocurrencies like Litecoin. With scrypt technology and proof of work algorithms, DOGE has a wide appeal. The coin is also popular for its low price and unlimited supply.
Markus and Palmer created the first ‘meme’ coin using the face of a Japanese Shiba Inu breed dog.
The currency grew by 300% in its first month from $0.00026 USD to $0.00095 USD.
Not a Very Merry Christmas
On Christmas Day 2013, hackers stole 21 million Doge coins worth an estimated $12,000.
The negative fallout meant Dogecoin trended on Twitter for all the wrong reasons. However, the Dogecoin community started a campaign to ‘Save Dogemas’. Within a month sufficient money had been donated to help those who had lost money in the hacking debacle.
But a Happier New Year?
The trading volume of Dogecoin briefly surpassed Bitcoin in January 2014.
The Dogecoin community were active in fundraising for charities and sponsorship of sporting activities. They donated $50,000 to fund the Jamaican Bobsled Team to go to the Sochi Winter Olympics in January 2014. March saw them sponsor two NASCAR drivers.
In 2014 DOGE were again targeted by hackers who stole money. The platform was closed temporarily.
However, the business bounced back in October 2014 when the TV and game streaming platform, Twitch agreed to accept Dogecoin to pay for subscriptions
Jackson Bows Out, Billy follows
In 2015, co-founder, Jackson Palmer announced he was leaving DOGE. He had come to believe that cryptocurrency is exploitative.
His partner, Billy Markus also cashed in his coins having become worn down by the harassment of a community of ‘zealots’. He used the proceeds to buy a Honda Civic.
A quieter year followed but in 2017 DOGE and other major cryptocurrencies grew significantly with coins being worth nearly 2 cents each by the end of 2018. That gave Dogecoin a market capitilization of nearly $2 billion.
DOGE from strength to strength
Dogecoin’s value increased by 800% in just 24 hours during January 2021.
This was largely as a result of Elon Musk’s support. Elon Musk is the CEO of the Tesla corporation. Tesla is leading the world’s transition to sustainable energy with electric cars and solar and integrated renewable energy solutions for homes and businesses. As such, he is thought to be the wealthiest person on the planet.
In February 2021, Musk revealed that he bought Dogecoin as an investment for his baby son.
The same month the American rapper, Snoop Dog, became ‘Snoop Doge’ in a meme of himself as a Shibu Inu dog. The DOGE soared more than 55% in a day.
That month DOGE reached 8 cents.
Mark Cuban owns Dallas Mavericks NBA team. In March 2021, he announced they would accept DOGE in payment for tickets and products. Within two days, 20,000 Dogecoin transactions had been completed.
In May 2021, Elon Musk said he hadn’t sold any Dogecoin and had no intention to do so. He also announced Tesla would accept DOGE in payment for brand merchandise from early 2022
Spending your DOGE
Companies that accept Dogecoin for payment are also growing.
For example, the luxury hotel group, The Kessler Collection will accept Dogecoin through a partnership with BitPay.
Other outlets that accept DOGE include restaurants, grocers, web hosting companies, service retailers, adult entertainment companies, fashion retailers, ebook sellers, and travel service companies.
Using the BitPay app you can buy gift cards for popular brands such as Amazon, Walmart, Uber, Home Depot, AirBnb and many more besides.
DOGE has the last laugh
The cryptocurrency that was conceived as a joke is now an established alternative currency with a seemly bright future.