17 June 2024

How Did Dogecoin Become So Popular?

Banking & Finance
| The European |

With many celebrities and financial investors looking to cash in on this trendy new cryptocurrency, it has led to many people wondering how it became so popular. Here’s the lowdown.

How Did It Start?
As unlikely as it seems, Dogecoin started as a joke. It was created by an Adobe Product Marketing Manager called Jackson Palmer and a software engineer named Billy Markus in 2013.

Their aim? To create the most ridiculous cryptocurrency possible by centring it around an internet meme of a dog.

To prove that they only meant it as a joke, they set the limit of dogecoin at 100 billion coins to make it as undesirable as possible. However, due to so many people being interested in it, they eventually removed the limit to encourage more people to trade it.

Two weeks after its release, the price has already shot up by 300%, despite one of the biggest cryptocurrency markets, China, banning crypto at the same time.

It has become extremely popular because of two things. One, that it was invested in as a joke, and two, how cheap it was. Certainly, dogecoin cryptocurrency can be mined more easily than many other currencies and costs much less to buy. 

How It Turned from a Joke to a Viable Currency
A year after release, the community of Dogecoin owners wanted to show that it was far more than just an amusing meme and that it had real use in the financial trading world.

They boosted their profile with a great PR coup – raising $30,000 to pay for the Jamaican bobsled team to go to the 2014 Winter Olympics in Russia. The story was picked up by many major news outlets around the world, which massively increased Dogecoin’s visibility among normal investors.

Soon afterwards, the transaction volume of Dogecoin overtook that of Bitcoin for a short time.

As well as the Jamaican bobsled team, the Dogecoin community funded many other charities around the world in a bid to get their name out there and help Dogecoin become a reputable cryptocurrency.

Celebrities soon hatched onto the Dogecoin craze and used it as a viable currency and investment. From Tiger King’s own Carole Baskin to American rapper Snoop Dogg, all kinds of famous people flocked to Dogecoin as their favourite cryptocurrency. However, no one had brought the currency as much traction as the CEO of Tesla, Elon Musk.

In March 2020, Musk sent Dogecoin into a frenzy by mentioning it on social media as his favourite cryptocurrency. Then, more recently in March 2021, he made prices increase rapidly to over 800% after tweeting about Dogecoin once more.

The Start of One of the Most Popular Cryptocurrencies
So, now you know how Dogecoin become one of the most popular cryptocurrencies. From its humble joke-led beginnings to being one of the most valuable currencies. Therefore, it’s no wonder many people nowadays have Dogecoin on their minds when thinking of which cryptocurrency to first invest in. If you’re looking to trade dogecoin, 1k daily profit is a great trading software for you to start investing.

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