Dogecoin might have started as a joke almost ten years ago, but a lot has changed since then, including the value of the Doge cryptocurrency.
Dogecoin was originally created by two software engineers almost a decade ago. However, as 2021 rolled around, and COVID-19 vaccines started to become more commonly available, Doge’s popularity soared. Now, with many hoping to help get Doge to the Moon, the meme coin continues to pique the interest of not only those new to the cryptocurrency scene, but the general crypto market as well.
Bitcoin and Ether are currently two of the most popular cryptocurrencies and likely the ones many first think of when discussing the topic, but this year has seen a rise in attention surrounding meme coins. These coins typically bank on the ability to go viral and occasionally draw on topical or popular events to make that happen. For example, both Carole Baskin and Joe Exotic have released their own meme cryptos in recent weeks. In some cases, these meme coins attract an energetic and highly-engaged community, and it is often those energy and engagement levels that help propel the coins to new levels of awareness and even investment.
Of the meme coins, Dogecoin is arguably the most popular right now. The coin was originally co-created by Billy Markus and Jackson Palmer back in 2013, both of which are now understood to no longer be involved in the project. In an open letter posted to Reddit in February, Markus explained how the two software engineers designed Doge as a “silly joke” that quickly changed into something else, largely thanks to the community that built itself around the coin. Almost a decade since those early Doge days and the meme coin has emerged as a major talking point in 2021. Interestingly, a 2014 “What is Dogecoin?” YouTube video designed to highlight some of the potential benefits seems like it could have been released today, with suggestions like supporting content creators and even tipping users on Twitter.
Why Dogecoin Is Now So Popular
Again, Dogecoin is currently backed by a highly active and involved community with the common goal of getting the value of Dogecoin up to $1. Or, in the community’s words, getting Doge to the Moon. While smaller meme coins often set their sights on $0.01, 2021 has seen the value of Dogecoin increase and edge closer to that $1 mark. Of course, as is the case with the crypto market in general, the value of Doge has proven volatile and often dependent on other events. For example, a recent order issued by China caused the value of Dogecoin, as well as Bitcoin and Ether, to plummet. Even when negative events like this take place, the drop in value is often enough to generate headlines, increasing the focus and attention on Dogecoin.
Besides the efforts of the Doge community, there is another reason why Dogecoin has proven so popular in 2021 and that’s Elon Musk. The Tesla and SpaceX CEO is an advocate of digital currencies in general and that advocacy resulted in Tesla not only temporarily accepting Bitcoin as a payment option, but also purchasing a substantial amount of Bitcoin as well. With Dogecoin, however, on more than one occasion Musk has directly promoted the meme coin. While much of the Doge promotion has come through the CEO’s Twitter account, Musk drew further attention to Dogecoin during a Saturday Night Live appearance in May of 2021. Not all of these mentions have always positively impacted the price, but they all do tend to impact the value in some way. That is, as well as further increasing awareness of Dogecoin in general and introducing the meme coin to even more people.
In many ways, the increased popularity of Dogecoin in 2021 is a reflection and culmination of multiple factors that have all come together at just the right time. For example, the recent GameStop events that rocked the stock market and highlighted just how much impact community-led decisions can have, the availability of apps like Robinhood that make investing more accessible to more people, and the backing of a multi-company tech CEO as high profile and topical as Elon Musk, have all contributed to the rise of Doge in their own way.
Next: SpaceX’s Doge To The Moon Mission Explained
Source: Reddit, Dogecoin
My Big Fat Fabulous Life: Whitney Trashed for Ghosting Fans in Program
About The Author