Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on December 6, 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge,” a Shiba Inu (a Japanese breed of dog).
With its iconic Shiba Inu dog logo and playful memes, Dogecoin has captured the attention of a younger and more diverse audience and has gained a loyal following on social media platforms.
For example, Dogecoin has gained a significant following on TikTok, where users have created videos with hashtags like #dogecoinchallenge and #dogecointothemoon
Its use in charitable giving and philanthropy has also helped to build a positive and engaged community around the currency. In 2014, the Dogecoin community raised over $30,000 worth of Dogecoin to sponsor the Jamaican bobsled team for the Winter Olympics.
Social media has played a significant role in the popularity of Dogecoin. Twitter, Reddit, and TikTok have all become hubs for Dogecoin memes, discussions, and investment tips. For example, in April 2021, a viral tweet by Tesla CEO Elon Musk about Dogecoin led to a massive surge in its value.
Dogecoin’s rise to mainstream prominence has also impacted the perception and adoption of cryptocurrencies as a whole. While some critics see Dogecoin as a frivolous and speculative investment, others see it as a way to engage new audiences and spark interest in the broader cryptocurrency ecosystem.
However, there are also challenges and criticisms of Dogecoin as a viable investment or payment option. Dogecoin’s unlimited supply and lack of a clear use case have made some question its long-term viability and stability.
Dogecoin is currently trading at around $0.0801, which gives it a market of approximately $11.13 billion, making it the ninth most valuable cryptoasset by market cap.
The fact that Tesla and SpaceX CEO Elon Musk, who Forbes ranks as the second richest person in the world with an estimated net worth of $173.6 (as of April 23, 2023), happens to like Dogecoin gives many $DOGE HODLERs hope that one day soon he will find a mainstream use case for $DOGE, such as integrating $DOGE in Twitter or perhaps in Musk’s rumored super app (“X”).
