Although gradually rising in popularity in the West for over a decade, cryptocurrency seemed to take India by a rapid storm in the past 2 years. The sudden boom in financial markets made way for a lot of investors to look up the way of cryptocurrency. We cannot talk about crypto without discussing the abnormally dynamic nature of it, and with it, we come to our most astonishing candidate, Dogecoin.
A meme in the face of a Shiba Inu dog got immensely popular in 2013. It was everywhere on the internet and became a huge part of subcultures. Subsequently, as a joke on the new technology of cryptocurrency, Founders Billy Markus and Jackson Palmer created ‘Dogecoin’ in December of 2013
It laid dormant for the better part of a decade because it did not have a legitimate purpose behind its creation and only was made as a joke on cryptocurrency markets, and poking fun at the culture of unpredictable technology.
In the years to come, Dogecoin would only grow to ‘US$0.004480’ by 2020 even though it was created in 2013 at the first recorded price of ‘US$0.00026. These were extremely low returns compared to all the big names in cryptocurrency and Dogecoin was not considered a serious means of investment by any of the investors.
But the unpredictable year of 2021 brought along a sudden boom in Dogecoin’s prices and overnight in the span of 24 hours, Doge saw a growth surge of 800% because of Reddit. After grabbing the attention of a huge market of investors and the general public alike, Dogecoin’s price went up to 2800% in 4 months and now has gone up to 5600%
Many external factors like internet sub-groups and tech celebrities also played a huge part in the sudden growth of this cryptocurrency. Like finance subreddits made way for its initial boom and tech giants like Elon Musk contributed to its growth by suddenly talking about it on large public platforms.
This was also considered a largely risky move by many of the people watching keenly because a lot of the time, these factors can help in the sudden crash in the same way that they helped a sudden boom of the economy. This is why Dogecoin is one of the most dynamic cryptocurrencies to invest in.
dogecoin.com, the currency’s website calls it “fun and friendly internet currency” and throws light on its beginnings as a joke.
Another startling fact is that in 2015, Billy Markus sold all of his Dogecoin to buy a Honda Civic.
These are a few of the most important factors to know more about the history of Dogecoin
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