Updated on March 21, 2023 05:52 PM
Dogecoin was introduced in 2013 as a meme coin to mock the cryptocurrency frenzy, especially Bitcoin. Soon it became a deep developing project to serve the purpose of tipping.
History of Dogecoin is a fascinating tale of how a joke cryptocurrency based on a popular internet meme turned into a thriving digital currency with a dedicated community of users. Since its creation in 2013, Dogecoin has captured the attention of the crypto world and beyond, with its unique brand of humor and generosity.
The History of Dogecoin is a story of unexpected success and unlikely heroes, filled with ups and downs, scandals, and triumphs. Let’s delve into this article as we explore the History of Dogecoin and discover the fascinating journey of this beloved cryptocurrency.
Jackson Palmer, a product manager at Adobe Inc.'s Sydney, Australia, office, invented Dogecoin in 2013 to mock the frenzy around cryptocurrencies. He purchased the domain dogecoin.com after receiving excellent responses and interest on social media.
Billy Markus, an IBM software developer, wanted to establish digital money but was having difficulty publicizing his efforts. Markus collaborated with Palmer to create the software that powers Dogecoin.
Markus built Dogecoin's code on Luckycoin, which was developed from Litecoin and employed a randomized payout for block mining at first, until switching to a static payment in March 2014.
Dogecoin was created on December 6th, 2013, based on the popular Doge meme: a picture of a really attractive Shiba Inu dog with multi-colored comic sans text that appears as the dog's "thought bubbles."
This popular meme was inspired by a 2010 image of Kabosu, a Japanese female Shiba Inu puppy acquired from an animal shelter in 2008 by Japanese kindergarten teacher Atsuko Sat.
To Billy and Jackson's amazement, Dogecoin was a near-instant hit, gaining massive popularity on sites like Reddit, where it was — and still is — utilized as a tipping currency. Dogecoin had more transactions per day than Bitcoin when it was only two weeks old.
Palmer, who had been monitoring developments in the cryptocurrency industry, had tweeted, "Investing in Dogecoin, pretty sure it's the next big thing," before the product was introduced. He received several positive responses, so he acquired the name Dogecoin.com a week later. Inevitably, the concept gained traction on Reddit, a hub of doge activity in 2013.
Meanwhile, in Portland, Billy Markus was attempting to create his digital currency that would appeal to a wider population than the profiteers who had flocked to Bitcoin since its inception in 2008. But the initiative had failed. Then, within a day or two after the site's launch, he discovered Dogecoin.com.
Markus tweeted at Palmer that he wanted to join the enterprise, and before Palmer could react, he began altering Bitcoin's publicly available source code to convert its user-facing features into the doge meme.
Palmer eventually responded, and the alliance was created. Dogecoin was created in December 2013, just over a week following Palmer's joking tweet.
The digital money rapidly erupted on Reddit, creating an $8 million market value at that moment. It gained popularity for the online habit of "tipping," which was a means of rewarding individuals on the internet for doing "good actions," such as sharing an idea or making a platform more accessible.
Dogecoin quickly surpassed Bitcoin as the second-most-tipped currency. Dogecoin established its own culture in 2013, owing primarily to the currency's lower barrier of entry than Bitcoin for those interested in cryptocurrencies.
The programmers stated at the time that they had no aspirations to compete with cryptocurrency powerhouse Bitcoin, yet the trading volume of the meme-worthy coin momentarily surpassed Bitcoin and all other digital currencies in 2014.
Palmer took an "extended leave of absence" from the firm a year later, claiming that the cryptocurrency climate had become increasingly serious and "toxic". In 2017, the currency reached a new high of $2 billion in market value.
Elon Musk is one of the main reasons Doge has risen in value. Every time Tesla CEO Elon Musk tweets about it, the memorable currency rises again. And the anticipation that Musk may name Doge when he headlines Saturday Night Live this week has pushed the price to an all-time high. Here are a few examples of how Musk's tweets influenced Dogecoin pricing.
Musk used the word "Doge" to post a mock-up Vogue magazine cover. Featured articles include "Ten tips on how to get the best treats" and "The ultimate guide to the perfect game of catch."
Dogecoin increased by 682% from $0.0078 on January 27 to $0.0610 on January 29.
When he labeled Doge as "the people's crypto," the millionaire hit the nail on the head. Dogecoin is more accessible than other digital currencies because of its active community and inexpensive price, and it has acted as a stepping stone for many novice investors.
Dogecoin increased 44% from $0.0314 on February 3 to $0.0451 on February 5.
The successful song increased Doge's value to over seven cents. Keep in mind that each Dogecoin was only worth a fraction of a penny before this year. Loyal Dogecoin supporters shared a flurry of memes, many of which expressed anticipation that Doge would reach $1.
Dogecoin increased 57% from $0.0491 on February 6 to $0.0769 on February 8.
The SpaceX CEO's tweets have a frequent theme of sending Doge to the moon, and this one propelled prices above $0.10. Sending something to the moon is crypto jargon for when the price skyrockets. Musk responded on April 16 by saying, "Everything to the moon!" And the price of Doge reached a new high.
Dogecoin increased 330% in one day, from $0.0766 on April 13 to $0.1306 on April 15 and $0.3299 on April 16.
Musk encouraged suspicions that he might discuss Dogecoin on Saturday Night Live by tweeting about it ahead of time. Doge has passed the $0.50 level for the first time, thanks to speculation over a future cryptocurrency proposal. On May 5, it reached a high of $0.66.
From $0.2747 on April 27 to $0.6618 on May 5, Dogecoin increased by 140%.
From December 2013 to December 2020, the price of Dogecoin remained very unchanged.
In January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and all other cryptocurrencies combined.
Dogecoin momentarily reached a price of $0.0000869 on May 6, 2015, its lowest since its inception.
Dogecoin's price momentarily increased in early 2018, however, it eventually followed the same fate as other cryptos when the crypto market plummeted following the bitcoin meltdown (also known as the 2018 cryptocurrency crash).
Following Tesla CEO Elon Musk's speech on January 28 and 29, 2021, Dogecoin's value soared by around 339% to $0.032642.
On May 8, 2021, the cryptocurrency momentarily reached its highest price since its inception, for $0.682 per Dogecoin.
Also Read: Dogecoin Price Prediction
Dogecoin began with a price of $0.00056, then declined before rising and stabilizing around $0.00026.
Dogecoin momentarily hit its maximum market value of $88.8 billion on May 8, 2021, for $0.6818 per Dogecoin.
The satirical cryptocurrency was created by software programmers Billy Markus and Jackson Palmer to mock Bitcoin and the many other cryptocurrencies boasting great aspirations to take over the world. The site quickly got popular thanks to Reddit.
The current wallet with the most Dogecoin is owned by a Robinhood investor, who has around 29,461,944,068 Dogecoin as of June 2022. This is approximately $1,886,428,988.
In June 2021, a Redditor stated that the same wallet address contributed to GiveDirectly contained 2,500,000 DOGE. They draw parallels, saying that Elon Musk's wallet address belongs to him, who has 2.5 million Dogecoins.
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