Dogecoin has taken the world by storm and has become one of the leading cryptocurrencies in the market. What started as a joke by Billy Markus and Jackson Palmer in 2013 slowly grew as more and more people started investing more in the idea of altcoins. Markus dissuaded himself from Dogecoin in 2015, selling and giving it away. The internet’s enthusiasm to try and make it the next Bitcoin has been nothing short of astounding and Dogecoin’s journey to becoming the top dog (pun intended) in the Cryptocurrency market has been documented widely by sites like Business Insider, Forbes, and The Wall Street Journey.
Dogecoin’s Strong Supporters Do The Unthinkable
People who have traded in Dogecoin have used different marketing stunts to attract attention and help establish it in mainstream markets. For example, its supporters organized a crowdfunding campaign to assist the Jamaican Bobsleigh team in travel to the Winter Olympics in 2014 and, most famously, sponsored a racecar in 2014. These viral moments have lived on in infamy on the internet and are a powerful reminder that the cryptocurrency market results from grassroots movements.
Elon Musk On Doge
Dogecoin’s exploded in 2021, after Elon Musk tweeted his support of it, calling it the people’s Crypto. Its value has been skyrocketing, with its value reaching $40 billion in 2021. Unlike Bitcoin, which has a finite amount of coins that can be mined, Dogecoin has an unlimited supply that can be mined. It may be hard to take seriously, but more influential figures are taking notice and investing heavily. Celebrities like Mark Cuban, Snoop Dogg, and Gene Simmons have openly endorsed Dogecoin, with Cuban stating in an interview with Ellen DeGeneres that his team, NBA’s Dallas Mavericks, would be accepting Dogecoin payment for their merchandise.
The Rise Of The Underdog
Ranked seventh in the cryptocurrency rankings as of the start of 2021, it was listed at 40 cents at its peak with its market cap over $42 billion. It’s amazing to think that a single token was valued at US$0.00026 in December 2013, which shows that it managed a rise of over 1500 percent in approximately seven years. There is massive potential in Dogecoin, and with an infinite number of coins that can be mined, it can only keep growing as long as consumers and corporations show the same enthusiasm.
Dogecoin may have been conceived as a joke, but it’s anything but at its current stock value. The plethora of supporters is a stark reminder that it’s here to stay. However like any other cryptocurrency this is an enitrely new market where competition is stiff and technological advancements are made on a daily basis. For the time being Dogecoin looks like a goldmine however, these things tend to change overnight. Will Dogecoin topple Bitcoin, unlikely but only time will tell.
This is not investment advice nor is it meant to be any sort of financial advice. It is an opinion made by the author.