What started as a funny meme on the internet has become one of the most well-known cryptocurrencies. In 2013, two software engineers, Billy Markus and Jackson Palmer, created Dogecoin to make fun of cryptocurrencies that made claims of taking over the work. Bitcoin being their most prominent target. Dogecoin’s logo is the dog from the Shiba Inu meme that went viral. What makes Dogecoin so different from Bitcoin is that they do not have an upper limit. Bitcoin’s maxim is fixed at 21 million, which they plan to reach by 2040, but Dogecoin already has over 100 billion.
Back when Dogecoin was new many people on the internet were bringing its attention by supporting causes that generally don’t get recognized. For example, in 2014, the crypto coin sponsored Jamaica’s bobsled team in the Olympics. Dogecoin also gave nearly $60,000 of its digital currency to a Nascar driver.
What is believed to be the reason behind the rise in Dogecoin is the same thing that surged the value of Ethereum and Bitcoin. Coinbase sets out a weekly listing of the most popular virtual currencies in the United States. More recently, when Coinbase went public, its market hit $100 billion, and the value of Dogecoin rose right with it.
Dogecoin has received tremendous support from Elon Musk, who is the CEO of Tesla and SpaceX. Musk often shares tweets about the currency and calls himself the “Former CEO of Dogecoin.” As Musk has a cult following, many investors have drawn interest in the currency. Sometimes when he speaks on Dogecoin, he brings in new record prices. Other celebrities such as Mark Cuban, Snoop Dogg, and Gene Simmons have shared their endorsements and support for Dogecoin.
As of right now, many more places are starting to accept Dogecoin as a form of payment, but it’s not close to becoming a currency substitute. The rival currency Ethereum allows programmers to build applications on their platform to lend and borrow money. Dogecoin, on the other hand, doesn’t let you do much with it. This currency isn’t a reliable source of wealth and requires you have a long-term trust in it. Overall, Dogecoin has value because people believe it has value.