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Dogecoin (DOGE) - A cryptocurrency that was supposed to be a joke, worth $ 247 million

Dogecoin (DOGE) - A cryptocurrency that was supposed to be a joke, worth $ 247 million

created Michał SielskiApril 17 2020

It started with memes and funny texts that evolved into the initially crazy idea of ​​making cryptocurrency, which is a comic response to huge interest Bitcoin and a hysterical reaction to crime in the TOR network. However, the joke turned out to be a reality, valued at millions of dollars. Dogecoin today is a cryptocurrency celebrity - known for being famous.

We continue the cycle of the Forex Club portal, in which we describe the largest, most important, interesting and most controversial cryptocurrency projects in the world. Today it's time for Dogecoin, a token that actually meets ... all of the above criteria.

Establishment of Dogecoin (DOGE)

The story of the uprising based on blockchain technology Dogecoin cryptocurrency is completely different than similar projects in this industry. There is no product intended for a specific target group that would solve business problems or access to products on the Internet. However, there is a lot of humor, because the cryptocurrency was created in response to the media campaign for Bitcoin and the anonymous Internet network TOR, after people trading on the auction site were arrested Silk Road weapons and drugs. The transactions were settled in Bitcoins. Some media immediately stated that cryptocurrencies are the same evil, used only for illegal transactions and obliterating the traces of criminal activity.

Dogecoin was the answer of the blockchain community. Its name and logo refer to the Doge meme that appeared very often in the past, with a funny photo of a Shiba Inu dog. There are countless variations of this meme also in Poland, and their common background is a characteristic doggie.

Cryptocurrency was created by American programmer Bill Markus. It is based on the source code litecoin. However, its rapid development took place when Jackson Palmer from the Australian branch of Adobe Systems bought the domain, designed the logotype and began to promote Dogecoin.

A joke that has become a reality

degecoin dogeWhen the DOGE network was launched on 6.12.2013 December 10, no one expected that 2014 days later it would be worth three times more than during its debut. Initially a niche and joking project, it quickly became known all over the world of cryptocurrencies. It even got to the point that in early XNUMX it had a larger volume than Bitcoin! However, it did not owe its popularity to its technical or functional uniqueness. It is mainly used by youtubers, Reddit and Twitter users.

Recognizing is also helped by the fact that many charity campaigns are based on Dogecoins, in which quite large amounts are collected. It was with the help of this cryptocurrency that 35 thousand were collected during the day. USD for Jamaican bobsleighs, who were able to start at the Olympic Games in Sochi in 2014.

In Dogecoins, over 55 thousand were also collected. USD, which was allocated to Josh Wise, competing in the American NASCAR races. After wrapping the car with the logo, "Pieseła" ("Piesła"?) Took 20th place. However, he was driving fourth for a long time. He was so pleased with it that he decided to start the next starts with the logo for free. Then he was sponsored by Toyota.

Dogecoin quotes

Dogecoin is extremely popular, so it can be traded on 95 cryptocurrency exchanges. As of 17.04.2020/0,0019/07.01.2018, you will pay 0,018 USD for one unit. The most expensive was 124, when the price reached 247 USD. Currently, over XNUMX billion units are traded, which gives it capitalization exceeding USD XNUMX million.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.