Dogecoin (DOGE)

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Dogecoin
Dogecoin Logo.jpg
Founded 2013
Key People Jackson Palmer
Employees Approx. 10
Products Dogecoin digital assets (DOGE)
Twitter @dogecoin
StockTwits DOGE
LinkedIn Profile
Facebook Page
Website Dogecoin Home

Dogecoin (DOGE) is a cryptocurrency based on an Internet meme of a Shiba Inu dog speaking excitedly in broken English.[1]

Background

Dogecoin began as a fork of Litecoin.[2] It was created in 2013 by Jackson Palmer, a product manager at Adobe.[3] Palmer created Dogecoin as a joke, and considers himself a "cryptocurrency bear." He does not currently have a large role in the management of the Dogecoin project and has expressed that he prefers it that way.[4]

In January 2018, Dogecoin's market cap briefly exceeded $2 billion. While that made it the most successful "parody" altcoin to date, much more was to follow.[5] By May 2021, the market capitalization of dogecoin had reached more than 25 times that 2018 peak, $52,637,396,524.[6] The previous Wednesday, April 28, Federal Reserve Chairman Jerome Powell pointed specifically to Dogecoin when he said that the U.S. financial markets had become "a bit frothy."[7]

Internet meme becomes successful cryptocurrency

Despite the light-hearted circumstances of its creation, Dogecoin endured, becoming one of the most surprisingly popular cryptocurrencies on the market. On May 1, 2019, Siddharth Coelho-Prabhu posted on Coinbase's blog that the exchange added Dogecoin support for the Coinbase wallet.[8] Fans of the canine meme-themed cryptocurrency rejoiced, seeing it as a legitimizing move. On July 5, 2019, Binance announced it would add trading support for Dogecoin later that day. In response to the news, the price of Dogecoin spiked almost 32 percent, according to data from Coindesk.[9][10] In October 2019, Dogecoin was listed on Binance U.S.[11]

Tik Tok videos cause DOGE volume spike

In July 2020, trading volumes for DOGE spiked 600 percent between July 6 and July 7. The surge in trading was apparently due to a series of user-made videos on the popular video app Tik Tok, which encouraged other users to invest in the “joke” cryptocurrency. Global searches for “how to buy dogecoin” quadrupled, according to data from Google Trends.[12][13]

Dogecoin surges over 500 percent

During the week of January 25, 2021, Dogecoin surged as users on the Reddit thread “SatoshiStreetBets” enthusiastically agreed to buy the cryptocurrency to drive its price up, surging over 500 percent between Wednesday and Friday. The price was boosted when billionaire Elon Musk tweeted about it. Users on Reddit joked that Dogecoin is “the first dog on the moon."[14][15][16] This brought it into the top 10 cryptocurrencies in the world by market cap.[17]

Dogeday 2021

Users on Twitter began hyping up April 20th as “Dogeday," a day in which many predicted DOGE would reach $0.69 per coin, which would nearly triple its price. On April 16th, the market cap of Dogecoin tripled for a total of over $52 billion, overtaking XRP as the 4th-biggest cryptocurrency by market cap. Although DOGE’s rally ran contrary to a weekend bitcoin and altcoin crash, the joke coin depicting a surprised Shiba Inu did not reach the price point many had predicted on April 20th.[18][19]

References

  1. My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong. Vice.
  2. How Ethereum became the platform of choice for ICO’d digital assets. Techcrunch.
  3. Jackson Palmer. Linkedin.
  4. Dogecoin's $2 Billion Value: So High, Much Fall. Bloomberg.
  5. A Parody Cryptocurrency Based On A Dog Meme Just Hit An All-Time High. Fortune.
  6. Today's Cryptocurrency Prices by Market Cap. CoinMarketCap.
  7. Fed’s Powell Says Market, as Exemplified by Dogecoin, Is ‘a Bit Frothy’. CoinDesk.
  8. Announcing Dogecoin (DOGE) Support on Coinbase Wallet. Coinbase blog.
  9. 'Joke' Bitcoin Rival And Elon Musk's 'Fav' Cryptocurrency Is Suddenly Soaring. Forbes.
  10. Dogecoin Price Surges 37% Following Binance Listing Announcement. Coindesk.
  11. Binance US Announces Dogecoin Listing. Coindesk.
  12. Dogecoin Volumes Spike 1,900% in 2 Days Amid Viral TikTok Videos. Coindesk.
  13. Here are the numbers behind TikTok's crazy Dogecoin moment. The Block.
  14. 'Joke' Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit-Driven Boon. Forbes.
  15. It’s inevitable. Twitter.
  16. Dogecoin Surges 77% as Retail Fever Pitch Stretches Into Crypto. Bloomberg.
  17. Retail Wave Spurs Sevenfold Surge in Dogecoin Into Crypto Top 10. Bloomberg.
  18. Dogecoin Eclipses XRP as 4th Largest Cryptocurrency Ahead of ‘Dogeday’. Coindesk.
  19. Dogecoin Barks But Britcoin Would Bite. Bloomberg.