What is Dogecoin? History of Dogecoin

The Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer as a fun alternative to Bitcoin.

Billy Markus and Jackson Palmer Net Worth | Dogecoin Founders Net Worth is  Here -
Billy Markus and Jackson Palmer

Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of US$85,314,347,523 on May 5, 2021.

Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure thet estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.

So, What is behind Dogecoin’s rise?

Elon Musk, who frequently tweets have added to the digital token’s mania. Musk had once changed his Twitter bio to “Former CEO of Dogecoin”. Other celebrities, including rapper Snoop Dogg and rock musician Gene Simmons, have also promoted it on social media.

Elon musk Twitter bio, what is dogecoin, history of dogecoin
Elon musk Twitter bio
Elon Musk says SpaceX going to put a dogecoin on the moon, memecoin surges  - Technology News
Elon musk tweet
Elon Musk breaks his very brief Twitter silence to tout meme cryptocurrency  DogeCoin | Daily Mail Online
Elon musk tweet

Why some are concerned?

Some investors have expressed fears that Dogecoin’s rise would lead to a bubble, given that buyers do not see any meaningful value in the digital token, and are only trading to make money while the price keeps going up.

Without having any intrinsic value such as gold or land, cryptocurrencies are considered highly volatile, and may crash as fast as they can rise, experts say, making them susceptible to sudden scares as well as manipulation by small groups who often hold large numbers of the virtual currency in circulation.

Whaf If Dogecoin Goes to the Moon? | by E. B. Kevin | DataDrivenInvestor
image source: DataDrivenInvestor

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