Dogecoin is a cryptocurrency based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. Dogecoin is a Litecoin fork. Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.
Yesterday, April 2nd, 2019, Elon Musk quite openly shared his support for the Dogecoin community! He posted numerous tweets about the cryptocurrency and even changed his Twitter bio.
Elon Musk comes out of the closet
It all started with him just casually posting “Dogecoin rulz” along with this meme:
Of course, with a follower base of 25,5 million, this started a massive thread for the cryptocurrency enthusiasts. Dogecoin community showed their support for Elon, and many others tried to shill their favorite asset as well. A few Holochain supporters and, of course, the Ripple community stepped in as well. Since dogecoin is considered to be some sort of a “meme currency” because of its logo, this thread mostly consists of doge memes. Also, many Tweeters were asking if they can purchase a Tesla with DOGE, or at least get a discount.
Changes his Twitter bio to “CEO of Dogecoin”
Moreover, after Elon expressed his sympathy towards Dogecoin, Tom Heats (@Tom_Heats) posted a screenshot of Dogecoin Twitter account tweet about their decision that the cryptocurrency needs a CEO. They even mentioned the top candidates on which the followers could vote. Vitalik Buterin, Charlie Lee, Elon Musk and Marshall Hayner. As you can see, Elon is a clear winner in this poll. Tom Heats commented: “You can’t decline!”. Musk quickly replied to this post saying: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
Later, based on this tweet, the Dogecoin Twitter account announced that “it looks like you’re the CEO now”, and asked him to Direct Message (DM) them so they can send them all the access codes.
Not long after, he changed his Twitter bio to “CEO of Dogecoin”. However, now he changed it again to “Former CEO of Dogecoin”. At least for a brief moment Dogecoin had a CEO.
Many people are asking now, why Dogecoin? Why not any other cryptocurrency? Well on one side, while browsing through Elon’s Twitter feed, you quickly get the idea that he likes memes and posting them. Since Dogecoin logo is basically a meme, this could answer the question for you. Also, the Dogecoin community is significantly different from any other crypto community. They are welcoming, positive, humorous and ever so uplifting to other members.
However, of course, such a public figure sharing his consent to a single cryptocurrency to his 25 million followers doesn’t go unnoticed by the market. The price of Dogecoin surged through the roof in the matter of couple hours. It went from 55 to 68 satoshis, which is an all time high in the past three months.
Another, quite unpopular opinion is that this could be a pre-planned pump and dump. News of Tesla stock price dropping came out later that night. For a twitter profile with 25 million followers shilling such community-driven crypto would be very easy. However, these actions don’t fit the persona which Elon Musk is known for.
In case you haven’t heard it already – Dogecoin (DOGE) is one of many cryptocurrencies, and it has been around for quite some time. Mainly everybody refers to it as a “joke” currency. So let’s have a look at what Dogecoin is, where did it come from, what the popular meme doge has to do with it, and why it is so relevant to the cryptocurrency community.
The origins of doge meme
Many believe that the origin of Dogecoin is the popular meme with a dog – Shiba Inu. However, the doge meme movement started way back in 2005, when the word “doge” arose. It first appeared on a youtube video called “Biz Cas Fri 1” by HomestarRunner.com. HomestarRunner originally is a game website. Also, they have a youtube channel, and they regularly publish animated series with multiple cartoon characters. In this particular video, one character is trying to finish his work, while the other is interrupting him with his new way of saying dog. He says “doge” multiple times, thus playing with the other character.
Dogecoin is born
Eight years later, in 2013, December 6, Dogecoin (DOGE) was born. Maybe the reason why most people refer to it as a joke is that initially it was introduced as a joke cryptocurrency at the very beginning. DOGE is a fork of Litecoin (LTC), so any updates added to LTC gets automatically added to DOGE. However, LTC is a fork of Bitcoin (BTC), so you can practically say Dogecoin is a distant form of Bitcoin.
Dogecoin quickly developed its online community and reached a capitalization of $60 million in January 2014. Also, DOGE had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year after that. As of 30 June 2015, the 100 billionth Dogecoin was mined.
Shiba Inu – the symbol of Dogecoin
Funny enough the flag of DOGE is a dog breed called Shiba Inu. From day one, the cryptocurrency logo featured this doge dog, and the community has been revolving around it. They have games, meme generators, t-shirts, in one word – they have a lot of merchandise, and the community is very keen on using it and spreading the word of Doge.
Shiba Inu, on the other hand, is a unique dog breed. They are quite expensive ranging from $1,500 – $3,500. He is known for his spirited personality, small upright ears, and cat-like agility. It very much sounds like the Dogecoin community – spirited and agile.
Dogecoin language for the community?
DOGE supporters call themselves Shibes! They even have their own Shibe language. It’s made up of funny broken English terms and phrases like, “such amazing”, “much grateful” and “many work”.
Who invented Dogecoin?
Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia created Dogecoin. Both wanted to create a fun cryptocurrency that will appeal beyond the core Bitcoin audience. Dogecoin’s primary use case is as a tipping system on Reddit and Twitter where users tip each other for creating or sharing good content. The community is very active in organizing fundraising activities for deserving causes.
How can I use Dogecoin?
What started as a little joke has now grown in a vast crypto community. Dogecoin is like any other cryptocurrency. You can hodl it in a wallet, exchange or any other crypto service. You can trade the coin in various cryptocurrency exchanges like Bittrex, BitForex, and Kraken.
Nevertheless, it looks like coinmarketcap.com has a limit for the number of markets showing for each coin. Because, at the moment, DOGE is trading in 400 markets among more than 50 exchanges. Judging by the info coinmarketcap.com provides, it’s the same amount what Bitcoin and Ethereum have. The last 113 markets have no volume.
Also, many merchants providing their products and services online are already accepting BTC, and they often also take DOGE. Dogecoins.com has collected all the places where the coin is accepted, so you can go on their website and browse the best option for yourself.
Dogecoin tipping bots
In popular social media platforms like Twitter and Reddit, you can tip other users for posting informative, educational, funny, entertaining or amusing posts. Tips are often low, rarely going over $0.20, and are an excellent way to reward people who take the time to produce good content. Tipping not only pays these people but also spreads the philosophy of Dogecoin. If a user doesn’t have a Dogecoin wallet set up, some tip bots even send information via private message on how to get one.
Bitcoin uses SHA-256 to guide the mining of new currency. Dogecoin and Litecoin on the other hand, use Scrypt. That is an essential difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. That makes mining easier for miners with less powerful computers. Besides, in 2014, Litecoin and Dogecoin merged mining. That means they made it possible to mine both coins in the same process. Dogecoin mining now links with Litecoin mining.
Many games use Doge as a symbol. One of the most popular ones is Doge 2048. It is a puzzle game developed for Doge lovers and its name “Doge 2048” comes from a similar game called 2048. This game is fun because it uses doge pictures instead of numbers.
The future of Dogecoin
Dogecoin has no supply limit. That means that there is an endless amount of Dogecoin and so the price will not increase as much as other coins like Litecoin and Bitcoin which have limited supplies.
There will only ever be 21 million Bitcoins. However, there are more than 117 billion DOGE in circulation right now. Tipping and donations are the primary use cases forDogecoin, as it is excellent for small transactions.
The price of one DOGE is less than 1 cent, but that doesn’t mean Dogecoin is entirely worthless. Dogecoin has a market cap of USD 246,380,089 as of today, but it was higher than 1 billion USD in January 2018! Currently, the daily volume, provided by coinmarketcap.com, is USD 17,264,518
The community aims to send its favorite coin’s value “to the moon.” With more and more merchants embracing Dogecoin every day, the future appears to look bright. If more users and communities adopt the tipping ecosystem, in which Dogecoin currently has a leading role, the community might very well see its hard work paying back.
The situation today, in the crypto markets, is showing quite bloody. While Bitcoin, Dogecoin and a few others seem to be the only gainers in the Top100, all the other coins and tokens are facing a brutal downtrend of around -10% per coin.
The upside in this situation is that Bitcoins’ dominance is rising at remarkable speeds. Now it is hanging at around 57-58%, depending on the source. A few tweeters claim that last year, at around November, when the huge market spike started, Bitcoins’ dominance grew to 60% and that had initiated the bull-market.
Another thing is that the usage of the Lightning Network (LN) is increasing, thus meaning that in the past 30 days, the value of all LN channels had increased by ~40%, and the number of open channels had increased by almost 11%, which means that people are more actively starting to use the off-chain solution by Bitcoin.
Also this bloodiness in the market might be a sign of a massive Ethereum and Ethereum based token sell-off, where one of the most popular tokens Basic Attention Token (BAT) is falling with ~13%.
Another thing – we cannot not take this massive ETH FUD which is going around the crypto-sphere for granted, and I myself, kind of see a connection between the time when the last bull-market in November initiated. During that time also a lot of ETH FUD was going around the crypto-space, claiming that ETH might never reach $300 in price, but then – boom! It reached a stunning all-time-high (ATH) of $1380. The same refers to alt-coins in general – a massive alt-coin FUD spread around twitter and other social media sites during the time before November 2017.
After that a huge bull-market exploded and basically every cryptocurrency faced its ATH.
Is this year going to be just like the last one?
Another interesting piece of advice traveling around twitter – “turn the chart around, it shows a bull-market approaching.” And this type of advice helped me to see the previous heights of Bitcoin, reaching 17k-18k-19k, the chart itself started to look almost funny in a sense of – can it go even higher? Because the chart started to look like a nail, a wall, something so steep that in no way it could continue growing like that. Why couldn’t we take this action and use it in a bear market, referring to the chart of ETH? Putting all these little things together, the picture might be showing a bull-market approaching, but then again – aren’t we all looking for excuses for the bull-market? Don’t we all have at least a single alt-coin which’ price has fallen to a rut, and secretly, deep inside, you wish for it to pump?