Dogecoin: a meme inspired cryptocurrency
A meme-inspired cryptocurrency, Dogecoin has hit the cryptocurrency market and is spreading like bush fire. It's the same thing as Bitcoin or Ethereum, though a very unique member of that category.
A meme inspired cryptocurrency
Created in 2013, by engineers Billy Marcus and Jack Palmer, Dogecoin is probably the next big thing. Dogecoin was not meant to be anything serious as it is right now. It was only created as a joke for crypto enthusiasts. Now, with less than 8 years since its creation, it has been faced by several economic crises. However, it has grown to be bigger than what it was five years ago.
In 2013, Cryptocurrency altcoins exploded, and were seen as alternatives to Bitcoin. Consequently, Dogecoin emerged as a parody of the explosion. And why the name "Dogecoin"? Well, during the creation, there was a popular meme about a Shiba Inu dog. So "doge" was deliberately used to describe this dog, and that's where Dogecoin got its name. Ever since its creation, Dogecoin has become a bigger animal.
To say that Dogecoin was a meme inspired cryptocurrency, is not to miss a point. Why? Because even it's creators never wanted to be directly involved with it. They only came to their senses after it's popularity. They have therefore developed an upgraded version of the protocol, which they last worked on in 2021.
Dogecoin and the market
Dogecoin got it's way into the market in December 2013, at an estimated value of $0.000264. It stayed at that approximate value until 2017, during the cryptocurrency rally. It skyrocketed to
$1.013219. By summer of the next year, which was 2018, it slipped to $0.002169, and in early 2019, it had a much lower value, $0.001. The price however got an upturn in 2020 due to increased adoption of cryptocurrency.
And you thought that was all, wait. The year 2021 is when Dogecoin gained cult status. Surprisingly, Dogecoin hit an impossible value of $0.079696. However, February saw the fall of Dogecoin to $0.045031 where it traded upto April. The value again jumped to $0.34, fell to 0.28 and then skyrocketed to $0.45.
As things stand, Dogecoin is the sixth largest Cryptocurrency market, having hit a market capitalization of more than $42.6bn. It's behind tether (USDT) and followed closely by (ADA). This should tell that Dogecoin is now not a joke, especially if among it's boosters is Tesla founder and CEO, Elon Musk.
Again, in recent episodes, attackers have now moved to cryptocurrency mining. Ransomware is now being considered outdated. Botnets are now using the processing power of computers plus the dark web to mine for Dogecoin. This is mainly as a result of last year's sudden upsurge of the coin. Remember, botnet attacks have reported the highest DDoS attack on record.
Honestly, what can we say about this meme inspired cryptocurrency? I don't think much. Dogecoin is here to grow, and it's coming to control the cryptocurrency market. Additionally, what are the predictions of it's behavior for the remainder of 2021? Well, you can let us know in the comments section.