The design of a cryptocurrency project It is usually inspired by trends that move in the markets, for example, Artificial Intelligence, payment systems or as a natural extension of the digital wallets. However, there is one token whose origin stands out from the rest, it is Dogecoin, the crypto that emerged from a meme and opened a new niche in the industry.
The history of Dogecoin dates back to 2013, the year in which two software engineers, Billy Markus and Jackson Palmer, wanted to “make fun of the crypto fever”, creating a more than original virtual asset.
To leave no doubt about their intentions, they adopted the figure of the meme that was sweeping in popularity at that time, a Shiba Inu (Japanese dog), to create a cryptocurrency that, in principle, satirized the world of digital currencies, but over time it has become the precursor of the so-called memecoins.
From anonymity to stardom
Upon its release to the market, Dogecoin was laughable and was a source of ridicule or taken as a very funny joke, But history tells us that what began as a clever joke, but a joke nonetheless, has become a crypto with a record of significant jumps in value and the first of its kind, memecoins.
Its online popularity grew exponentially, thanks in large part to the philosophy that preaches: positivity and fun, which places it at the antipode of Bitcoin, for example, which responds to more rational objectives such as freedom and financial autonomy.
When reviewing the Theoretical foundations of Dogecoin, it is found that crypto wanted to be a relaxed alternative to the rest of the digital currencies. That is, to be accessible by offering a wide range of coins in circulation and be a meeting point - fostering a sense of community - to activate the solidarity spirit of its members.
An example of this is that in 2014, his followers donated the equivalent of $55.000 to get former NASCAR driver Josh Wise back on the track, and also raised $25.000 to fund a Jamaican Olympic team. They have also collaborated with water infrastructure in some rural areas of Kenya.
So although in its beginnings the operation of Dogecoin was simple and even informal, today it is a consolidated crypto, with a significant investor base and a globally recognized name.
As if that were not enough, she is the favorite of the richest man in the world and a great influencer of the crypto market, Elon Musk, who has on various occasions cheered for DOGE on the networks, causing spikes in the DogeCoin priceHe even named the federal spending-cutting group he oversees, the Department of Government Efficiency, after himself. Its acronym is the same as the currency, DOGE.
Productive barking
Not only has the price made Dogecoin an attractive crypto for the industry, but it became the first memecoin in history, a crypto sector with million-dollar potential.
The indices, which measure the weight of different classes of virtual assets, estimate that the meme coin market is worth $120 billion, surpassing many of the other types of digital currencies currently in existence.
Certificate
Course on Taxation of Bitcoin and other Cryptocurrencies in Spain (only in Spanish)
Medium levelLearn from experts in the Tax area all the details about the taxation of cryptocurrencies in Spain.
According to CoinMarketCap.com and its list of the most powerful tokens in the world, the first on the list is the queen crypto, Bitcoin, but Dogecoin occupies the not inconsiderable eighth place, with a price - at the time of writing this note - of $0.1691 and a market capitalization of nothing more and nothing less than 25 billion 180 million dollars.
This value is certainly below its all-time high of $0,7376 in May 2021, but the quotation current is far from its low of $0.00008547 from almost 10 years ago.
At the time of its launch, support from online communities or internet forums, allowed the value to soar by 300% in just two weeks.
Virtual validity
In its more than a decade of trading, DOGE has managed to overcome misgivings due to its origins and the weaknesses observed in its fundamentals.
In practice, it is a consolidated tool for transferring small amounts, while its rules show that each year more will be made available. new blocks of coins to mine. And the conditions behind the crypto stipulate that Dogecoin There is no maximum limit on the number of tokens to be issued. -Bitcoin's cap is 21 million BTC-, so the current circulation is over 148 billion DOGE, and the number will continue to grow.
