What is behind the Dogecoin boom?

What is behind the Dogecoin boom

The Dogecoin phenomenon is not something that could have happened without the support of its dedicated community, coders, investors, and pioneering sellers. All of those contributions came together to make this new type of cryptocurrency come to life as we know it today.

Who Is Behind Dogecoin?

The origin of Dogecoin’s development is a mystery that has been heavily debated by members of the community. Initially, Dogecoin’s source code was a modified version of Bitcoin’s code, developed by Billy Markus, who is an Australian developer and developer advocate for digital currency startups. These types of programmers are highly sought after in the Bitcoin world, as Bitcoin is largely regulated by the Bitcoin Foundation. However, as early as August 2013, the community was suggesting that the initial code from Dogecoin was originally created as a joke on the online forum 4chan. However, the developers and crowdfunders took it seriously and eventually created this new cryptocurrency. 

Dogecoin Foundation

The Dogecoin Foundation is a non-profit that supports the cryptocurrency Dogecoin. It was founded in 2015 by the enthusiastic members of the community. The Foundation’s goals are to help create awareness of Dogecoin, provide a stable, secure

It helps to develop services, such as wallets, and outreach programs to help people start using DOGE. It also promotes the use of Dogecoin through charitable giving and community projects.

Elon Musk

Elon Musk is a world renowned entrepreneur who has founded multiple companies and is the CEO of Tesla Motors and SpaceX. His most recent venture is the creation of the Tesla Roadster electric vehicle. He also helped to found PayPal, which was later sold to eBay.

Elon Musk has been a big supporter of Dogecoin. He tweeted about it back in December and was mentioned on the Dogecoin subreddit. 

He has a huge following on Twitter and any of his tweets have the potential to drive up the price of Dogecoin. If you want to invest in Dogecoin, you might want to keep an eye out for him.

Dogecoin community

The Dogecoin community is known for its generosity, friendliness, and optimism. Dogecoin is a cryptocurrency. It was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin.

The Dogecoin community has a lot of fun with their currency. The Dogecoin subreddit is full of people making jokes, comics, and memes about dogecoins. One of the most common ways Dogecoin is used is to tip other people for things they find helpful.  The Dogecoin developers are the people who develop the Dogecoin software, create the wallets, and manage the network.

Dogecoin programmers

The Dogecoin cryptocurrency was created by Billy Markus, a former IBM programmer from Portland, Oregon, in the hopes of achieving a larger user base than the Bitcoin investors, and to avoid being associated with the tumultuous history of Bitcoin (its connection to the black market Silk Road).

At the same time, one of their friends, Jackson Palmer, an employee of Adobe Systems’ marketing department in Sydney, Australia, and the guy who first thought of the Dogecoin, was inspired to make it a reality by a Front Range Community College student, leading Palmer to contact Markus.

Is Dogecoin just a meme?

Dogecoin is not just a meme, it actually has some functional value due to its unique features. For example, it has low transaction fees and fast confirmation times which makes it a good choice for making quick purchases or sending money overseas.

How would you predict what could happen if a phenomenon is influenced by memes and tweets?

The fact is that Dogecoin has ten times the transaction speed of Bitcoin. It’s inflationary, with about 5.000 million new coins issued each year, which corresponds to a 4% inflation rate. This property may make it more suitable for use as a medium of exchange rather than a deflationary currency like Bitcoin.

Dogecoin’s Worldwide Reception

The Dogecoin phenomenon is no doubt a worldwide success, and the impact it has had on its communities on the Reddit and Twitter forums is also beyond impressive. Millions of people have come to know the Dogecoin man and his dog, Shibe, who have gone on to become an internet legend. 

Today, Dogecoin has become an undeniable success. The cryptocurrency has seen unprecedented growth over the past months. 

Dogecoin v. Bitcoin

Bitcoin was launched in 2009 and it’s grown in fits and starts into the world’s biggest digital currency. Mike Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services company, told CNBC recently that bitcoin is “a well-thought-out, well-distributed store of value that’s lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply.”

There also are “tens of billions of dollars” of capital expenditures and operating expenses put into the bitcoin ecosystem every year that just aren’t there for dogecoin, he added.

More than Credit Suisse now

Currently Dogecoin’s value is over $50 billion, far more than that of Credit Suisse’s worth US$23.9 billion and Barclays’ worth $32 billion. Dogecoin supporters praised the cryptocurrency’s popularity when citing Credit Suisse as an example of an ancient organization that does not fit the cryptocurrency’s value. Credit Suisse has lately struggled.

Dogecoin’s future

Bitcoin may be the queen of the cryptocurrency universe today, but that could change in the next few years. There are other coins in the works that could potentially be as successful as the original, like Litecoin and Zcash. 

Dogecoin is going to go up to $1?

Dogecoin, which in the summer of 2020 amounted to just as little as $0.0023, soared to $0.10. The coin — which essentially is an internet value meme — has seen a value leap that has recently been built on social media hypothesis. 

The price is affected because there’s an immense supply of Dogecoin as it is simple to produce, according to InvestorPlace.com. 

It is said that its value could rise to $1. The chief technical officer at Komodo, a blockchain solution provider, Kadan Stadelmann, told CoinTelegraph that Doges is unlikely to exceed $1, because after experts spoke about crypto-money, it doesn’t even increase that big.

Conclusion

Dogecoin is an interesting cryptocurrency. Its creators are proof-read, they are good thinkers, and they are solid in their contributions. These attributes of Dogecoin are a testament to its strong community. A strong community is the basic foundation of any successful cryptocurrency, and the Dogecoin community is largely responsible for its continued existence.

The reality is that no one knows for sure what caused Dogecoin’s success, making it difficult to predict its future, which is already difficult in cases where the foundations of an investment are more traditional and clear.

How would you predict what could happen if a phenomenon is influenced by memes and tweets?

Attempting to discard it now, anticipating its demise, even believing that you have the arguments to do so, would also be a mistake.

Sources: MSN News, CNBC, Wikipedia.


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