A new digital currency called Dogecoin could make impressive gains, considering that it increased almost four times last year, and only on Friday, January 15, it posted a profit of over 10%.
It all started with an internet prank by some of the famous Hollywood actresses and the richest man on the planet, Elon Musk, who is considered a big mover for everything cryptocurrency.
Dogecoin co-founded software engineers Billy Marcus of IBM and Jackson Palmer of Adobe. The purpose of creating this currency was to compete with Bitcoin, but especially to reach a much wider target audience than Bitcoin, especially among the youth.
On December 6, 2013, Dogecoin was launched with its website www.dogecoin.com, which in its first 30 days received more than one million visitors.
Billy Marcus is the person who designed the Dogecoin protocol based on other existing cryptocurrencies such as Litecoin. In just three days of its first month of existence, Dogecoin has grown by 300%, from $ 0.00026 to $ 0.00095. The rapid growth occurred at a time when Bitcoin was experiencing some setbacks in the cryptocurrency market.
Three days later, Dogewallet saw a steep 80% drop in value. On Christmas Day, the digital currency fell prey to hackers who managed to steal millions of units from their Dogewallet online wallet.
But unexpectedly, this incident caused a real wave of tweets and online posts worldwide until Doge got the fame it needed to grow exponentially.
The Doge community has started an initiative called “SaveDogemas” to help donate coins to those stolen. About a month later, enough funds were donated to cover all the stolen coins.
Dogecoin trades more than Bitcoin
In January 2014, Dogecoin’s trading volume briefly exceeded Bitcoin and all other cryptocurrencies combined; however, its market value remained significantly behind Bitcoin.
During the speculative bubble between 2017 and the beginning of 2018, Dogen briefly peaked at $0.017, with a total market value of around $ 2 billion.
Currently, Dogecoin is trading at $ 0.2857 with a market cap of $ 36.89 billion.