When thinking about digital money, Bitcoin and Ethereum would be the first to cross most people’s minds. So for a while, Dogecoin, the new player in the game, has been making its way into the hearts of digital currency fans. Yes, that same Dogecoin that began as a joke has become now serious competition in the world of digital currencies.
And the Dogecoin story goes back to the year 2013 when software engineers Billy Markus and Jackson Palmer launched it as a branch of the existing Bitcoin code and intended it to be a jocular alternative to the serious Bitcoin. The title comes from the popular internet meme, “Doge,” which features a Shiba Inu dog with captioned thoughts in broken English.
Dogecoin ripened into an early pretty strong following; despite its humorous origins, it managed to attract itself. It’s community-oriented, fun, and generous as opposed to other forms of digital currency. It rocketed in early 2021, garnering a great deal of hype from some of the biggest names in the financial industry, of which Elon Musk would easily be the most famous.
Is it just a popularity contest really, or is there something that this little coin has? Many would still label it a meme coin, but somehow it has been surviving and managing to attract a lot of new investors. Low transaction fees and quick processing make it very convenient for small transactions and tips.
It is faced by some problems; for example, it is highly volatile in terms of price and has changes happening to it due to pump and dump. Moreover, it has much lower energy consumption than bitcoin, yet significant, thus a point of concern for environmentalists.
To be on lookout for Dogecoin, its position in the digital currency landscape is really very unique. It may turn out to be the next big thing or just a fun experiment, but there is no doubt that Dogecoin has carved its name in the financial world.