What happened to Dogecoin? From a meme coin to the moon
Dogecoin must be the hottest cryptocurrency during these weeks with Doge to the moon tweet from Elon Musk. On April 1st, he tweeted: SpaceX is going to put a literal Dogecoin on the literal moon and the Dogecoin price rocketing 11 times from the beginning of April is evidence for the charm of this meme coin to traders no matter that it was created as a meme coin! So, what happened to Dogecoin? If you are wondering how it can turn from a meme coin to a ticket to the moon, this article is just for you.
What is Dogecoin?
Dogecoin was invented on December 6, 2013. It was originally a joke created by Jackson Palmer and Billy Markus based on the Litecoin source code. The symbol of this coin was an extremely famous Internet meme called Doge. Even the rewards of this coin are not basic at all.
“Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.” His tweet got a lot of attention. To make the joke even more real, Palmer bought the domain: Dogecoin.com and posted a photoshopped Doge meme on a coin. He left a note on his site: If you want to make Dogecoin a reality, get in touch.
In 2013, anyone who looked at this coin was like: Are you kidding me? However, over time, things started to change. Regardless, over 7 years, Dogecoin has built itself a community of users. Gradually, this coin became a tip among Internet users.
Dogecoin has no limit on the number of coins that can be issued. At the time of writing, that number had risen to over 129 billion units and will keep growing in the future. At its peak, the Doge price hit $0.7 /1DOGE, with a market cap of over $91 billion on May 8th, making the coin in the top 10 highest-ranking digital assets in the cryptocurrency market.
Why is dogecoin so cheap?
From a reward
Like every other early cryptocurrency, DOGE was born to help users perform transactions on the blockchain. For example, if a person wants to give someone 10 cents in exchange for another benefit, like giving a good comment about them on Reddit. It’s called the “tipping bot” that made DOGE a reward for interesting comments.
This 10-cent value if converted to Bitcoin would be 0.000006 BTC. But these 10 cents turn into 6.09 DOGE, a much easier conversion rate. Besides, since dogecoin costs very little value in fiat currency terms, it is used by Redditers to send back and forth to each other.
Also, trading on Dogecoin will be much faster and cheaper than BTC. For this reason, Dogecoin has become the most popular coin used to quickly and easily reward others. Reddit and Twitter users can take advantage of different small amounts of DOGE for funny content.
So, as you can see, dogecoin was used as a reward instead of a financial item for investment.
To a community
One thing that makes Dogecoin stand out from others is its large and friendly community. The Dogecoin community has nearly 100,000 subscribers and all receive the benefits of DOGE. This community calls themselves “Shibes” (modified from Shiba).
Dogecoin’s biggest challenge right now is that they haven’t released any updates in more than 2 years. However, it is worth noting that even without any updates, the Doge price continues on its momentum. Most of the Dogecoin community is very optimistic about the coin’s position in the future.
What happened to Dogecoin and Elon Musk?
Dogecoin to the moon tweets
However, with the first moves of Elon Musk in recent time, the Dogecoin community has experienced a shock. You may know that Tesla CEO Elon Musk is the one who took the responsibility for what happened to Dogecoin price.
On April 1st, he tweeted: SpaceX is going to put a literal Dogecoin on the literal moon. Elon Musk’s SpaceX has accepted this funny meme coin as payment to launch a satellite to the moon next year. Though it cannot be said that it was an April Fool’s joke or not, after this Dogecoin to the moon SpaceX, dogecoin price started rising.
Besides, with Musk scheduled to host Saturday Night Live on May 10, the Dogecoin price was expected to keep rising and reaching the next all-time high. However, it did not become the truth. The Dogecoin price started to slightly plum on May 9th.
Even Musk has urged traders to be careful when buying DOGE. In a recent tweet, he said “I mean, there’s a good chance that crypto is the future currency of earth.” However, when mentioning Dogecoin, he said we should invest with caution.
The sharp increase in DOGE price has led to many consequences, such as a wave of speculation on the dogecoin subreddit, everywhere you hear pump and dump, making Dogecoin lose its first purpose – a community where everyone has fun.
How to buy Dogecoin on Tokenize Exchange
Now you understand what happened to Dogecoin that led to its rapid growth these days. Since cryptocurrency is unpredictable, we can say that it has the potential to keep growing in the future.
So, what do you think about this funny cryptocurrency? Do you think it is a good chance to trade or invest in? Do you want to become a part of the DOGE community? If you are interested in DOGE, you can buy Dogecoin on Tokenize Exchange with your account with USD or SGD, so easy and simple.
Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.