The internet is an unusual place. One fine day you decide to post a picture, and the next day you wake up to find it viral and reaching millions across the globe. In a similar chronology, a Shiba Inu who became an internet sensation is now the face of an upcoming cryptocurrency. What are the odds of that, you ask? Slim, but not unlikely!
So far, Dogecoin has given nearly 1900 per cent returns since January 2021, and several analysts are already deeming it as the cryptocurrency of 2021. Stock market news site Benzinga reported how the cryptocurrency towered to approximately 1,900 per cent since the beginning of 2021.
Based on the iconic 'Doge' meme, Dogecoin started as an innocent joke by two software engineers Billy Markus and Jackson Palmer. With an aim to initiate fun and instant cryptocurrency', it was launched back in December 2013.
Palmer, an Australian marketer, tweeted out of fun, saying Dogecoin is "pretty much the next big thing." The topic arose after a conversation on combining the internet's two most-talked-about subjects: Doge and cryptocurrency.
Several users noticed this on the internet and began talking about Dogecoin. However, the joke was far from dying down, as Palmer joked about a 'Dogecoin.com' domain and uploaded a photoshopped picture of the Shiba Inu on a coin.
The history of the coin's adorable mascot started with a random meme that floated on the internet several years ago. The original meme involved a picture from 2010, featuring a dog with multi-coloured text in Comic Sans font. The text in question indicated an internal monologue by the dog in broken English. While the buzz behind the meme died down a few years later, Doge began to appear in other meme templates, and its broken English then became a part of the internet-lingo.
However, it wasn't until Reddit intervened that Dogecoin became a reality. Despite creating the cryptocurrency, Markus and Jackson never took it seriously. Just like Gamestop, Dogecoin's subreddit also exploded almost immediately. It gave Dogecoin the pedestal it required to be recognised as a potential cryptocurrency. In fact, users on Reddit began sending each other Dogecoins as a token of respect or affection. The continuous exchange of cryptocurrency paved the way for the expansion of its user base.
Today, the value of Dogecoin in circulation (also referred to as the coin's market cap) is currently $32.4 billion. It also ranks eighth on price tracking site Coinmarketcap's crypto list. A devoted community on Reddit and Twitter has also been promoting Dogecoin and has given away to potential large-scale movements to expand its value.
Apart from this, Twitteratis and renowned personalities have also been instrumental in boosting its price by constantly talking about it. Tesla chief Elon Musk tweets about Dogecoin every now and then, and his cryptic posts have incited several theories among avid enthusiasts. In one such tweet, Musk mentioned how he would put Dogecoin on the moon. And while several dismissed this as an April Fool's prank, Musk tweeted other vague follow-ups to his tweet that raised questions in return.
Apart from this, an upcoming TikTok trend has also helped promote cryptocurrency. This trend, which encouraged users to buy Dogecoin, is said to be responsible for the current spike in its price.
Like the stock market, investing in cryptocurrency also poses risks. It is advisable to do your research and play safe, as it is typically prone to cyber-attacks and hacks. Several security breaches have ended up causing massive losses to entrepreneurs and investors in the past as well. There's also a good chance that cryptocurrency, despite its initial popularity, will never work. And if that's not all -- it is challenging to say which one will outlive the other. In a space where everything has the potential to gain traction, there's also scope for very little shelf-life. That said, things may work out for the best, and we might see the blockchain industry and crypto-assets take off in the near future.
Of course, Bitcoin has sailed a long way and has created an impact like no other it is safe to assume that Dogecoin is on its way to defining the future. So, the next time you find yourself wondering if you should take a chance with your meme — we'd say go for it!