If you are stepping into the cryptocurrency market, you have surely heard of a currency called Dogecoin. There are a lot of questions being asked regarding Dogecoin due to its increased popularity. What is Dogecoin, and how to buy it? Can you buy Dogecoin on coinbase? If you are looking for an introduction to Dogecoin, then don’t worry; we’ve got you covered. Here is everything you need to know about Dogecoin.
What is Dogecoin?
If you belong to Gen Z, then you must be surely familiar with the famous Shiba Inus dog meme that became really popular in 2013. Well, Dogecoin, which started as a joke, is based on that meme. Shiba Inus, which is a famous dog breed in Japan, became a meme and was associated with the currency by Billy Markus.
Billy came up with this idea to attract customers in a more light-hearted way. He thought that a more “lighthearted” or “familiar” bitcoin would be able to gain mainstream acceptance much faster. Although Dogecoin is not on par with Bitcoin, its scale has increased from $1 billion in January 2021 to $47 billion in June 2021.
It is surely a huge hike when you think that the currency was introduced as a joke. More and more people are investing in Dogecoin as of now, which makes you think, why did this meme cryptocurrency become so popular again?
Why did Dogecoin become so popular?
When Elon Musk, a multi-billionaire and the owner of Tesla, posted a tweet with his Shiba Inu puppy sleeping on the floor. It somehow pumped the prices of Dogecoin to a huge extent. Just after the tweet, Dogecoin showed a growth of 112% in just about 24 hours. On a year-to-date basis, Dogecoin has climbed an astonishing 7000 percent. It also achieved its all-time high of $0.73 on 8th May 2021.
With the world’s richest man supporting the currency, it has seen some astonishing success this year, and it is likely to grow more. Dogecoin, as of now, has one of the largest and most active communities when it comes to cryptocurrencies. With no upper limit like Bitcoin, there are more than 100 billion Dogecoin in circulation.
