Is Dogecoin Still a Joke?

June 1, 2021

Origin of Dogecoin

As a result of ongoing wild speculation in the cryptosphere in the year 2013, Dogecoin was created as a joke. This fun and friendly altcoin features Shiba Inu’s dog face as its logo.

Bill Markus and Jackson Palmer were the masterminds behind the creation of this altcoin. Over the years of its introduction, Dogecoin has mostly remained low-key and couldn’t influence the crypto environs the way it does today.

Guess what, this peer-to-peer digital currency aimed to reach broader demographics than Bitcoin; so basically, it was introduced to compete with the Crypto champion, Bitcoin.

Major Dogecoin Trends  

This slow and steady digital currency has managed to dominate the year 2021 as the most happening element. In January 2021, Dogecoin received major attention from Reddit users, Game Stop Short Squeeze, and was slightly encouraged by Elon Musk.

As a result of these considerable events, Dogecoin rose over 800% in just 24 hours. February 2021 brought a better fortune to Dogecoin where it hit a new price of $0.80 after being in the Twitter talks of Elon Musk, Gene Simmons, and Snoop Dogg.

With the announcement of Dallas Mavericks, the owner of Mark Cuban to allow the purchase of tickets and products in exchange for Dogecoin, this digital currency got a new ray of hope. In just 2 days of its announcement, Cuban became the top Dogecoin merchant to carry out 20,000 transactions.

April 2021 emerged as the month of yielding fruits where Dogecoin hit $0.10 on April 14. Additionally, in the next two days, it hiked by 400% which means the prices rose to $0.45. Additionally, it became the fifth-highest valued cryptocurrency in the same week with a market capitalization of $ 50 billion.

Performance of Dogecoin

In the first week of May 2021, Dogecoin’s value surpassed the greatest rate of $0.50 which amounts to a 20,000% acceleration in a year.  What happened next came as a setback to the progress of this digital currency. On May 8th, 2021, Dogecoin witnessed a significant fall which amounted to a cumulative drop o 43.6%.

As a result, Dogecoin suffered a loss of $35 billion. Let’s not lose hope here because what came next makes it a considerable choice for many.

On May 9, 2021, Space X declared that the rideshare mission to the Moon will be funded by Dogecoin. Additionally, a minor 40kg payload on IM-1 mission, 2022 is named DOGE-1. Thus, Dogecoin went from mere joke to a hot properly in less than a decade.

Conclusion

According to the experts, Dogecoin is expected to be the major talk of the town in the months to come. Being amongst the hit list of crypto enthusiasts and prominent role players Dogecoin seems to have a great future. What remains the question is that Can Dogecoin take over Bitcoin?

The debate is yet to conclude because the momentum of the Dogecoin is yet to be thoroughly analyzed, in the upcoming days to come. So, let’s together witness the momentum with the quick updates on the Dcryptonews.

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