Why buy Doge (DOGE)
You could consider buying Dogecoin because it is the most famous memecoin in history and the first one ever created. With a market cap of more than $8 billion, it’s ranked in the top 10 of the most capitalised cryptos. Its playful nature, now as in the past, means that its price is heavily influenced by speculation and driven by the highs of other cryptocurrencies.
Its supporters include Elon Musk, who has repeatedly provoked pumps through his statements. For example, in 2021, following the famous post by the owner of X, Dogecoin recorded +1100% in four months. While in April 2023, he replaced the social network’s logo with that of the crypto.
You might decide to buy Dogecoin (DOGE) because many consider it to be the only original memecoin or perhaps because you think Musk has major plans to expand the use cases.
What is Doge and how it was born (DOGE)
If you are deciding whether to buy Dogecoin, you should know that it is a very curious cryptocurrency, and that its success has surprised everyone, including its creators. The coin’s public image is the well-known meme of a Shiba Inu dog, named ‘Kabosu’, owned by a Japanese kindergarten teacher, who is famous for starting a blog about the lives of her pets. IBM’s Billy Markus and Adobe’s Jackson Palmer chose Kabosu as the image of a new coin, to ironise the growing altcoin-mania. On 6 December 2013, Dogecoin was launched and the meme-coin’s fame spread so quickly that its capitalisation increased by 300% in a fortnight.
The developers, Palmer and Markus, were fans of Bitcoin but did not really appreciate the new cryptocurrencies that were emerging. They thus decided to create Dogecoin as a parody: the memecoin is successful, however, thanks to the solid community created around it.
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