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What is Dogecoin?

Written on May 31, 2021 by

Devin Patel

Devin Patel

Co-Produced by

Parth A. Patel

Parth A. Patel

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Dogecoin has gained much popularity in recent months, and it has been especially fueled by the memes tweeted by Elon Musk.  But, how exactly did this cryptocurrency even get started?  It’s based off of a meme, and is gaining more traction than other cryptocurrencies with more legitimate marketing efforts and more serious investors.  This article will explain all of this, and whether you should invest in this highly volatile cryptocurrency or not.

 

How did Dogecoin get started?

Dogecoin is based off of the meme of the “Doge” from around the year 2013.  Around this time, lots of cryptocurrencies were being created in order to rival Bitcoin, the most popular one and one with the highest value by far.  The creator of Dogecoin, Jackson Palmer was making fun of just how many of these alternate coins (altcoins), there were, and decided to make his own cryptocurrency based off of a meme, to basically meme the current situation of this market.  He worked with someone from IBM, got the coin registered, and it became Dogecoin.

Doge (meme) - Wikipedia

How is Dogecoin successful?

Dogecoin is successful because it is a meme.  The friendly and familiar nature of the coin because it is a meme, arguably makes it more appealing to new investors, then other, more “legitimate” cryptocurrencies.  Also, Dogecoin does not take itself as seriously as other competing cryptocurrencies which helps to make itself more popular.  For example, the cryptocurrency Tron spent lots of money on celebrity endorsements in order to make themselves seem very legitimate, and attempted to build up a very professional, serious image for themselves, but they didn’t really gain much popularity from it.  Dogecoin on the other hand is carefree, and only form of marketing is from memes and occasional tweets by Elon Musk, and is viewed as more consumer friendly and human.

Elon Musk

Another big influencer of Dogecoin in general has been Elon Musk.  Musk has tweeted many times about the cryptocurrency, and each time he tweets a statement or a meme, the price of Dogecoin goes up, and then settles back down again, and then goes up again once he tweets about it, and the cycle continues.  He also has helped popularize it because of how popular a figure he is, and the nature of his personality.  For example, one of the things he wanted to do with Dogecoin was to send it to space, which gained a lot of attention.  Dogecoin’s marketing is overreaching.

Investing in Dogecoin

There are several ways you can invest in Dogecoin, mainly through sites like Coinbase and Gemini.  But, the question is more of “should you invest in it”.  Dogecoin is highly volatile, meaning that the price rises and falls dramatically, very quickly.  Mark Cuban for example, bought a few dollars worth of Dogecoin in order to teach his son about cryptocurrency, which may not be a bad route to go, especially with just a few dollars.  Either way, the choice is yours.


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