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Dogecoin, or DOGE, rose to fame very quickly in 2021 and has since become one of the biggest cryptocurrencies in the world. With Tesla looking to integrate digital currency into their payment system, it is time you knew more about this coin. Did it really start on Reddit?
The Coin was originally started by two crypto enthusiasts as a bit of a joke, with the name being linked to a popular meme. While the coin was not started on Reddit, Dogecoin was made much more popular via discussions on the Reddit forum.
After the whole Gamestop saga, the Reddit users decided that they wanted to throw money at something else. This time it’s a hilarious cryptocurrency named Dogecoin. The users put money into the coin as a joke, causing a rise of 800% in value in 24 hours. This caught the attention of news sites like CNBC, which added more coverage and growth to the coin.
It eventually caught the eye of Elon Musk, who tweeted about the coin, sending it “to the moon”.
What is Dogecoin?
In late 2013, software engineers Jackson Palmer and Billy Marcus created Dogecoin. Palmer created the logo for cryptocurrency using a meme that used the misspelled “doge” to describe Shiba Inu dogs.
Pat White, Bitwave’s CEO, stated that “Doge was really created to make fun of Bitcoin.” In the early days of Dogecoin, a group of enthusiasts organized publicity stunts to increase its profile, such as sponsoring a NASCAR racer or sending the Jamaican Bobsleigh team to the 2014 Olympics.
Dogecoin was given cult status by Reddit’s WallStreetBets messageboard in early 2021. This was the prime instigator of the January GameStop affair. There, enthusiasts promised to drive its value “to the moon” (that was prior to all crypto discussion being banned on that subreddit).
Dogecoin has seen a huge rise in its value, and it is expected to gain more than 5,000% by 2021. Elon Musk, Tesla’s CEO, was one of its supporters. He called Dogecoin the “people’s crypto.” Musk called Dogecoin “people’s crypto” and promised to place a Dogecoin token on Mars.
Over the past year, Dogecoin has seen price returns of over 8,000%! While this level of growth is not expected for the future, the fact that the currency is being integrated makes it valuable as both an investment and a transaction coin.
Dogecoin is also a very eco-friendly alternative to Bitcoin. This can make it a preferred option for sustainable investors.
Where to buy Dogecoin?
The two best places to buy Dogecoin/DOGE are via a trading broker or an exchange. An exchange is great for users who want to buy and hold the currency, whereas a broker is great for people who want to try and get a return on their DOGE investment.
When looking for an exchange or a trading broker, you need to do thorough research to ensure the exchange and brokers are licensed, safe, and not a scam.
Bitcoin Motion is one of the latest cyrpto trading platforms that many are using to trade cryptocurrencies like Dogecoin. Read more about Bitcoin Motion.