Dogecoin

April

Shiba Inu

Elon Musk

<div class="cryptonews"> 
 <p class="is-style-lead">Explore Dogecoin’s 10-year journey from a meme-inspired joke to a major <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency, hitting a 52-week high as it celebrates its anniversary.</p> 
 <p>Initially a joke based on a popular internet meme, Dogecoin (DOGE) has surprisingly survived a decade in the competitive <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market and is now celebrating its 10th anniversary.</p> 
 <p>As Dogecoin marks its anniversary, the cryptocurrency community is experiencing renewed optimism. The coin’s value has risen over 14% in the past 24 hours, reaching a 52-week peak of $0.10 as of Dec. 6.</p> 
 <figure class="wp-block-image">
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/0W5j9W929J-M9fkm0Cwr3PIJ86Hx2-CZuWM0nywVwxaaRs0cwEpAbqHv8wXg1_vn6ifITCHFMOIC_xhaXidpIOftyqy-q0W1U6Z8xVr_UezNOucPnAME1BVJLGwzn-uxbubfjHhMUptNSCcWY-3i3y8" alt="How Dogecoin defied odds: marking 10 years in the crypto world - 1">
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   DOGE 52-week chart | Source: CoinMarketCap
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 <p>This growth is part of a broader trend seen in the lead-up to the anniversary, showcasing both the coin’s lasting appeal and the speculative nature of cryptocurrency markets.</p> 
 <p>As we commemorate Dogecoin’s 10th anniversary, let’s explore its journey from a meme to a major player in the cryptocurrency world.</p> 
 <h2 class="wp-block-heading" id="strong-what-is-dogecoin-and-what-made-it-so-popular-strong"><strong>What is Dogecoin and what made it so popular?</strong></h2> 
 <p>Dogecoin, conceived in late 2013 as a parody by Adobe Product Marketing Manager Jackson Palmer and software engineer Billy Markus, has evolved into a significant digital currency, boasting a market capitalization exceeding $14 billion as of Dec 6.&nbsp;</p> 
 <p>This peer-to-peer digital currency, similar to Bitcoin (BTC), is distinct in its use of the Scrypt algorithm, setting it apart from Bitcoin’s SHA-256 mining requirements.&nbsp;</p> 
 <p>Its unique design <a rel="dofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> the well-known internet meme of a Japanese Shiba Inu with captions like “much wow” and “such tired.” Originally launched with a cap of 100 billion coins, this limit was later removed, making its supply limitless.</p> 
 <p>Yet, it quickly captured global attention. Just a month after its launch, the Dogecoin website had over a million visits, indicating an instant, substantial following​​.</p> 
 <p>In 2014, Dogecoin supporters rallied to support various charitable and sporting causes. They raised $30,000 to send the Jamaican bobsled team to the 2014 Winter Olympics and assisted an Indian luger in participating in the same event.&nbsp;</p> 
 <p>The community also raised funds for the 4 Paws For Ability charity and contributed $50,000 to a clean water project in Kenya.&nbsp;</p> 
 <p>Since then, Dogecoin has gained traction not only as a comical cryptocurrency but also through community-driven initiatives, further solidifying its presence in the crypto market​.</p> 
 <h2 class="wp-block-heading" id="strong-the-role-of-social-media-and-elon-musk-strong"><strong>The role of social media and Elon Musk</strong></h2> 
 <p>Dogecoin’s value has been notably impacted by social media trends and celebrity endorsements.&nbsp;</p> 
 <p>In January 2021, a Reddit-driven surge saw Dogecoin’s price increase by over 800% in 24 hours. The coin received further boosts from high-profile figures like Elon Musk, Snoop Dogg, and Gene Simmons​​.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="zxx" dir="ltr">pic.twitter.com/a6kmk0PEgM</p>— Elon Musk (@elonmusk) January 28, 2021
   </blockquote> 
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 <p>Musk, in particular, has played a significant role in Dogecoin’s market movements. His tweets and public support have led to significant fluctuations in the coin’s value.&nbsp;</p> 
 <p>For instance, Musk’s tweet in April 2021, referencing Dogecoin, led to a more than 100% increase in its price​​​​. In May 2021, Musk’s SpaceX announced a Dogecoin-funded rideshare mission to the Moon, <a rel="dofollow" title="marking" href="https://thebittimes.com/tag/marking.html">marking</a> the first space mission funded by a <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency.&nbsp;</p> 
 <p>Moreover, in June 2022, Musk expressed his ongoing support for Dogecoin, stating, “I will keep supporting Dogecoin.”&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">I will keep supporting Dogecoin</p>— Elon Musk (@elonmusk) June 19, 2022
   </blockquote> 
  </div>
 </figure> 
 <p>This statement came amidst Musk facing a lawsuit for $258 billion, where he is accused of running a pyramid scheme to back Dogecoin.</p> 
 <p>The strong community support and constant endorsement from Musk have led to a surge in DOGE’s popularity over the years, solidifying its acceptance and utility beyond its meme origins​​.</p> 
 <p>Amid this, the Dogecoin Foundation has been instrumental in supporting the Dogecoin ecosystem and community. Re-established in August 2021 with notable advisors, including Vitalik Buterin and Jared Birchall (representing Elon Musk), the foundation aims to promote the future of Dogecoin’s blockchain​.</p> 
 <h2 class="wp-block-heading" id="strong-the-future-of-doge-strong"><strong>The future of DOGE</strong></h2> 
 <p>Dogecoin’s potential in mainstream commerce and online transactions could significantly shape its future.&nbsp;</p> 
 <p>Its appeal lies in lower transaction fees and quicker processing times than many cryptocurrencies, making it suitable for small-scale transactions and regular use.&nbsp;</p> 
 <p>However, investing in Dogecoin requires caution due to its susceptibility to speculative trading and influence from external factors like celebrity endorsements or social media trends.&nbsp;These influences can result in sudden and unpredictable shifts in its value, presenting risks for investors.&nbsp;</p> 
 <p>Furthermore, the lack of a supply cap introduces additional complexity, as this could lead to inflationary impacts on its value.&nbsp;</p> 
 <p>As with all digital currencies, DOGE is a highly speculative instrument, and you should never invest more than you can afford to lose.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/how-dogecoin-defied-odds-marking-10-years-in-the-crypto-world-tbt72804.html">https://thebittimes.com/how-dogecoin-defied-odds-marking-10-years-in-the-crypto-world-tbt72804.html</a></p>

How Dogecoin defied odds: marking 10 years in the crypto world

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