Elon Musk backed cryptocurrency Dogecoin reached to its all time high on April 12, Thursday. According to a report by Benzinga, a stock market news site, the meme-based cryptocurrency has surged nearly 1,900% since the beginning of 2021. After Dogecoin reached its new all-time high at 12 cents, its celebrity backer Elon Musk took to Twitter and posted a cryptic tweet.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Musk took to Twitter and shared a photo of Spanish painter Joan Miro’s artwork. The artwork’s name is “Dog Barking at the Moon”. Elon Musk, appropriately gave a new caption to the artwork and called it “Doge barking at the moon”. The caption in all likely hood is Musk’s move to spread the word about dogecoin and hype it up.
Origin of Dogecoin: The Joke currency that got too serious, too soon
Dogecoin was created by Jackson Palmer and Billy Markus in 2013. Both Markus and Palmer worked at Adobe, with the former working as a software engineer and latter working as a Product Marketing Manager.
The two wanted to work on a cryptocurrency project that would be as ridiculous as possible. To that, they turned their eyes towards the “doge” meme. The doge meme features a Shiba Inu dog with phrases such as “much wow”, “such amaze” on it.
To add another level of ridiculousness, the two crypto enthusiasts decided that they would let dogecoin be supplied till the 100 billionth coin.
The co-founders of dogecoin decided to do this because they wanted to make the cryptocurrency be as ridiculous as possible so that it doesn’t become serious.
However, later the co-founders decided to remove the supply limit because they wanted to promote the cryptocurrency and also wanted to discourage the idea of hodling (hodling is when crypto investors buy and hold a currency regardless of its rising or falling price).
The cryptocurrency went live on December 6, 2013 and was welcomed by the cryptocurrency community with open arms. The reason for its initial popularity was the fact that it didn’t take itself seriously, as it was based on meme.
Moreover, it was easily mined and did not cost much to buy, and hence was loved by people who just wanted to try their hands on the idea of cryptocurrencies.
Such was the popularity of dogecoin that its reddit community called r/Dogecoin garnered more than 20,000 users in the first couple of weeks. Currently the dogecoin community on reddit has over 1.3 million followers.
Dogecoin’s real-world utility and applications
Although started off as a joke, dogecoin shouldn’t be dismissed completely. The cryptocurrency does in-fact have real-world applications. This has been proven in the past few years since the popularity of dogecoin skyrocketed.
In 2014, the Dogecoin community came together and raised $30,000 and helped send a Jamaican bobsled team to 2014 Winter Olympics in Sochi.
In March the same here, the community again came together and put up $50,000 to support a charity that has projects all across Kenya. The charity received $50,000 to build clean water facilities in Kenya.
The same year, a NASCAR driver Josh Wise wasn’t able to find sponsors that would let him take part in a race. Thanks to a post in the Reddit community of dogecoin, the community came together and made good use of the dogecoins to raise $55,000.
Josh Wise was finally able to take part in the race thanks to the generosity of the Dogecoin community. His car had the picture of Doge meme on its hood and the car was called #98 Moonrocket.
So, how did dogecoin become so famous?
So, how did dogecoin become so famous? In a nutshell, the dogecoin has a light-hearted selfless community. The community is not only enthusiastic about raising awareness on Dogecoin’s real-world application, but also rallies together when the world needs them to.
Another factor that has increased the popularity of Dogecoin is the meme culture that’s making its way through to everyone. In no time the doge meme is known by most millennials and gen-z individuals.
The final factor of dogecoin’s popularity is its growing list of backers. From Snoop Dogg to Mia Khalifa to Gene Simmons, the joke-based cryptocurrency has been endorsed by all. But perhaps the most notable backer of Dogecoin is none other than SpaceX and Tesla CEO Mr. Elon Musk.