Dogecoin, a currency that started as a joke has now grown twelve hundred times as a cryptocurrency and is still moving. It is also called a meme currency because it was named after a dog breed called SHIBA INU, a Japanese dog breed. It started in the year 2013 as a convenient payment method as many cryptocurrencies were evolving at that time.
Two engineers called BILLY MARKUS and JACKSON PALMER working differently on different software made this coin in a joint partnership and brought Dogecoin into reality. But who had thought that this coin would get tremendous popularity in a little time so much that everyone would be talking about it? They formed it as a rivalry of Bitcoin to grow its online population and wanted to make a broader subscription. In its initial times, it already grabbed a lot of visitors to its online platform. Before investing in bitcoin, you can read benefits of bitcoin trading .
Factors for its unexpected boost
THE REDDIT community: The Reddit Community is a social platform that is slowly becoming popular amongst people. It is a platform through which you rate and discuss the web content. The Reddit group talked about making Dogecoin popular equivalent to GameStop. The target of this group is to increase the value of dogecoin to 1 dollar per coin. The group is called Satoshi Street Bets. This group aims at pumping up cryptocurrencies. Its market capitalization has made it one of the largest cryptocurrencies. The users of this group keep pushing the people to not sell and keep going until it reaches 1 dollar. Their frequent support has made it a rocket growth and it is pretty much giving satisfying results. Its recent post about dogecoin has shown sufficient shreds of evidence about pumping it up with time.
The so-called biggest fan dogecoin “The Elon Musk”
The crypto-friendly behaviour of Elon Musk is not hidden. He time and again gives evidence about his likeness towards this coin through Twitter. This particular cryptocurrency moves with his tweets. His tweets have shown a powerful impact on the crypto and stock market. In 2019 he tweeted about dogecoin to be his favourite cryptocurrency. People are considering him to be the biggest supporter of dogecoin. Recently he tweeted about taking dogecoin over to the moon, and after his tweets the pump that this coin got was tremendous. It has shown the highest value of all times. He has a big role to play in pumping up the price of this cryptocurrency.
Twitter’s in providing it with a rocket growth
Dogecoin has many times become the most tweeted cryptocurrency. Such tweets are a result of these two platforms mentioned above i.e., Reddit community and Elon Musk. Both of them are foremostly responsible for its growth. The tweets on both these platforms are further retweeted extremely at a huge level. All these reasons jointly help the big boost of this currency.
Dogecoin’s contribution
The people’s investment in dogecoin has formed a dogecoin community that is further taking up initiatives for social causes. Such causes are:
- In winters Olympic to Bobsleigh team
- Fundraise for Kenya country during the water crisis
These are the two most talked-about social causes that the dogecoin community has done. But on a small level also it has done fundraising abundantly to the needy ones and keeps doing such kind of raising when someone is in need.
Conclusion
Hence, the piece of small information provided above about dogecoin would help you all to make better choices in the crypto world. The word of caution would be, to be careful while investing.