Dogecoin began when a group of people decided to build a parody cryptocurrency a couple of years ago. Today, the currency just broke the $1 billion market cap and showed how far virtual currencies have come since their adoption.
It all started when a programmer named Billy Markus coded his own cryptocurrency in 2013 with the help of a friend who was a product manager and data analyst at Adobe. That is how Dogecoin was brought to life – a currency with its own meme and everything else.
The meme and the parody-related side of Dogecoin was what brought the virtual currency to life and made it popular. Users laughed at the Shiba Inu dog and the creator of Dogecoin envisioned everything as a friendly online payment system without much hopes for mass popularity.
In only five years, Dogecoin has grown into a vibrant community of users and has become popular as a ‘tipping system’ among its users over the past year. As stated on the official website:
“One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.”
The cryptocurrency showed that it has no limit on the amount of coins that can be created by mining. Right now, there are over 112 billion Dogecoins in circulation. Even though its price is only $0.014 which is a single cent, the total market cap is currently sitting at $1.64 billion and is ready to hit the $2 billion mark.
If you are new to the entire frenzy, the word ‘doge’ is a popular term online for a dog which started from a simple misspelling in a TV series back in 2005.
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