It is not out of it to say Dogecoin (DOGE) is a household name in the cryptocurrency world. Now that Coinbase Custody has placed the noble coin among the cryptocurrencies it is exploring, many are raising accusations on the selection of those coin.
It is possible some coins may not have awesome use cases to get a recognition by Coinbase, however, coins like DOGE should not be placed in this category.
Dogecoin (DOGE) – The Journey Of A Jokecoin To The Land Of Cryptocurrency
Entertainment is something we all love and you surely cannot deny the role it plays in keeping your sanity. Memes have been deployed in many scenarios such as taking up the role of satire – criticizing bad moves with funny riders.
The coming of cryptographic currencies and their backing by the blockchain technology proved worthy at the time. Less than a decade after the maiden launch of Bitcoin, two gentlemen – Jackson Palmer and Billy Markus came propelled by their interests, came together and formed the concept we know today as Dogecoin.
During that period, meme was already making waves in the world. Doge was a name associated with meme and was same up till 2013 when Dogecoin was floated. During this time, the Shiba Inu dog – the least of dogs bred in Japan was the standard for meme.
How Dogecoin (DOGE) Came to Life
The internet was bubbling with many pictures captioned with funny quotations (memes). It seemed that fate wanted to play a lead role here or it simply wanted to hijack the system and make its participants value memes the more.
Billy Markus overwhelmed by the success rate of Bitcoin and other cryptographic currencies at the time, arrived at the decision of developing one himself. As a novice to the system, he didn’t have much knowledge of this but managed to develop it anyway. His intention was to make cryptocurrency (especially his) used in another scenario – entertainment. He wanted it adopted by non-crypto users.
Within this moment, Jackson Palmer had already floated a website known as Dogecoin.com. Still looking for ways of making his domain name acceptable on the cyber space, Jackson found Billy’s idea a great one. For one, Billy had something that can easily gain acceptance on the cyber space – meme was making waves then and launching a new approach will be very effective.
The two came together and formed a consensus partnership borne out of their interests. Billy Markus wanted his cryptocurrency used for entertainment and Jackson Palmer’s domain name was the easiest way to launch it to the web and that means getting wider audience.
Jackson Palmer on his part realized the fun Billy wanted to create with his cryptocurrency will be a nice way of making his domain name known when it gets launched. Triggered by their interests and spurred by anticipation of what their partnership will birth, the duo launched the domain name with Billy Markus’ cryptocurrency being the backbone.
There was Rush for Dogecoin (DOGE)
Dogecoin was accepted with the speed of light. It wasn’t long before websites, forums and blogs adopted the mere-cum-currency into their mainstream. The likes of Twitter and Reddit were at the frontline of the adoption.
As a user on these platforms, you get incentivized through the Dogecoin cryptocurrency anytime you post contents on them. In a world where online users hardly get paid for their activities on the platform, it was indeed a wonderful idea having some incentive while doing what matters to you online. Within a short period, Dogecoin gained massive acceptance and its popularity was owed to the action of the aforementioned platforms that used it as incentive.
The Journey Got Tough
The initial idea of its founders was to satiate their quest for more fun. The situation however spun around as they were caught in a web of intricacy. Before things turned around, its founders embarked on charitable activities – helping organizations through funds raised from its applications.
Dogecoin walked a tight rope after it partnered with Ryan Kennedy’s currency exchange known as Moolah. It was reported that Dogecoin lost about $300, 000 to the trickery employed by the former – Moolah.
Dogecoin is perhaps the only cryptocurrency to have steady mining. There was no fixed supply for the coin and this opened ways for continuous mining when needed. Dogecoin uses the Scrypt Proof-of-Work consensus algorithm for its mining and it might interest you to know that Litecoin uses same. Dogecoin had earlier being using the Luckycoin fork and later in the year 2014, it teamed up with Litecoin. This birthed the creation of a hard fork.
Dogecoin was the highest selling coin after Bitcoin. Because of its use as an incentive for content creators, many sought to have it. This pushed it over the bar and in the long run, it surpassed Bitcoin by clocking a $60 million USD within the first two months of launch. Dogecoin obviously made a child’s play out of Bitcoin’s touted success rate.
The Beginning of the End
After it massive loss to Moolah, its founders – Billy and Jackso parted ways abandoning the project to the community. After their exit, things went awry as Dogecoin’s popularity waned. More so, many altcoins are coming up and their supply rate might dwindle what Dogecoin attained at its time. Whichever way the path tilts, Dogecoin had made its mark. Haven outperformed Bitcoin, Dogecoin will for years to come, be remembered for this feat.
Going by Dogecoin’s antecedence, it is hard to say it will not get a permanent listing on Coinbase custody ahead of other notable coins in the list.