Dogecoin, evolved just as a meme and fun factor now got more attention. It became the fourth- largest cryptocurrency in the world. After Bitcoin, Etherium and Binance. The biggest question is how is it possible? How did a coin made as a joke gain such popularity? Why are people buying it?
The first and foremost reason is Reddit website. People on Reddit started using it as a joke initially. Whenever someone liked a post or a comment on Reddit, people would award some Dogecoins to the OP as a tip. It was known as the DogeBot tip. Usually, this was a tip of 5 Dogecoins. And at that time, the value of Dogecoin was 0.0002¢. It was a very small amount. But using Dogecoin as a tip started gaining popularity on Reddit. And this expanded over years. Dogecoins were used so much and exchanged so many times that their value started increasing rapidly. In September 2018, the CEO of Tesla, Elon Musk noticed it. Elon Musk met Jackson Palmer on the issue of Twitter scambots. The fake Twitter accounts that scam people using the guise of cryptocurrency. Elon Musk wanted to take them down because his name was being used to run these scams.
So he asked Jackson Palmer to help on this. That was when Elon Musk came to know about Dogecoin. After 7 months he tweeted "Dogecoin might be my fav cryptocurrency. It's pretty cool". In March 2020 he tweeted "Dogs rock. They are the best coins". So in the coming months and years he tweeted about Dogecoin several times which indirectly or directly promoting Dogecoin. And because Elon Musk is so famous, and perhaps the most renowned and liked billionaire in the world, every time he tweeted, it sent the value of Dogecoin by 25% to 50%. Eventually 2021 followed 2020. And now the value of Dogecoin has exceeded 50¢. At its peak, Dogecoin had almost touched the valuation of $80 billion. Though its price has fallen a bit in the last couple of days, the supporters of Dogecoin aim to drive its value to $1. It means that the value of 1 Dogecoin would be equal to $1. Currently it is around 50-60¢.
And what is the process to buy Dogecoin?
It is the same as buying any other cryptocurrency. You have to use cryptocurrency exchange platforms.
Talking about the real life use of Dogecoin, the community of Dogecoin have donated to several charitable causes. Their first donation was to a Jamaican Bobsleigh team of $30,000 in Dogecoins. So that the team could participate in the 2014 Russian Winter Olympics. After this, for some water conservation projects in Kenya and for helping some special needs children, the Dogecoin community donated.
Who are the community of Dogecoin?
Basically there is a subreddit on Degecoin where the users who buy and promote Dogecoins come together and make such donations.
But overall friends, now Dogecoin has become a culture trend now. The value of Dogecoin goes higher, higher and higher and one day it will reach its peak. Then, it will start decreasing. There is a very high possibility for this to happen.
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