Difference between revisions of "Dogecoin (DOGE)"

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Dogecoin (DOGE) is a [[cryptocurrency]] based on an Internet meme of a shiba inu speaking excitedly in broken English.<ref>{{cite web|url=https://motherboard.vice.com/en_us/article/9kng57/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion|name=My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong|org=Vice|date=June 20, 2018}}</ref>
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Dogecoin (DOGE) is a [[cryptocurrency]] based on an Internet meme of a Shiba Inu dog speaking excitedly in broken English.<ref>{{cite web|url=https://motherboard.vice.com/en_us/article/9kng57/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion|name=My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong|org=Vice|date=June 20, 2018}}</ref>
  
 
== Background ==
 
== Background ==
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Dogecoin began as a [[fork]] of [[Litecoin]].<ref>{{cite web|url=https://techcrunch.com/2017/06/08/how-ethereum-became-the-platform-of-choice-for-icod-digital-assets/|name=How Ethereum became the platform of choice for ICO’d digital assets|org=Techcrunch|date=June 29, 2018}}</ref> It was created in 2013 by Jackson Palmer, a product manager at Adobe.<ref>{{cite web|url=https://www.linkedin.com/in/jacksonpalmer/|name=Jackson Palmer|org=Linkedin|date=June 21, 2018}}</ref> Palmer created Dogecoin as a joke, and considers himself a "cryptocurrency bear." He does not currently have a large role in the management of the Dogecoin project and has expressed that he prefers it that way.<ref>{{cite web|url=https://www.bloomberg.com/news/videos/2018-01-22/co-creator-palmer-says-dogecoin-should-remain-a-joke-video|name=Dogecoin's $2 Billion Value: So High, Much Fall|org=Bloomberg|date=June 21, 2018}}</ref>
 
Dogecoin began as a [[fork]] of [[Litecoin]].<ref>{{cite web|url=https://techcrunch.com/2017/06/08/how-ethereum-became-the-platform-of-choice-for-icod-digital-assets/|name=How Ethereum became the platform of choice for ICO’d digital assets|org=Techcrunch|date=June 29, 2018}}</ref> It was created in 2013 by Jackson Palmer, a product manager at Adobe.<ref>{{cite web|url=https://www.linkedin.com/in/jacksonpalmer/|name=Jackson Palmer|org=Linkedin|date=June 21, 2018}}</ref> Palmer created Dogecoin as a joke, and considers himself a "cryptocurrency bear." He does not currently have a large role in the management of the Dogecoin project and has expressed that he prefers it that way.<ref>{{cite web|url=https://www.bloomberg.com/news/videos/2018-01-22/co-creator-palmer-says-dogecoin-should-remain-a-joke-video|name=Dogecoin's $2 Billion Value: So High, Much Fall|org=Bloomberg|date=June 21, 2018}}</ref>
  
In January 2018, Dogecoin's market cap briefly exceeded $2 billion, making it the most successful "parody" [[altcoin]] to date.<ref>{{cite web|url=http://fortune.com/2018/01/08/dogecoin-hits-all-time-high-2-billion-valuation/|name=A Parody Cryptocurrency Based On A Dog Meme Just Hit An All-Time High|org=Fortune|date=June 21, 2018}}</ref>
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In January 2018, Dogecoin's market cap briefly exceeded $2 billion. While that made it the most successful "parody" [[altcoin]] to date, much more was to follow.<ref>{{cite web|url=http://fortune.com/2018/01/08/dogecoin-hits-all-time-high-2-billion-valuation/|name=A Parody Cryptocurrency Based On A Dog Meme Just Hit An All-Time High|org=Fortune|date=June 21, 2018}}</ref> By May 2021, the market capitalization of dogecoin had reached more than 25 times that 2018 peak, $52,637,396,524.<ref>{{cite web|url=https://coinmarketcap.com/|name=Today's Cryptocurrency Prices by Market Cap|org=CoinMarketCap|date=May 3, 2021}}</ref> The previous Wednesday, April 28, Federal Reserve Chairman Jerome Powell pointed specifically to Dogecoin when he said that the U.S. financial markets had become "a bit frothy."<ref>{{cite web|url=https://www.coindesk.com/dogecoin-federal-reserve-chairman-jerome-powell-capital-markets|name=Fed’s Powell Says Market, as Exemplified by Dogecoin, Is ‘a Bit Frothy’|org=CoinDesk|date=May 3, 2021}}</ref>
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== Internet meme becomes successful cryptocurrency ==
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Despite the light-hearted circumstances of its creation, Dogecoin endured, becoming one of the most surprisingly popular cryptocurrencies on the market. On May 1, 2019, Siddharth Coelho-Prabhu posted on Coinbase's blog that the exchange added Dogecoin support for the Coinbase [[wallet]].<ref>{{cite web|url=https://blog.coinbase.com/announcing-dogecoin-doge-support-on-coinbase-wallet-5f1163be0493|name=Announcing Dogecoin (DOGE) Support on Coinbase Wallet|org=Coinbase blog|date=July 5, 2019}}</ref> Fans of the canine meme-themed cryptocurrency rejoiced, seeing it as a legitimizing move. On July 5, 2019, [[Binance]] announced it would add trading support for Dogecoin later that day. In response to the news, the price of Dogecoin spiked almost 32 percent, according to data from Coindesk.<ref>{{cite web|url=https://www.forbes.com/sites/billybambrough/2019/07/05/joke-bitcoin-rival-and-elon-musks-fav-cryptocurrency-is-suddenly-soaring/#1099855e229e|name='Joke' Bitcoin Rival And Elon Musk's 'Fav' Cryptocurrency Is Suddenly Soaring|org=Forbes|date=July 5, 2019}}</ref><ref>{{cite web|url=https://www.coindesk.com/dogecoin-price-surges-37-following-binance-listing-announcement|name=Dogecoin Price Surges 37% Following Binance Listing Announcement|org=Coindesk|date=July 5, 2019}}</ref> In October 2019, Dogecoin was listed on Binance U.S.<ref>{{cite web|url=https://www.coindesk.com/binance-us-announces-dogecoin-listing|name=Binance US Announces Dogecoin Listing|org=Coindesk|date=October 25, 2019}}</ref>
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=== Tik Tok videos cause DOGE volume spike ===
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In July 2020, trading volumes for DOGE spiked 600 percent between July 6 and July 7. The surge in trading was apparently due to a series of user-made videos on the popular video app Tik Tok, which encouraged other users to invest in the “joke” cryptocurrency. Global searches for “how to buy dogecoin” quadrupled, according to data from Google Trends.<ref>{{cite web|url=https://www.coindesk.com/dogecoin-volumes-spike-1900-in-2-days-amid-viral-tiktok-videos|name=Dogecoin Volumes Spike 1,900% in 2 Days Amid Viral TikTok Videos|org=Coindesk|date=July 8, 2020}}</ref><ref>{{cite web|url=https://www.theblockcrypto.com/post/70824/here-are-the-numbers-behind-tiktoks-crazy-dogecoin-moment|name=Here are the numbers behind TikTok's crazy Dogecoin moment|org=The Block|date=July 9, 2020}}</ref>
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=== Dogecoin surges over 500 percent ===
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During the week of January 25, 2021, Dogecoin surged as users on the Reddit thread “SatoshiStreetBets” enthusiastically agreed to buy the cryptocurrency to drive its price up, surging over 500 percent between Wednesday and Friday. The price was boosted when billionaire Elon Musk tweeted about it. Users on Reddit joked that Dogecoin is “the first dog on the [[moon]]."<ref>{{cite web|url=https://www.forbes.com/sites/nicholasreimann/2021/01/28/joke-crypto-dogecoin-surges-over-500-in-24-hours-in-reddit-driven-boon/?sh=1badb7c35702|name='Joke' Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit-Driven Boon|org=Forbes|date=January 29, 2021}}</ref><ref>{{cite web|url=https://bit.ly/3akWmeu|name=It’s inevitable|org=Twitter|date=January 29, 2021}}</ref><ref>{{cite web|url=https://bit.ly/3akWmeu|name=Dogecoin Surges 77% as Retail Fever Pitch Stretches Into Crypto|org=Bloomberg|date=January 29, 2021}}</ref> This brought it into the top 10 cryptocurrencies in the world by market cap.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2021-01-29/retail-wave-spurs-sevenfold-surge-in-dogecoin-into-crypto-top-10?srnd=premium-europe&sref=wgRWWeJL|name=Retail Wave Spurs Sevenfold Surge in Dogecoin Into Crypto Top 10|org=Bloomberg|date=January 29, 2021}}</ref>
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=== Dogeday 2021 ===
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Users on Twitter began hyping up April 20th as “Dogeday," a day in which many predicted DOGE would reach $0.69 per coin, which would nearly triple its price. On April 16th, the market cap of Dogecoin tripled for a total of over $52 billion, overtaking [[XRP]] as the 4th-biggest cryptocurrency by market cap. Although DOGE’s rally ran contrary to a weekend bitcoin and altcoin crash, the joke coin depicting a surprised Shiba Inu did not reach the price point many had predicted on April 20th.<ref>{{cite web|url=https://www.coindesk.com/dogecoin-eclipses-xrp-dogeday|name=Dogecoin Eclipses XRP as 4th Largest Cryptocurrency Ahead of ‘Dogeday’|org=Coindesk|date=April 23, 2021}}</ref><ref>{{cite web|url=https://www.bloomberg.com/opinion/articles/2021-04-21/after-bitcoin-and-dogecoin-britcoin-is-the-other-crypto-meme-that-matters?sref=wgRWWeJL|name=Dogecoin Barks But Britcoin Would Bite|org=Bloomberg|date=April 23, 2021}}</ref>
  
 
== References ==
 
== References ==

Revision as of 18:39, 3 May 2021


Dogecoin
Dogecoin Logo.jpg
Founded 2013
Key People Jackson Palmer
Employees Approx. 10
Products Dogecoin digital assets (DOGE)
Twitter @dogecoin
StockTwits DOGE
LinkedIn Profile
Facebook OfficialDogecoin
Website Dogecoin Home

Dogecoin (DOGE) is a cryptocurrency based on an Internet meme of a Shiba Inu dog speaking excitedly in broken English.[1]

Background

Dogecoin began as a fork of Litecoin.[2] It was created in 2013 by Jackson Palmer, a product manager at Adobe.[3] Palmer created Dogecoin as a joke, and considers himself a "cryptocurrency bear." He does not currently have a large role in the management of the Dogecoin project and has expressed that he prefers it that way.[4]

In January 2018, Dogecoin's market cap briefly exceeded $2 billion. While that made it the most successful "parody" altcoin to date, much more was to follow.[5] By May 2021, the market capitalization of dogecoin had reached more than 25 times that 2018 peak, $52,637,396,524.[6] The previous Wednesday, April 28, Federal Reserve Chairman Jerome Powell pointed specifically to Dogecoin when he said that the U.S. financial markets had become "a bit frothy."[7]

Internet meme becomes successful cryptocurrency

Despite the light-hearted circumstances of its creation, Dogecoin endured, becoming one of the most surprisingly popular cryptocurrencies on the market. On May 1, 2019, Siddharth Coelho-Prabhu posted on Coinbase's blog that the exchange added Dogecoin support for the Coinbase wallet.[8] Fans of the canine meme-themed cryptocurrency rejoiced, seeing it as a legitimizing move. On July 5, 2019, Binance announced it would add trading support for Dogecoin later that day. In response to the news, the price of Dogecoin spiked almost 32 percent, according to data from Coindesk.[9][10] In October 2019, Dogecoin was listed on Binance U.S.[11]

Tik Tok videos cause DOGE volume spike

In July 2020, trading volumes for DOGE spiked 600 percent between July 6 and July 7. The surge in trading was apparently due to a series of user-made videos on the popular video app Tik Tok, which encouraged other users to invest in the “joke” cryptocurrency. Global searches for “how to buy dogecoin” quadrupled, according to data from Google Trends.[12][13]

Dogecoin surges over 500 percent

During the week of January 25, 2021, Dogecoin surged as users on the Reddit thread “SatoshiStreetBets” enthusiastically agreed to buy the cryptocurrency to drive its price up, surging over 500 percent between Wednesday and Friday. The price was boosted when billionaire Elon Musk tweeted about it. Users on Reddit joked that Dogecoin is “the first dog on the moon."[14][15][16] This brought it into the top 10 cryptocurrencies in the world by market cap.[17]

Dogeday 2021

Users on Twitter began hyping up April 20th as “Dogeday," a day in which many predicted DOGE would reach $0.69 per coin, which would nearly triple its price. On April 16th, the market cap of Dogecoin tripled for a total of over $52 billion, overtaking XRP as the 4th-biggest cryptocurrency by market cap. Although DOGE’s rally ran contrary to a weekend bitcoin and altcoin crash, the joke coin depicting a surprised Shiba Inu did not reach the price point many had predicted on April 20th.[18][19]

References