Dogecoin is a decentralized cryptocurrency that was created in 2013 as a lighthearted alternative to Bitcoin. The cryptocurrency was initially developed by two software engineers, Billy Markus and Jackson Palmer, who were inspired by the popular “Doge” meme featuring a Shiba Inu dog.
Markus and Palmer created Dogecoin as a way to make cryptocurrency more accessible and fun, and its logo features the iconic Shiba Inu dog. Dogecoin quickly gained a following on social media platforms such as Reddit and Twitter, and its popularity surged in 2021 due to attention from high-profile figures such as Elon Musk.
Dogecoin’s journey from a meme to a top 10 crypto asset
While initially intended as a joke, DOGE has become a serious investment for many individuals. DOGE has climbed its way up the list of the top 10 cryptocurrencies by market cap. According to CoinMarketCap data, Dogecoin currently stands at the 8th rank in terms of market cap. The current market cap of DOGE is $10.9 billion.
Dogecoin really started taking off when Musk stated that DOGE was one of his favorite cryptocurrencies. When Musk acquired Twitter in 2022, the price of the meme coin rallied by over 100%. It was with anticipation that DOGE would be incorporated on Twitter. Dogecoin also put on a rally when Twitter replaced its blue bird logo with that of Dogecoin. DOGE surged by over 30%, even though it was just a temporary replacement.
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The DOGE community still anticipates that Musk will make DOGE an integral part of Twitter. This could drive the price of the meme coin to the next level as it could develop new utility.
Dogecoin price performance
DOGE hit its all-time high on May 8, 2021. The meme coin breached $0.7376 before falling to its current price. According to CoinMarketCap data, DOGE is 89.38% down from its all-time high.
Dogecoin has a circulating supply of 139,074,576,384 coins and has provided its investors with an ROI of 13914.62%.