What is Dogecoin (DOGE)? How Did the Meme Coin Frenzy Begin?

What is Dogecoin (DOGE)? How Did the Meme Coin Frenzy Begin?
Source: PYMNTS.com

Meme coins, so named for their origin as a joke, have experienced a surge in popularity over the years. One such example is Dogecoin (DOGE), which features a Shiba Inu as its logo.

Dogecoin initially paved the path for the dozens of meme coins that we witness in the cryptocurrency realm. But little did anyone know that these memes could potentially enter the top ten cryptocurrency lists by market cap. Let us look at how the meme coin frenzy began with Dogecoin.

Dogecoin in a nutshell

While initially created as a lighthearted internet joke, DOGE gained momentum when it was used for tipping creators on Reddit and Twitter. DOGE was initially forked from Litecoin in December 2013. Billy Markus created the meme coin as an open-source digital asset.

However, it wasn’t until Elon Musk publicly voiced his support for DOGE on Twitter that it gained significant attention. Despite occasional dips, the memecoin gained traction, thanks in large part to Musk’s endorsement. As a result, the Dogecoin Foundation now oversees the first-ever meme coin.

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DOGE is Elon Musk’s favorite cryptocurrency, as proclaimed by Musk himself. The acquisition of Twitter by Musk also drove the price of Dogecoin higher. This was in anticipation that the meme coin could find its way to being integrated into the social media colossus.

DOGE price performance

Dogecoin 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 89.99% down from its all-time high.

DOGE has a circulating supply of 132,670,764,300 coins and has provided its investors with an ROI of 13115.4%. The meme coin’s trajectory will definitely spike once Elon Musk plans to incorporate it into Twitter.

Source: CoinMarketCap

While the meme coin realm is filled with cats and dogs, Dogecoin is what set the trend for these coins to flourish and earn the community reputation and fame that they all enjoy.

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