A Brief History of Crypto’s Greatest Meme

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Dogecoin: One of the most publicized crypto coins. Seems like it’s still in the mouths and minds of young investors. Additionally, more notable investors have praised the coin both for its comedic origins and as a viable “medium of exchange”.

But what exactly is this comic fashion? Plus, what does this have to do with a Shiba Inu? Why are Mark Cuban and Elon Musk promoting this piece when it literally started off as a joke? The answers may surprise you.

The origins of Dogecoin

If you’ve heard the rumors, it’s true: Dogecoin, literally, is a joke coin. Billy Marcus, co-creator of Dogecoin, initially minted the coin in 2013. Bragging to CNBC, he says the coin premiered in “about two hours.”

The original Doge meme in his glory | Source: Wikipedia

Originally conceived as a parody of Bitcoin, and based on the popular “doge meme”, Dogecoin has spread like wildfire in the crypto world. From Investopedia, “Jackson Palmer, product manager in the Sydney, Australia office of Adobe Inc., created Dogecoin in 2013 to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptical-analytical” observer of emerging technology, and his first tweets about his new cryptocurrency venture were made with irony. “

Related reading | Latest Dogecoin News, Trends & Analysis

Later, Marcus contacted Palmer to create a new cryptocurrency. When Marcus’ desire to create crypto and Palmer’s scrutiny of crypto met, Dogecoin was born.

From Investopedia, “Markus based the Dogecoin code on Luckycoin, which is itself derived from Litecoin, and initially used a random reward for block mining, although this was changed to a static reward in March 2014. Dogecoin uses Litecoin’sscrypt technology and is proof-of-workcoin.

Who is behind the hype?

As you’ve probably heard by now, Elon Musk, now crowned “Daddy Doge” by many crypto enthusiasts, has been a big supporter of the coin. In an SNL skit titled “Weekend Update,” Musk is seen participating in a comedy part featuring the play. At the end of the skit, Musk is seen shouting, “To the Moon! The studio audience applauds after Musk’s remark. As a result, Dogecoin saw its prices rise shortly after Musk’s appearance on SNL.

Related reading | Every doge has its day: the founder of Dogecoin buys DOGE

Mark Cuban, a multi billionaire investor, is also a big supporter of the coin. Recently, Cuban shared his thoughts on Dogecoin: “It is a medium that can be used for the acquisition of goods and services. The Doge community is the strongest when it comes to using it as a medium of exchange. Despite that remark, Cuban has come under scrutiny for having less than $ 500 in the coin.

What is the next?

Just recently, notable personalities joined the Dogecoin Foundation. Vitalik Buterin, the founder of Ethereum, has just joined the team. Additionally, Jared Birchall, director of Musk’s family office, has also joined the team.

Will this joke piece reappear at comedic heights? Recent drop in crypto earnings suggests otherwise | Source: DOGEUSD on TradingView.com

Despite a recent price drop, the team remains optimistic. According to Yahoo, “Now the group is seeking three-year funding to hire staff and work on Dogecoin full-time.” As always, the future is uncertain, but the recent changes to the group can most certainly be seen as positive for Dogecoin investors.

Featured image from iStockPhoto, charts from TradingView.com

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