After Musk’s tweet last Thursday, dogecoin jumped 59 percent in one day. On Sunday, another 55 percent was added, and the dogecoin price reached its highest level ever.
“Dogecoin is the people’s cryptocurrency,” Musk said in a series of tweets on Thursday.
n January, the dogecoin price rose by more than 600 percent. About the same time as the craziness on the social platform Reddit led to the GameStop stock’s price explosion.
It is not the first time that the dogecoin has been in the spotlight. This digital coin started in 2013 as a joke by two software programmers: Billy Markus, a software developer at IBM, and Jackson Miller, an Adobe programmer.
Much to the surprise of the two IT people, the dogecoin was picked up by the wider public immediately after introduction. The dogecoin.com website attracted no less than a million unique visitors in its first month.
The doge meme, which became hype in 2013, centered around a Shiba Inu dog’s image.
Even before the introduction of the dogecoin, Palmer tweeted as a joke and without a preconceived plan: “I invest in dogecoin, I am sure this is the next hit.”
He subsequently received several responses that inspired him to develop this idea further. A week later, he bought the domain name dogecoin.com. The idea was then picked up on Reddit, a hotbed of doge activity in 2013.
Meanwhile, in Portland, Billy Markus was trying to craft his own digital currency. He wanted to reach a wider audience than the bitcoin users, which was still relatively unknown at the time. But his project seemed to go nowhere. However, he stumbled upon dogecoin.com when that site was up for a day or two.
“The first thing I said was, ‘This is so funny.’ And then I said, ‘I have to make this coin,’ ”Markus told Insider in 2013.
Markus tweeted to Palmer that he wanted to participate in the development of the dogecoin. But even before Palmer answered, Mark began editing the public source code.
Shortly afterward, Palmer replied, and the collaboration was a fact. Dogecoin was launched in December 2013, just over a week after Palmer’s jokingly intended tweet.
The currency is derived from a software project with a public source code: Litecoin. Dogecoin has no limit on the number of coins produced within the system, an important difference from bitcoin, which does have such a limit.
Dogecoin became a subculture due to Reddit followers.
The digital currency was an instant hit on the Internet forum Reddit in 2013, reaching a market value of $ 8 million at the time. The currency mainly came into vogue because of the internet use of tipping, a way to reward people for a ‘good deed’ online, such as sharing an idea or making a platform more accessible.
The dogecoin is part of a culture that distinguishes itself by opposing financial institutions on Wall Street. Not surprisingly, Reddit followers have recently embraced dogecoin again.
The dogecoin has developed its own subculture since 2013, mainly because the currency has a lower threshold than bitcoin for people interested in cryptocurrency.
“The coin does not take itself seriously and is not bought by people in the hope of getting rich,” Palmer told Insider in 2013. “It’s more of something to share as a thank you or congratulation.”
Dogecoin received an extra boost on Sunday after rapper Snoop Dogg sent his own tweet about the crypto coin to the world as Snoop Doge.
The dogecoin market value was about 9 billion dollars on Monday morning, putting this crypto coin in the top 10 digital coins.