Why Is Dogecoin So Popular Right Now?

09.09.2021

There are several successful cryptocurrencies that have found use in today's world. However, there is one exception, which is also included in the Crypto Voucher offering. Of course, I'm not referring to anything other than Dogecoin. In today's article, I'll explain how a joke became one of the world's most popular cryptocurrencies.

What Is Dogecoin?

Dogecoin is the world's hottest and most unusual cryptocurrency. The entire value of dogecoins in circulation is almost $50 billion, which is impressive for a digital currency that began as a joke. According to CoinMarketCap, it is the fifth most valuable cryptocurrency on the planet, having grown by more than 6,000 percent this year.

The price of a dogecoin has doubled once more. Elon Musk tweeted about it for the eighth time on Friday. In April, the demand for Dogecoin was so high that it temporarily crippled Robinhood's cryptocurrency trading system.

How Did Dogecoin Begin?

As a prank, a couple of software developers invented Dogecoin. Billy Markus, an IBM programmer from Portland, Oregon, wanted to distinguish his crypto apart from bitcoin, which was shrouded in mystery with an unidentified founder and drew only a tiny, specialized group of miners at the time. According to Chohan, Markus intended his coin to be accessible to the whole public.

Markus asked for help in realizing his strange idea and came across Jackson Palmer, an Adobe employee. Palmer bought the domain dogecoin.com, a play on the "doge" meme that was circulating at the time.

At the very top of the webpage, it makes a jokey reference: Its Shiba Inu mascot is the first picture on the page, emulating the meme that inspired it, which displays the same dog surrounded by botched English Comic Sans lettering. "Dogecoin is an open source peer-to-peer digital currency, preferred by Shiba Inus worldwide," says the website's mascot.

Dogecoin Was Meant as a Joke.

On December 6, 2013, Dogecoin went live for the first time, and it was an instant hit with the community. It was not only a funny cryptocurrency that could be readily mined and bought for fractions of a penny, but the outrageousness of its inception was a breath of fresh air for those who just wanted to play about with cryptocurrencies without any restrictions.

Despite China's announcement at the time of a prohibition on payment firms interacting with Bitcoin, the Dogecoin Reddit channel had over 19,000 subscribers within two weeks, and the Doge's price had risen 300 percent.

The community was shaken by its first big hack on December 25. A hostile attacker apparently hacked into DogeWallet, a third-party Dogecoin wallet service, and stole 11 million doge, dubbed "the Dogecoin Christmas hack." The attack began with the hacker getting access to our filesystem and altering the send/receive page to transmit to a static address, according to the official statement from DogeWallet members.

Two days after the assault, a community-led campaign named "SaveDogmas" was launched to compensate victims of the breach. Despite the fact that they were just founded a few weeks ago, the "shibes" group banded together and donated 15 million Doge to the SaveDogmas wallet.

So, why is Dogecoin so popular right now? The answer is very simple: because it is unique, enjoyable, and strives to be better. Perhaps because his primary goal was leisure, it was a huge success that was also adored by plenty of celebrities. And so are we at Crypto Voucher, attempting to do things differently, more enjoyably, and better than the competition. That is why we offer the extremely popular cryptocurrency Dogecoin, which you can purchase from us using a credit card without incurring any additional fees!