Why has Dogecoin Become so popular?

Dogecoin has become a multibillion-dollar cryptocurrency. Its history, however, is very unusual and not one of which you might expect to precede such a well-financed cryptocurrency. The digital coin has gone from being a joke, to being a very popular currency used by a few dozen merchants. It can be used to buy food, household supplies and even website domains places. You can also use it at your website of choice for poker, such as NoLimit casino.

Dogecoin was created by Jackson Palmer, the Product Marketing Manager of Adobe, and Billy Markus, a software engineer. The project took shape in 2013. Their aim was unusual – making a cryptocurrency in the most ridiculous way possible. As a joke, it was based on a Japanese meme, the Shiba Inu Doge.

The History of Dogecoin

Dogecoin was given an initial supply of only 100 billion coins, which was expected to deter its use as a viable cryptocurrency. The limits were subsequently removed. Dogecoin is a fork of a cryptocurrency called Lucky Coin. Both coins can trace their roots back to Bitcoin.

The Lucky Coins reward scheme for miners differed from the normally expected pro-rata rewards, and instead introduced a style of reward that could be won through a lottery. Dogecoin inherited this reward structure for miners and, although quirky, the aforementioned were quick to adopt the new coin and its structure. Early in 2014, the system was removed and replaced with a more traditional reward scheme to make its viability better, as more and more users came on board.

Initially, this joke cryptocurrency was cheap to buy and easy to mine - enough however to have made something of itself. The r/Dogecoin subreddit channel became a hub for communication and philanthropy, with Dogecoin helping a number of charities. It had a further break in the right direction on Reddit, where a facility, Dogetipbot was added to enable users to tip each other with Dogecoin.

Reddit and Dogecoin's warm community have gone a long way to ensure the popularity of the cryptocurrency. This warm, kind vibe has caught the eyes of various celebrities who have promoted the coin on their social media platforms. From Snoop Dog to Gene Simmons, the list of celebrities who have raised Dogecoin's profile is long. But none have made so much of an impact on the value of the coin as billionaire Elon Musk, founder and CEO of SpaceX, former CEO of Tesla, and the third richest person in the world.

Elon Musk’s Influence

In Late 2020, Elon Musk tweeted a single word which caused the cryptocurrencies price to rise by 25%: “doge”. This influence has been referred to as the Elon effect. The effect continued and came to a head when Elon tweeted a picture of a dog on a magazine cover. This started a race in which Dogecoin’s price skyrocketed. Subsequently, Musk tweeted somewhat cryptic photos once again sending Dogecoin prices soaring. This led to mainstream media garnering an acknowledgement of Dogecoin as an everyday cryptocurrency for the people.

Investing in Dogecoin

Whether you’re looking to play some poker or going down the route of an investment in digital currency, you need to do your research and make sure it is the right decision for you. Online casinos and cryptocurrency are both certainly big businesses, which means reading up on them and doing some research doesn’t need to be a chore. Making sure you know as much as possible will help ensure that the investment you choose to make has the best possible chance of being a successful one.

Dogecoin has taken on a life of its own, voiced a meme generation and brought cryptocurrency acceptance closer by its friendly community-based values and goals. Dogecoin has changed the public face of cryptocurrencies and, in all likelihood, will continue to play a significant role in shaping the future of the sector.