Last updated on January 2nd, 2018 at 12:00 am
Dogecoin is one of the most unique digital currencies ter many respects, while remaining technically very similar to others. It’s meteoric rise wasgoed totally unexpected, and is, perhaps, one of the clearest examples of the power of a meme on the internet. With it’s original cap of 100 billion coins, which has since bot switched to be limitless, compared to Bitcoin’s 21 million, it seemed to challenge the accepted rules of digital currency. Digital currencies were thought to get their value from their scarcity, and thus voorwaarde be deflationary. Thanks to Dogecoin, it seems that is not true.
How Did Dogecoin Start?
The coin wasgoed launched on December 8, 2013 spil a joke, based on the popular Doge meme, but within a week of it’s launch, it wasgoed demonstrable that the fresh currency had traction. The fledgling coin exploded upward, and by February 12, 2014, it’s market cap wasgoed overheen $90,000,000. Since that time, Dogecoin, along with almost every other digital currency, has experienced a significant downtrend. However, the price recently stabilized, and has recently begun to trend upward once again.At this ogenblik, the market cap is around $43,000,000, but the Dogecoin community has grown to gargantuan size. (Update: Dogecoin has fallen significantly since that time, and is now around $15,000,000)
But many have asked: What caused this phenomenon? Surely it wasn’t the meme alone…
Why Did Dogecoin Grow So Large?
While the meme wasgoed influential te bringing te users that had previous not bot a part of the digital currency community, and talent the Dogecoin community a common theme to unite around, the true driving force behind Dogecoin wasgoed the generosity of the people involved. Dogecoin users have taken the reins on charity, and sponsorship, te the digital currency world. From $30,000 ter Doge donated to help send the Jamaican bobsled team to the Olympics, to $55,000 to sponsor the NASCAR #98 car driven by Josh Wise, to a latest charity drive, Doge4Water, which managed to raise overheen $30,000 to support clean water projects te Kenya. The Doge4Water campaign also broke a record by receiving the largest single peak sent through Twitter, when @savethemhood donated 14,000,000 dogecoins, or $11,000, to the initiative.
Many have questioned Dogecoin’s long term viability, due to the nature of it’s creation, but no one can question the sincerity, and generosity, of it’s community. Spil long spil it stays true to it’s roots, and proceeds to predominate the it’s niche spil the charity coin, I expect it will be around for some time to come.