A joke initiated ten years ago became a real argument issue in the current year with SpaceX involved in the cryptocurrency.
The cryptocurrency has earned more popularity in 2021 than it was a few years ago. A few years ago, Dogecoin had a worth of less than a cent, and now it has risen to the value of $0.122680 or approx 12 cents. Dogecoin is the newly introduced bitcoin. But It might be too soon to declare it as a bitcoin. A few decades ago, Dogecoin was created by two software engineers. However, the popularity spotlight has been shared with COVID-19 vaccines, and Dogecoin got a little soar. Many people have supported Doge to be processed as bitcoin and launch it to the moon. The meme coin is constantly rising people’s excitement and interest in the cryptocurrency market. People are eagerly waiting to check out the entire process and how it will turn out in the end.
In current times, there are two types of cryptocurrency that are popular in the market, and that is, Ether and Bitcoin, and usually brought up in the arguments. This year has especially seen a rise in the attention of meme coins. These type of coins’ ability depends on the viral circumstances to make any popular event happen. You can take this. For instance, Joe Exotic and Carole Baskin have launched their very own meme coins in recent weeks. According to the research, meme coins, in few cases, attract a highly engaged community, and those engagement levels draw the reason behind the high level of investment and awareness.
Among other meme coins, Dogecoin is remarkably popular right now. The surprising element is that the coin was created by Jackson Palmer and Billy Markus in the year 2013. However, they are known to be no longer involved in the project. According to an open letter posted in February to ‘Reddit,’ it was elaborated how the two software engineers created Doge as a silly joke, which was later turned into something serious. The special credit goes to the community surrounded itself by the meme coin. It has been almost a decade since Dogecoin emerged as a major concern point in 2021.
What is the reason behind the popularity of Dogecoin?
As discussed earlier, Dogecoin is especially backed by a highly active involved community, and most of them are popularly known personalities. With the support of famous personalities and a larger community, the goal to set its value up to $1 will be ensured. During the events of the year 2021, we have seen the value of Dogecoin rising to the mark of $1. The same formula applies to the crypto market, as the value of the Doge is mutable and often depends on certain events. For instance, China recently issued an order, which caused a sudden decrease in the value of Dogecoin as well for the Ether. It does not matter whether the events that took place are negative or positive. Either way, they will make headlines and will attract attention towards the coin.
The engagement community has indeed contributed to the fact of increasing the value of Dogecoin, but it involves another reason as well, such as Elon Musk. The CEO of SpaceX and Tesla is generally known as the advocate of digital currencies, which later resulted in taking bitcoin as the payment mode for Tesla. The further attention brought to Dogecoin was by Elon Musk’s appearance on Saturday Night Live in May 2021.
The popularity of Dogecoin was drawn by many factors in the year 2021 and came together at the right time. The recent events of GameStop have increased the value of the stock market and showed how the highly engaged community could impact the market. Apps like Robinhood makes investment deals more accessible, and support from the CEO of a multi-tech company, Elon Musk, have all contributed to the rise of Dogecoin in different ways.