was created as a joke in 2013. It rose 10,000% that year.
What is DogeCoin and who created it?
Dogecoin is an altcoin (alternative). The correct pronunciation is “dohj coin”.
It was created by Jackson Palmer and Billy Markus, software engineers at Adobe (NASDAQ 🙂 and IBM (NYSE :), respectively.
“It was a joke on a whim. … I sat down with a beer and slapped Doge’s face on a coin and put it live. There were tons of retweets the next day. … We thought it might be three Take days. “
No more joke
The Wall Street Journal states that Dogecoin is no longer a joke.
The cryptocurrency, which started as a parody less than a decade ago, had risen more than 10,000% by May 4, 2021.
It is named after an internet meme that revolves around the image of a Shiba Inu dog with poor spelling habits – meaning “doge” instead of “dog”.
Dogecoin’s market cap was over $ 70 billion in May.
Why did it start?
- On January 28th, Mr. Musk, the billionaire boss of the electric vehicle manufacturer Tesla (NASDAQ :), tweeted a false cover of the “Dogue” magazine. He once shared a meme based on the movie “The Lion King” with the Shiba Inu dog overlaid on Simba’s face. Another time he wrote: “Who let the doge out?” And “No ups, no downs, just Doge.” Mr Musk renewed his interest in the cryptocurrency in April and tweeted “Doge Barking at the Moon”.
- Conagra Brands (NYSE 🙂 Inc.’s choppy snack Slim Jim, a mainstream consumer brand, jumped on the Dogecoin train and told it to “go to the moon” on April 13th.
- Mars Inc.’s Snickers brand tweeted May 3rd, “Maybe We Should Just #DogecoinToTheMoon”.
- Rappers Snoop Dogg and Soulja Boy and Kiss frontman Gene Simmons shared tweets with their followers.
Elon Musk Tweet
Tweet
Who will get rich?
The Jist has some details in Dogecoin: another bubble or to the moon?
The Dogecoin list on bitinfocharts.com shows that almost 50% of the total supply in circulation is held within 12 wallet addresses, with one of those wallets holding 28.42% of the total supply.
Data also shows that ~ 60% of Doge is held in wallets that are more than 1 year old, while the remaining ~ 40% of Doge’s range is held by merchants for less than 1 year.
Neither Palmer nor Markus are currently involved in their creation.
Palmer sold his stake for “less than the value of a used car”.
You could have made a billion.
Speculative mania
This story is amusing, but far more speculative as an investment idea than GameStop (NYSE :).
Basically, Dogecoin is a joke that is worth nothing.
Many thanks to the Fed for the low interest rates and Congress for three rounds of free cash.
This is what fuels the final round of the greater madness of madness.
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