Memecoins are steadily becoming more accepted by the crypto community. But this wasn’t always the case! Before late 2013, the term ‘memecoin’ was unknown, but with a range of new memecoins popping up every year since, the term is now commonplace among traders.
But what happened in 2013 that altered the cryptocurrency world forever? It was the creation of the first-ever memecoin – Dogecoin.
Dogecoin has been met with plenty of controversy over the years, but has still spiked in price and made a profit for plenty of traders. The history of Dogecoin is interesting as it shows how impactful something that started as a joke can be and demonstrates the importance of a coin’s community. So, let’s take a closer look at the riveting Dogecoin timeline!
Why Was Dogecoin Created?
Dogecoin was initially created as a joke in late 2013 by engineers Jackson Palmer and Billy Markus. The software engineers believed cryptocurrency was being taken too seriously and introduced Dogecoin to satirise the crypto community. At this time, they could never have imagined the popularity that their creation would gain in the following years.
The face of this coin was based on the beloved internet meme known as ‘Doge’. This meme featured an image taken in 2010 of a wide-eyed and smiley Shiba Inu dog that was often accompanied by relatable text in Comic Sans font.
How to Purchase Dogecoin [DOGE]
It’s never too late to jump on the Dogecoin train, so why not invest now? If this is your first time trading a cryptocurrency and you’re not sure where to start, then we suggest that you sign up for a crypto platform! A crypto platform will assign you a broker who can support you and offer guidance as you trade Dogecoin and other assets. The broker that’s connected to you will be best suited to your trading needs and will be there to assist you as you invest.
A few notable crypto platforms that we highly recommend for beginners (although traders of all experience levels can benefit from them) include Binance, Kucoin, and Immediate Edge. All of these platforms are easy to use, packed with features, and, most importantly, support Dogecoin! By signing up for one of these crypto platforms, you won’t be left to navigate the complex and volatile cryptocurrency market alone! Instead, you’ll be offered various resources and tools.s by your assigned broker that can help you make the most of trading and make more informed investment decisions!
The Dogecoin [DOGE] Timeline
Want to discover the journey that Dogecoin took? Here’s a brief summary of the key years in the Dogecoin lifespan (so far)!
2013 – Where It All Began
Dogecoin was officially introduced to the world on December 6th 2013, through Twitter when co-founder Jackson palmer tweeted – “Investing in Dogecoin, pretty sure it’s the next big thing.”. In the following 30 days, the Dogecoin.com website reached over a million unique visits. On social media platforms such as Reddit and Twitter, communities already started rallying behind the coin, and it quickly became the second most-tipped currency. The official launch of Dogecoin took place on December 15th 2013, and jumped over 300% in value within just a few weeks.
2014 – The Rise
Despite experiencing a price crash at the end of 2013, the memecoin continued to build up a loyal community over the following months, mainly due to sponsorship acts. In early 2014, the community raised over 26 million Dogecoins to help sponsor a Jamaican bobsled team for the upcoming Olympics. Although this didn’t drastically raise the price of Dogecoin, it did a fantastic job at building up hype and awareness of the coin in mainstream media. Various companies also began accepting Dogecoin as a form of payment, including the online video streaming platform, Twitch.
2020 – The TikTok Trend
From 2014, Dogecoin received its fair share of media attention, but, despite being a hot topic in the crypto world, the coin didn’t experience much growth. However, this would soon change in 2020, thanks to TikTok. TikTok is an extremely popular app that allows users to post, share, and comment on short videos. In late June 2020, traders on the app attempted to encourage other users to pump the coin by claiming that if users invested just $25, once the coin hit a price of $1, they would have over $10,000. Using the hashtag #DogecoinTiktokChallange, TikTok users managed to raise the coin’s price by 35% and its volume by 2000% in just a week.
2021 – To the Moon
Throughout the end of 2020, Dogecoin continued to rise in popularity and kept reaching new milestones. The billionaire SpaceX CEO, Elon Musk, also made a permanent impact on the memecoin after a series of Tweets in 2021. By publicly endorsing the coin, Musk managed to make Dogecoin prices surge, and both he and the coin received plenty of media attention. In May 2021, SpaceX announced that it would accept Dogecoin as a form of payment to launch the ‘DOGE-1 Mission to the Moon’. The company explained that the purpose of this mission was to “demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”. Elon Musk, the CEO and self-proclaimed ‘Dogefather’ continued to post a series of tweets revealing his excitement regarding the mission. However, despite gaining more awareness about the coin, Musk’s efforts did little to positively impact the memecoin’s price as it continued to drop from its peak of $0.682 on May 8th 2021.
Present Day
As of 2022, Dogecoin is one of the top ten cryptocurrencies. The team behind the memecoin claim to have lots of projects in the works, so it’s safe to safe that this coin is not slowing down just yet. In the past few years, similar memecoins have popped up, including the well-known Shiba Inu coin [SHIB] and Dogelon Mars [Elon]. However, these competitors still haven’t been able to reach the heights of the very first memecoin, Dogecoin.
What Does the Future Hold for Dogecoin?
No one can say for sure what the future holds for Dogecoin. Admittedly, the coin does have several limitations with the main one being that it doesn’t have any real-world functionality compared to other cryptocurrencies such as Ethereum. However, the team have made an effort to make Dogecoin useful as a decentralised platform, and since it has been accepted as a form of payment by a wide range of companies, Dogecoin still has a promising future.
Please keep in mind that Dogecoin, like all cryptocurrencies, is a highly volatile asset, and it is impossible to predict how its prices will change over the next few months and years. Therefore, you should always consult a professional before trading for the first time and never invest more than you’re willing to lose.
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