The Rise of Doge

In its truest form, Dogecoin is just a meme coin that is a great introduction coin for the DEFI beginners. It has a strong community based around it and it has to be one of the most fascinating coins DEFI has to offer. 

Origins:

The coin started as a joke in 2013 between two software engineers, Jackson Palmer and Billy Markus. Jackson saw the two most popular things in 2013, the Shiba Inu meme and Bitcoin, and decided to combine them. Through Reddit and Twitter, it was able to pump by more than 300% in the first two weeks.  

Dogecoin has seen many pumps fueled by the internet throughout its history. But those pumps are nothing compared to what has happened in 2021.

The first significant pump came in late January and lasted until early February of this year. This pump was mainly fueled by the tweets of Elon Musk and Redditors coming off of their battle with the GME stock. Many people were looking for new investments after GME and turned to the meme coin.

Dogecoin seems like the perfect fit for the people of WallStreetBets:

1. It is a meme, so people could relate to it and laugh that they owned such a stupid coin.
2. It’s supported by Elon Musk, the demigod of millennials and wannabe tech millionaires.
3. Dogecoin was a decentralized coin, meaning no one was regulating it. After seeing the manipulation of the US government and Wall Street, the people Reddit saw the power of DEFI.

The Doge Army is probably one of the world’s strongest armies. In 2014 they came together to crowdfund a sponsorship to get Nascar driver Josh Wise to advertise the coin on his car. And just last month it was announced a new car will be sponsored by Doge. This love and community from so many people are what sets it apart from other shitcoins.

 This week Dogecoin had another major pump and shot to the moon. It rose by more than 400%.

The growth of Dogecoin has been insane. It has caught the attention of Elon Musk, Mark Cuban, and Slim Jim all tweet or mentioning it this week. Since the beginning of the year, it has gone from $0.005 to an ATH of $0.41. It is now the 6th biggest coin based on market cap.

One interesting note is Google trend data shows that Doge is mainly an American phenomenon. While the rest world keeps its focus on Bitcoin, American investors are distracted by the meme.

The best way to describe how Dogecoin was able to pump is by only saying that anything is possible if the internet puts its mind to something. Celebrities and regular folks came together and pumped this coin. It might just be a joke, but it can’t be denied how crazy this moment is.