What is Dogecoin?
Dogecoin is a cryptocurrency that started as a meme in 2013. According to the world wide web, Billy Markus, a former IBM engineer, made a post on Reddit about making a cryptocurrency using a Shiba-Innu as the mascot. Jackson Palmer, who worked at Adobe hopped on the train, and decided to help build out this coin with Billy.
While it was originally created as a joke, it has substantial merit now as the richest person in the world (on a good trading day when tech stocks aren’t tanking) tweets about it frequently and said he was the CEO of dogecoin at one point.
The correct pronunciation of the Dogecoin cryptocurrency is “dohj coin”.
Who is this rich person endorsing dogecoin, you might ask?
None other than the legend and my hero, Elon Musk!
Why is Elon wasting time tweeting about a meme when he should be sending humanity to Mars?
My favorite quote from Elon is “Who controls the memes, controls the Universe”. According to one of my fav authors Adam Grant in his book Originals, he talks about how folks who are interested in innovating in the science and technology space are also interested in expression of thoughts and words through art and music.
I couldn’t agree with that any more. Memes are a perfect cocktail of art + music and they constantly introduce me to new things and keep me updated with the times. It’s truly a cultural phenomenon! And now with the rise of NFTs, I think memes are going to go next level (I will write a blog post about NFT’s later, im still working on my NFT btw 🙂
A few months ago, Elon was on a Clubhouse talk (yes I was there for the whole thing and it was amazing) and he talked about he admitted that dogecoin was a joke, but sometimes the universe has its way of making a joke into a winner. Personally, I support the underdog, and doge has found a way to rise to the top, despite all the haters.
How is dogecoin’s market cap over 9 Billion USD?
I would attribute this characteristic to Elon’s endorsement of doge over twitter. Additionally, The reddit stock frenzy earlier in 2021 may have helped contribute to this. A lot of folks on twitter and reddit kept tweeting about doge and buying it, which drove the price up. It has continued to go up in price over time, and I’m excited for doge’s future!
Where is it going next?
Like with any investment in life, there will be inherent risks and rewards. Now, I have no idea where Doge will end up. But based off this yahoo finance article, Kronos Advanced Technologies INC acquired 600,000,000 Dogecoin cash. So, I’m guessing the future looks pretty good for doge.
I also heard rumours on Reddit that it might hit 10 cents on 4/20 this year? LOL, let’s see what happens.
DOGE TO THE MOON!!