|Key People||Jackson Palmer|
|Products||Dogecoin digital assets (DOGE)|
Dogecoin began as a fork of Litecoin. It was created in 2013 by Jackson Palmer, a product manager at Adobe. Palmer created Dogecoin as a joke, and considers himself a "cryptocurrency bear." He does not currently have a large role in the management of the Dogecoin project and has expressed that he prefers it that way.
In January 2018, Dogecoin's market cap briefly exceeded $2 billion. While that made it the most successful "parody" altcoin to date, much more was to follow. By May 2021, the market capitalization of dogecoin had reached more than 25 times that 2018 peak, $52,637,396,524. The previous Wednesday, April 28, Federal Reserve Chairman Jerome Powell pointed specifically to Dogecoin when he said that the U.S. financial markets had become "a bit frothy."
Internet meme becomes successful cryptocurrency
Despite the light-hearted circumstances of its creation, Dogecoin endured, becoming one of the most surprisingly popular cryptocurrencies on the market. On May 1, 2019, Siddharth Coelho-Prabhu posted on Coinbase's blog that the exchange added Dogecoin support for the Coinbase wallet. Fans of the canine meme-themed cryptocurrency rejoiced, seeing it as a legitimizing move. On July 5, 2019, Binance announced it would add trading support for Dogecoin later that day. In response to the news, the price of Dogecoin spiked almost 32 percent, according to data from Coindesk. In October 2019, Dogecoin was listed on Binance U.S.
Tik Tok videos cause DOGE volume spike
In July 2020, trading volumes for DOGE spiked 600 percent between July 6 and July 7. The surge in trading was apparently due to a series of user-made videos on the popular video app Tik Tok, which encouraged other users to invest in the “joke” cryptocurrency. Global searches for “how to buy dogecoin” quadrupled, according to data from Google Trends.
Dogecoin surges over 500 percent
During the week of January 25, 2021, Dogecoin surged as users on the Reddit thread “SatoshiStreetBets” enthusiastically agreed to buy the cryptocurrency to drive its price up, surging over 500 percent between Wednesday and Friday. The price was boosted when billionaire Elon Musk tweeted about it. Users on Reddit joked that Dogecoin is “the first dog on the moon." This brought it into the top 10 cryptocurrencies in the world by market cap.
Users on Twitter began hyping up April 20th as “Dogeday," a day in which many predicted DOGE would reach $0.69 per coin, which would nearly triple its price. On April 16th, the market cap of Dogecoin tripled for a total of over $52 billion, overtaking XRP as the 4th-biggest cryptocurrency by market cap. Although DOGE’s rally ran contrary to a weekend bitcoin and altcoin crash, the joke coin depicting a surprised Shiba Inu did not reach the price point many had predicted on April 20th.
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