The DOGE Effect: The Rise of the Meme Cryptocurrency
Updated: May 6, 2021
Note: This is not trading advice, these are my own opinions. Investing in the cryptocurrency market comes with inherent risk. Always do your own due diligence.
What is DOGE?
DOGE is the crypto ticker and abbreviation for Dogecoin, a popular cryptocurrency. It was created as a joke by Billy Markus and Jackson Palmer and it's purpose was to be a fun and fast peer-to-peer payment system. It's mascot is the Shiba Inu and it's been tied to thousands of memes. Billionaire Elon Musk is known for sarcastically tweeting about Dogecoin. These tweets usually play a large role in the movement of the price of Dogecoin. Billionaire Mark Cuban has been known to get involved as well. His team, Dallas Mavericks, announced they'll begin accepting ticket payments with Dogecoin.
DOGE Timeline & History
December 6, 2013 - Dogecoin launches on Dogecoin.com
December 25, 2013 - Dogecoin experiences it's first hack in which millions of coins were stolen from the hot wallet called Dogewallet
April 2015 - Jackson Palmer parts ways from the Dogecoin team
2017-2018 - Dogecoin's market cap reaches $2 billion before the crypto bubble bursts
July 2020 - Mainstream popularity kicks in and TikTok users set a goal to get DOGE to $1
January 2021 - DOGE gained 800% in 24 hours, reaching an all-time high of $0.07. Celebrity engagement from Elon Musk, Snoop Dogg, and Gene Simmons helped to spread the word. The GameStop short squeeze occurred during the same time as Dogecoin's sharp gain in price.
May 2021 - At time of this post, DOGE's price is $0.61. It has increased 7,000% in the past 12 months raising red flags of another crypto bubble.
Which cryptocurrencies have been inspired by DOGE?
DOGE's "joke" concept has inspired many other like-minded crypto currencies to form. These are very popular right now as well:
Shiba Inu
Is there actually usage for DOGE?
Yes, there is. In fact it is utilized in P2P transactions more than Bitcoin. As noted previously, the Dallas Mavericks will accept Dogecoin as a form of payment. The more usage-interest, the more businesses will adopt it. While it's still seen as a joke, it now serves a purpose... and it's very fast to transact.
Where can you buy DOGE?
Dogecoin's popularity comes with a wide variety of exchanges for purchase, such as:
In addition to these traditional cryptocurrency exchanges, there are ways to invest in Dogecoin without actually owning it. Exchanges offering these services are:
For a complete listing of exchanges, click here.
Where can you store DOGE?
