Everyone knows how Dogecoin was created based on a popular Shiba Inu meme back in 2013. Nobody expected the joke coin to dominate the crypto top 10 rankings.
This year alone, Dogecoin took a quick turn and became the 5th most-sought cryptocurrency in the market. The value of Dogecoin has skyrocketed 12,000% since the beginning of the year. It was traded at less than 1 cent in January, and now it jumped as high as 74 cents in May 2021.
So how did Dogecoin do it?
A Meme Coin
On December 6, 2013, two software engineers came together and created a cryptocurrency that is set to differentiate from Bitcoins. They wanted their cryptocurrency to be open to the masses as well as to pay homage to the popular Shiba Inu meme.
Fun fact: the meme dog is actually a rescue pup adopted by a Japanese kindergarten teacher back in 2008.
On dogecoin.com, its mascot is captioned: “Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.”
Dogecoin’s value jumped 300% within three days of its launch but it quickly fell over 80% after China announced that Chinese banks are prohibited from investing in the crypto market. Not long after that, dogecoin suffered a major theft in a Christmas hack whereby the hacker allegedly stole $11 million from Dogewallet, a dogecoin wallet platform.
Elon Musk’s Love For Dogecoin Brought It Back To Life
Many believe that Elon Musk’s interest and constant endorsement for dogecoin are the main reasons for the rise in dogecoin price.
As a result of attention from the Reddit community and (mostly because of) Elon Musk’s tweets, Dogecoin value grew over 800% in 24 hours, from under $0.01 on 28th January 2021 to a price of $0.07.
According to CoinDesk, Dogecoin’s value reached an all-time high price of $0.69 in May 2021, around the same time when Elon Musk happened to tweet about his upcoming appearance on Saturday Night Live with a promotional image that includes the Shiba Inu meme.
On 9th May, Elon Musk also announced on Twitter that the SpaceX project will be completely funded by Dogecoin, becoming the first space mission that is funded by a cryptocurrency.
Make “Dogenations” To Animal Shelters
Dogecoin may have come a long way but now it will find a better purpose in life by helping animals to find their forever home in California.
PAWS Chicago, an animal rescue organisation is now accepting donations via cryptocurrencies like Dogecoin, Bitcoin, and Ethereum to support its cause of building a new hospital for homeless animals.
The organisation hopes to reduce the number of homeless cats and dogs euthanized in the United States while the new hospital will be able to improve its effort to provide treatment for animals locally.
“The rise of Dogecoin is further proof that people love dogs,” said Ben Doessel, Associate Creative Director of PAW.
Dogecoin may have started as a joke, but now it will be able to make a good, lasting impact on animals lives.
The public can donate to these homeless animals by scanning the QR code displayed in more than 180 outdoor digital advertisements throughout Chicago area from August to September.
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