- Dogecoin became a cryptocurrency as a joke, and it is still a meme coin. However, Dogecoin turned many expectations around by becoming very valuable.
- Over the years, Dogecoin continues to solidify its title as the king of meme coins. Despite many other meme coins competing with Dogecoin, it always stood out.
- Dogecoin also enjoys the support of the wealthiest man in the world, Elon Musk. In fact, Musk once named it his favorite cryptocurrency.
Dogecoin became a cryptocurrency in 2013, and the name and its logo came from a meme. Two software developers, Billy Marcus, and Jackson Palmer, created the token. In other words, Dogecoin is a lighthearted alternative to many pioneer cryptocurrencies like Bitcoin and Ethereum. Despite growing to be in the list of top 10 cryptocurrencies, Dogecoin still remains in the category of meme coins. This earned it the name of “king of meme coins.” It is worth mentioning that Dogecoin is the opposite of what Bitcoin stands for. Bitcoin was made scarce with its limited supply, but Dogecoin has an unlimited supply.
Outlook of How This Token Increased in Price
Since 2013, Dogecoin has been just like many other meme coins in the crypto industry. Furthermore, it had its community believing in many of its objectives. But that changed in 2021 when the price suddenly surged. It wasn’t like Dogecoin didn’t have any utility before 2021.
Primarily, the community used Dogecoin for tipping. For instance, a good post or comment on Reddit attracted a lot of tipping with Dogecoin. These are just minor examples. Dogecoin contributed to sending the Jamaican bobsled team to the 2014 Winter Olympics. But its big break came in April 2021. It was during the bull market. Apparently, Elon Musk’s comments from 2020 and 2021 about Dogecoin helped increase its price.
What Makes Dogecoin Valuable?
Apparently, the first thing that drives the price of Dogecoin is the demand and supply of the crypto market. This same law applies to other cryptocurrencies like Bitcoin. Dogecoin has unlimited supply, and it might appear to be a problem. For a crypto that has an endless supply, it needs a kind of unlimited demand to match the energy.
And for the record, the token always finds a way of matching the supply with demand. No wonder its market cap is among the top 10. Besides, Dogecoin has a wonderful community. Named the Doge Army, they all work to achieve every milestone in the project. Also, Dogecoin has the support of Elon Musk. It is his favorite cryptocurrency. And that alone drives the price from time to time.
How Much is Dogecoin Worth?
In conclusion, Dogecoin price continues to change from time to time. As said before, the support of the community and Elon Musk’s influence heavily contribute.
Earlier this year, Elon Musk changed Twitter’s logo to Dogecoin. At the time of writing, Dogecoin still remains within the top 10 cryptocurrencies in the market cap. Many analysts expect it to stay that way till 2023 ends.
