May 22, 2021
min read

Dogecoin: A Meme That Became Hotter Than Bitcoin

About the bitcoin of small-scale investors and all the fuss around it.

Okay, right off the bat, Dogecoin is not a serious cryptocurrency. It was founded as a sarcastic joke by Jackson Palmer, it is named after a popular meme of a Shiba Inu and is widely regarded as a meme itself in the financial world. But Dogecoin in recent times has become more than a meme, perhaps with the most unique framework of a currency in the history of mankind coupled with haphazard humanitarian acts, can it be the next big thing?

As stated above, Dogecoin is a cryptocurrency — a decentralized, unregulated, volatile, digital money system. Bitcoin is the most immaculate crypto, but obviously, it is not the sole cryptocurrency. There are thousands of different cryptocurrencies, all based on the same principle, but with certain alterations. In a way, these are alternative coins or altcoins. The interesting fact about this is that in essence, anyone creates an altcoin, it is simple. Each of these altcoins claims to be ‘better than Bitcoin’ in some way or the other. A time came when Palmer was so bored of work at Adobe, and tired of seeing new altcoins pop up, with the help of Billy Markus, he created his altcoin, as a joke, with Doge (a meme) as its logo.

So, this joke, due to its uniqueness and honest appearance, outgrew its reputation as a joke. The thing with altcoins is that their developers, take them very seriously, due to this much of the cryptocurrency world is filled with super complex coins, which were built to make profit. Often these altcoins rightly intimidate potential investors and miners. The biggest reason why Dogecoin has remained relevant is since their developers have created an altcoin that is the opposite of a conventional altcoin. They founded it for the memes, they are not doing it for the money, they just started it because they were tired of the shady altcoins. This subtleness and unambiguity are the reason Dogecoin is what it is.

How Elon Musk Influenced Dogecoin

Dogecoin’s price and volume rose immensely in last few months, all credit to Elon Musk. The number of Musk’s memes on Twitter is directly proportional to the growth of Dogecoin. He recently declared that Dogecoin will be ‘the first meme on the moon’ and the ‘first crypto on the moon’, which yet again resulted in it's incredible inflation.

So, after comprehending what Dogecoin is, should anyone invest in Dogecoin at all?

No! Dogecoin is after all a joke and a person in their serious mind would not invest hard-earned money in a joke.

Furthermore, Dogecoin is just a memed version of Bitcoin, the only thing unique here is that Dogecoin has an unlimited source of capital, which is ludicrous. Its data is purely based on Elon Musk’s tweets, no serious financial aspect affects Dogecoin, and thus it is advisable to not invest in it.