It has been 8 years since the biggest memoir in the crypto market was born. Dogecoin (DOGE) has become a symbol of hope and community potential in the crypto industry. In the last 12 months, the previously unknown coin has achieved global relevance and retains a choice spot among the thousands of coins in the market.
Dogecoin was co-founded by Billy Markus and Jackson Palmer on December 2, 2013. According to them, the coin was created as a mockery of altcoins that were being established at a fast rate following the massive jump in the value of bitcoin (BTC). But jokes do become undreamed possibilities.
In May, a mere 6 months to its 8th birthday, Dogecoin was worth $90 billion. The joke had become a serious asset. After it gained prominence, investors were quick to recognize the potential of the coin, and whales quickly stacked up billions of DOGE. Later, the price corrected but shot up again, effectively making millionaires out of a number of whales.
Dogecoin became so popular that it was unofficially adopted by the richest man in the world, the billionaire CEO of Tesla Elon Musk. Musk has publicly referred to Dogecoin as his baby and once said that his young child owns some of it. Musk has become popular for tweeting in support of Dogecoin and repeatedly saying that it is better than bitcoin and ethereum.
Dogecoin Has Performed Well This Year
In just 4 months this year, DOGE gained 17,000% to become one of the highest-performing coins in the crypto market. From January to May, the coin did x170 in profits. Despite unfavorable conditions that caused a massive market meltdown in May, DOGE managed to retain some value.
Seeing its performance, several rival coins were created based on the same dog breed, Shiba Inu, which is used for Dogecoin’s official logo. The most important rival is Shiba Inu, an Ethereum-based coin. Together, they have taken the market by storm this year but have also experienced respective losses.
As of writing, DOGE has lost over 76% of its highest price ever. Yet, its YTD value still poses a massive 6,943% increase. The coin has continued to surprise crypto community members including its founder, Billy Markus. Markus took to Twitter to celebrate the coin on Monday. But before then, he had also expressed his surprise with the DOGE price movement, saying that this year was a strange one.
High Expectations For DOGE
The market sentiment for DOGE shows that investors are still hopeful for a bullish rally that will see the token hit a higher value. Several Twitter users have in the past expressed the belief that the memecoin can ‘cancel out all zeros’ to hit the nirvana of $1 per token. Others have expressed doubt about that possibility due to the massive circulating supply of the coin.
But for now, Dogecoin is seeing an increase in adoption as a payment method. Both Tesla and AMC, giant companies in the vehicle manufacture and theater industries respectively, are reportedly interested in accepting Dogecoin as a payment method. Better days are coming for the memecoin!