Jackson Palmer and Billy Markus who were two software engineers produced the cryptocurrency dogecoin as a meme in 2013. They got to know each other online. The digital currency was to be a fun competitor to Bitcoin cryptocurrency, based on the famous meme during the period of a Shiba Inu dog.
It has similar proof of work (consensus mechanism), as the most valuable digital currency globally. More so, it's a payment network. Miners must make use of large amounts of computing power to provide solutions to difficult math challenges to attain the right to make a transaction valid on the blockchain.
It is a huge surprise that dogecoin fastly amassed followers ever since its establishment just about eight years ago. In value, it has spiked above 37,000% during this period mainly resulting from the support it got on social media platforms. During the time of the meme-stock craze, attributed to the rising fees of AMC Entertainment Holdings and GameStop, which gained control of the market a year ago, Dogecoin drove this movement fast.
However, in comparison to crypt currencies such as bitcoin, which is gradually turning into a legal online store of value, and Ethereum which is the most widely known programmable blockchain that supports developing Apps (, decentralized applications) and NFT (non-fungible tokens), the currency is not useful tor day to day activities.
Its acceptance as a means of payment by one thousand and nine hundred traders all over the world is a funny insignificant number.
The basic market standards of Dogecoin cause its tokens difficulty in rising in value. Presently, there are 130 billion coins in circulation with 10,000 mined each minute. This is the reason DOGE, dogecoin's native token is very low at barely over $0.15. The demand must be higher than a fast-rising supply to backup price appreciation.
Outlook of Dogecoin in 2025
The digital coin for starters is a good investment because storing the coin for a long time can provide investors a perspective of what putting money into cryptocurrency means. Profits and instability are within the journey, however, cryptocurrency enthusiasts and investors must be determined to navigate through it.
Will the Currency Get to 10000 Dollars?
It does not have enough potential to reach 10000 dollars although it has potential it can never be able to overtake the US Dollar for global transaction and strength. Taking this into consideration, several experts think that though dogecoin has great power to develop, the value probably would never get to $10000.
Will Elon Musk Purchase Dogecoin?
The founder and CEO of Tesla, Elon Musk again supported the joke-inspired digital currency dogecoin. He made a tweet on the 14th of January that Tesla is receiving dogecoin-people's crypto' as a means of payment for some traders on the website.
How is Elon Musk Associated with Dogecoin?
Frankly speaking, nothing relates him to the coin however, Elon, who was announced recently as the wealthiest man on earth, is a strong supporter of the currency. He was part of the trend, majorly as a joke, however, after many months, he wrote comments about the coin on social media which gave the currency more hype.
His initial comment on dogecoin was in April 2019 on Twitter, he referred to it as his 'Favourite cryptocurrency.'
Since then, he has developed a fondness for the currency. Tesla, his electric car company is the main influence in cryptocurrencies in general. The company made an announcement recently that it would receive bitcoin as a means of payment and you'll store it as an asset on Its books.
Recently, Tesla disclosed it has already stored over $1 billion United States value of bitcoin.