The cryptocurrency got listed on some of the major crypto exchanges, such as Binance. As for the rest of the crypto market, 2021 was an especially productive year for Dogecoin. The cryptocurrency gained momentum again during the bull runs of 20, rising 8,100% and 20,300% in price, respectively. Apart from that, he was also prosecuted for being involved in several other crimes and was sentenced to 11 years in prison. But later, it was revealed that he used this money to buy himself $1.5 million worth of Bitcoin. He convinced the Dogecoin community to donate large sums for the development of his exchange. Meanwhile, Alex Green (aka Ryan Kennedy) – the creator of a Dogecoin exchange called Moolah – further tarnished the community’s image. The developer stated that the community around the cryptocurrency and the capital it produced had become “toxic.” The Dogecoin community faced the first major blow in 2015 when Jackson Palmer announced his resignation from the project. However, in the next couple of years, the joke became less relevant as the industry began to mature. The project took off immediately, and within the next two weeks, DOGE (Dogecoin’s native token) had already surged 300% in price. Palmer and Markus officially launched the cryptocurrency on December 6, 2013. When he came across the Dogecoin buzz, he asked if Palmer was willing to create an actual cryptocurrency based on this idea and got his permission to build a blockchain for Dogecoin. Markus had wanted to create a cryptocurrency project for a long time, but he was facing difficulties promoting his ideas.
#DOGE TOKEN SOFTWARE#
However, he did not have the software written that could make Dogecoin a real cryptocurrency.ĭuring this time, another software developer at IBM, Billy Markus, reached out to Palmer via Twitter. He named it “Dogecoin.” After getting positive feedback from social media for the sarcastic idea, he bought the website domain:. When switching between the two tabs, he got an idea about combining the two elements and creating a cryptocurrency based on the Doge meme. The developer had two tabs open on his computer: CoinMarketCap (the biggest crypto price tracking site), and the other was an article about the Doge meme. His earlier tweets about this technology are a satirical take on the technology. Palmer was a skeptic observer of this newly emerging crypto sector. The project was created in 2013 by Jackson Palmer – an Australian software developer working in Adobe. The name and the logo are both based on a popular online meme of the Shiba Inu dog breed: Doge. However, the widespread individual adoption and the cult following have earned it a unique position in the crypto space.Īs mentioned already, like the rest of the meme coins, Dogecoin started as a joke. These tokens serve no practical use, merely created for poking fun or making a joke.ĭogecoin, one of the earliest cryptocurrencies, actually belongs to this group. Some are made to facilitate DeFi (decentralized finance), others accommodate P2P autonomous transactions, and still more provide scalability solutions to the existing protocols.Īmong these, a group of cryptocurrencies known as meme coins is quite popular. It includes a wide range of projects developed for various purposes. Many declined in value soon after their release, while some thrived and developed into full-fledged ecosystems hosting numerous applications on their network.Ĭurrently, the crypto space comprises more than 12,000 projects based on at least 1,000 different blockchain ecosystems. In the following 13 years, so many new blockchains and crypto projects emerged and came to light. The cryptocurrency industry came into being in 2009 with the launch of the first decentralized blockchain, i.e., Bitcoin. You’d be surprised that the cryptocurrency with the tenth-largest market capitalization (2022), Dogecoin, has no real-world utility to back its value, and the asset is purely based on speculation.
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