Welcome to the World of Doge Coin

You have visited this blog and are reading this then you might as well have been caught in the storm of Dogecoin. Have you ever seen a Joke been blown Out of proportion and become a worldwide headline, or a joke that can make you 10x the money you have, PRESENTING TO YOU………THE ELON MUSK’s CHILD AFTER XAEA-12 MUSK…. DOGECOIN. Ever since Elon musk’s tweet, this topic is always on fire. It is garnering attention from everywhere on the internet especially THE MEMEs on Reddit, Twitter and Facebook, Reels and Tik-Tok trying to get this dogecoin to the Moon and what not. More & more people are getting into it due to its recent Run in the Share market, this Meme based crypto coin has been able to rackup from a mere 0.20 Rs to as high as to 50 Rs, which is from 0.003 USD to nearly 0.8 USD.

What is Dogecoin?

//The Most Valuable joke of the World//

After the immense success of Bitcoin many different coins started to crawl up to the surface like Ethereum, Ripple, Light coin, Neo and each of them claiming to have different features and somewhat superior features to Bitcoin. All the coins which were released after Bitcoin are called Alt coins. If you wanna learn more about Cryptocurrency and BlockChain Technology, you should visit my previous posts.

Now getting back to our topic, Doge Coin is also an ALT coin. But the creators of Doge coin never thought that they were making something which will be better than Bitcoin and neither they thought that this meme coin was going to make them very very Rich $$$$. They just tend to like that Meme and they were like “We will Immortalize this meme in the history”. The name of those two techies are Jackson Palmer & Billy Markus. After witnessing the rise of Bitcoin, Billy thought to start up a crypto currency just for fun and named it BELLS, it was a disaster and people hated this crypto. Around the same time another developer called Jackson Palmer shared an idea of making a cryptocurrency around the well-known SHIBA INU DOGE Meme.

Shiba Inu Dog potrait

You all might probably be aware of this meme but for those who aren’t familiar of this meme (which features a cute Dog 🐕) was one of the most famous memes around 2010-11 world. Markus heard this Idea & he immediately fell in love with it, he actually called it “THE GREATEST IDEA EVER!!” (which it is). And he Re-configured the code for BELLs to fit the DOGE theme, then he just added the dogs photo put some comedic texts & released it AND THUS DOGE COIN WAS BORN….

DOGE COIN’S usage

When the Two Techies released the Dogecoin they never thought we all will take it this seriously, it was always supposed to be that fun, stupid currency in the middle of this serious & intimidating industry. So, it was always used for fun and, to emphasise, for good causes. Its usage initially started with one thing called TIPPING, thanks to reddit and other websites Doge Coin was used for Micro Tipping and that’s why the Internet just loved it from the start. If anybody found a good reddit post and liked it, they used to give Doge coin as a tip to appreciate the maker for its effort. The string of tipping continued, and Doge Coin became popular on Reddit and at some point, this meme coin even overtook Bitcoin on Reddit to become the NO.1 Tipping currency. Since the starting the intend of this coin was never to make money so people used it in good causes, for example around 2014 Indian Winter Olympian needed funds so Redditors garnered around 4.2 million Doge Coin which converted to around $7000 dollars! Then Jamaican Bobsled Team needed some funds, so people garnered around 28 million Doge Coin which was close to $30,000 dollars! and many more charities. So, the point being, that vibe of Doge coin was so cool and full of joy that internet just couldn’t keep calm and that’s why people just Loved it from the beginning.

DOGE COIN’S Properties

One of the Key defining property of Bitcoin is that it is Finite in number, there are only 21 million Bitcoin and will always remain 21 million. So, the value of each Bitcoin will rise, as more and more the stock goes up. On the hindsight, Doge coin doesn’t have such property, Unlike Bitcoin there is no limit to the number of Doge Coins that can be created which does fit into the idea of an IDEAL Cryptocurrency. Adding to this, Mining the Doge Coin also doesn’t fit in the design, here for solving a complex mathematical problem, what we usually do to mine a coin, you may get 1 Doge coin or otherwise millions of Doge Coin as a reward. See these properties reflect the seriousness of the founder when he made Doge coin. They made it just for fun & not to make billions out of it. In fact, both Billy and Markus walked out on Doge Coin. Balmer always said that he just wanted it to be a fun thing & not a serious money maker. In 2018, He said,

“I think it says a lot about the state of Crypto Currencies space in general that a currency with a Dog on it, which hasn’t released a software update in over two years – has a 1 Billion Dollar market cap”.

And in April 2021, the evaluation reached a Mammoth score of 9 BILLION DOLLARS !!

HOW IT CAME INTO THE BIG PICTURE

After the GAMESTOP incident, that time people started buying & investing in Doge Coin. And also Who can forget Elon Musk here, he is the one always tweeting about Doge Coin, once he tweeted a picture of a dog saying Dogue ( probably a Vogue Parody) and to every body’s amusement the Stock of this meme coin went up by 50% just after this tweet. If we line up a chart of Doge Coins stock rise and the timeline of Elon’s tweets, we may find that whenever he tweeted something the stocks was always on the rise after that.

As investing becomes more and more easy and financial product becomes more accessible these meme-momentum fun investing things could pop-up more & more often. Because the internet is a place where non-sensible things make the most sense, where social currency is more important than real currency. It’s true because many people are investing in it just to see what happens which can be fine but real problem arises when people start to put in a lot of money which they really couldn’t afford to lose. Meme-investment is a Double-edged sword, just like any other joke, attention on that thing is concentrated for limited amount of time and after that I could just vanish into dust in no time. Since these buzz reaches people within a flash & lot of it reaches to people who have no actual information on the underlying assets, Some people tend to take reckless decision. But there is a silver lining because the news spreads so much and reaches many people from which Handful of people take the efforts to introduce themselves and study about It, & in return these people get more financially literate in that process.

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