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Thursday, November 14, 2024

Elon Musk’s Favorite Cryptocurrency Dogecoin, Turn 8

Dogecoin, the meme coin that started it all, has already turned eight this year, becoming a major player in the crypto industry.

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The Dogecoin completed it’s 8th year in the crypto world on Dec 6. Dogecoin is initially launched on Dec 6, 2013  It is considered both, the 1st “Meme coin”, and more specifically, the 1st “dog coin”.

Dogecoin is created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time, was worth over $90 billion in early May after experiencing a massive rally.

With the help of tech billionaire like Elon Musk and Mark Cuban, other celebrities and constant media coverage, Dogecoin had surged an eye-popping 17,000% in just four months in early 2021, captivating the entire investing community.

Dogecoin is down 76.1% from its all-time high, but it is still up a staggering 6,943% since the start of the year. Dogecoin received a lot of birthday wishes from the doge community members.

Palmer, however, is unlikely to celebrate the birthday of the meme cryptocurrency as he is no longer working in the dogecoin and abandoned the community a long time ago. In a July tweet, he claimed that the crypto industry was controlled by “a powerful cartel.” He adds that cryptocurrencies were specifically built to enrich those at the top. Thus, they represent the worst of today’s system.

 

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