Cryptocurrency has seen a considerable spike in investors and curious observers. It was once a misunderstood economy for tech enthusiasts but has become a massive phenomenon beyond the financial world. Dogecoin, in particular, has sparked many’s interest because of its strangely comedic nature.
Named the original meme coin, Dogecoin continues to influence the cryptocurrency market today. The Dogecoin price, which peaked in May of 2021, is slowly rising again after mainstream media was recently reminded of the coin’s existence. Instead of the market affecting the price of meme coins, Dogecoin is shaping the broader crypto economy.
The Origins and Appeal of Meme Coins
Dogecoin was the first of its kind– a meme coin. Dogecoin was created in 2013 by two software engineers who envisioned it as an approachable alternative to the (at the time) often misunderstood Bitcoin. People hesitated to participate in Bitcoin, as it was a completely new concept and seemed intimidating for many with no experience investing.
Instead, Dogecoin offered a humorous and relatable alternative. It was created based on the Doge meme, which went viral in 2010 and featured a Shiba Inu who made funny faces, often accompanied by comedic text.
The viral memes and hashtags fueled interest in Dogecoin. What could it mean for a meme to become a currency? People’s curiosity was piqued. They became even more interested when they saw the Dogecoin community making real-world changes.
Dogecoin’s Real-world Impact
Dogecoin has been nicknamed “the people’s currency” not only for its technical inner workings but also because it has contributed to positive social changes. The community of people with Dogecoin raised $30,000 for a Jamaican bobsleigh team to be able to go to the Winter Olympics in 2014.
The community has also raised over $30,000 to build water wells in Kenya. People began to see that the strange coin had a real-life use. The positive impact of Dogecoin and its community was uplifting and convincing for many, including Elon Musk, who tweeted about the coin in 2019. After viewers saw that the tech billionaire approved the meme coin, its price skyrocketed.
Cryptocurrency has considerably changed the world. Both Dogecoin and Bitcoin are related to projects that plan to take humans to space. Elon Musk’s SpaceX still plans to launch the DOGE-1 space mission, which will be entirely funded by Dogecoin. Despite its silly exterior, Dogecoin is making undeniably long-lasting changes to society.
The “Dogecoin Price” Phenomenon
After many notable spikes and crashes tied to online trends, people understand that online media heavily influenced Dogecoin’s price. Reddit’s r/WallStreetBets and Twitter have been major contributors to the meme coin’s price fluctuations.
Elon Musk’s online public approval of the coin skyrocketed its price. As the price increases, people watching Dogecoin get FOMO (fear of missing out) and buy in, so they, too, can be a part of its rise. The coin initially started trading at .017 USD and hit an all-time high of .64 USD in 2021. This 37x is a tremendous jump for early investors and showcases why people wanted to begin investing in meme coins.
Broader Implications for the Cryptocurrency Market
While Dogecoin’s real-world influence is evident, people are still speculating whether meme coins boost or undermine crypto’s credibility. The overall consensus is difficult to say, especially as crypto ebbs and flows over time.
Meme coins have brought significant attention to blockchain technology in recent years and continue to lead to crypto’s mainstream adoption. As countries around the world craft cryptocurrency-focused regulations, only time will tell if meme coins can continue to drive changes.
Written in partnership with Tom White
