DOGECOIN: HOW A MEME BECAME A FAMOUS CRYPTOCURRENCY?

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Meme To Coin:

A meme is a picture or a GIF with messages and quotes written on it to suit a particular situation or scenario. Memes have become more popular on the internet due to social media like facebook, twitter, Instagram, WhatsApp and other messengers. We now have a meme for every situation.
Similarly, in 2013, the doge meme became the most popular meme on the internet. This meme was derived from a photograph of a female Shiba Inu puppy named Kabosu. This breed of dogs became famous as Doge.
In the meme, you can see the Shiba Inu dog picture under which messages and sentences are written. These dogs were then commonly known as Doge, so this meme is named as the doge meme.
In 2013 the developers of the coin were looking for a unique and funny name for their cryptocurrency to gain the attention of non-cryptocurrency users, so they came up with the name Dogecoin. Because of this funny and catchy name, the coin which was named mostly for fun became a huge success. Dogecoin was founded by Billy Marcus and Jackson Palmer in 2013.
Jackson made a joke on the internet regarding DDogecoin, i.e. "Investing in Dogecoin – pretty sure it's the next big thing." This joke gained the attention of many people, including Billy Marcus's who was a programmer in Oregon. They both got into contact and discussed the possibility of the joke turning into reality.
It became a serious project, and on 6th December 2013, DDogecoin was ready to use. There are many other volunteers and developers in the dogecoin team. Its capitalization was worth $60 million in the year 2014.

Dogecoin: What Is It?

Dogecoin is commonly known as Doge.  It is an open-source, peer-to-peer cryptocurrency like bitcoin, litecoin and dashcoin which uses the blockchain technology. It is based on Luckycoin which his based on Litecoin. Dogecoin uses the same Scrypt-based algorithm as litecoin.
Dogecoin transactions are simple and effortless. The miners get a reward for mining the block of coins. The fees charged for the transaction is very less compared to other cryptocurrencies.
The coin has a picture of a Shiba Inu dog on it. It was a joke which became a success. The success has given rise to a Dogecoin community in which people deal in Dogecoin. These are some current dogecoin statistics:

  • Current Dogecoin Price: USD 0.002456
  • Market Cap: $297,195,718 USD
  • Rate of Interest: 339.58%
  • Market Rank: 29
  • Total Supply: 120,995,511,967 DOGE
  • Highest Price: USD 0.018773
  • Lowest Price: USD 0.000085

Dogecoin Controvercies And Scams:

  • Every cryptocurrency has faced some controversies over the time, and DDogecoin is not any different. Over the time dogecoin has faced two major controversies. Let's find out about them.
  • 25th December was a hard day for the founders of DDogecoin and its community. A hacker gained access to the file system of Dogewallet. He then stole around 21 million DOGE, which was worth $12,000 by manipulating the Send/receive function.
  • The amount was not huge, but it put a question mark to the safety of using DDogecoin. However, the dogecoin community started a fundraiser named "Save Dogemas" which collected enough money to cover the loss. The dogecoin community was friendly, which is a good thing, but this friendly nature made way for another devastating scam.
  • This incident is known as the "Moolah Scam." A guy named Ryan Kennedy joined the Dogecoin community using the fake name Alex Green in the year 2014. He started making considerable donations in the community and soon became very popular. He also raised $55,000 to sponsor the Nascar driver Josh Wise along with other members in the community.
  • He started a new exchange name Moolah and asked the community members to invest in it to make trading easier. He raised about $75,000 and fooled the community members. Jackson Palmer, one of the founders of DDogecoin, came to know about Kennedy's past scam and tried to warn the community but the people deserted him.
  • This is one of the main reasons why he left Dogecoin. Soon the community came to know about his scam as Moolah failed, and all the members who invested money became losers. Kennedy was later convicted for his crime along with all his previous crimes like Sexual assault and other scams. Even after facing such significant losses, the dogecoin community is still going strong.

Dogecoin Community:

Dogecoin is a very friendly coin, which is simple to use. This factor, along with the joke meme, has given it lots of limelight. People became interested in DDogecoin and joined its community.
They call themselves "Shibes" and have their own shibe language and shibe meme generator to generate different dogecoin memes. The community uses its platform to support various causes. The contributions of the community are as follows:
USD 50,000 was raised in the year 2014 to send the Jamaican Bobsled team to the Sochi Winter Olympics.
A man named Josh Wise was helped by the community members in March 2014. They raised USD 55,000 to support him to participate in (NASCAR) North-American Stock Car Auto Racing.
The community uses the Reddit platform to raise money for charity and good causes like SocksForTheHomeless and DogePizza. They also get Dogecoin for posting good content on the Reddit site.
USD 30,000 was raised for World Water Day to help build clean water wells in the Tana Valley in Kenya.
Dogecoin community is what makes it different from all the other cryptocurrencies. Although Dogecoin has used Bitcoin's Blockchain technique, its community is unlike any other cryptocurrency's. It is friendly, simple, easy to use, effortless and less costly.
Dogecoin's community is where all the people come together to have fun, communicate and make the world a better place. Even after facing two significant scams, the community is still intact and working on other projects to help people.
This reminds us that "Unity is Strength and United we can do anything." All the other cryptocurrencies should adopt such a friendly community technique.

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