It took Elon Musk just a few tweets to get Dogecoin into the top 12 global cryptocurrencies. Consecration or Aberration? Difficult to say, but at least we can try to get to know this « small » currency better, which now wants to play in the big leagues. Explanations.
Does crypto itself have a future?
The story begins in 2013. Bitcoin, which appeared in 2009, is already attracting great interest, its price is rising and its capitalization will soon be billions as it will cross the $ 10 billion mark for the first time in December of this year. In special forums, crypto currencies are causing a stir and arouse doubts. Dozens of projects appear, more or less solid, more or less short-lived, often cloned from other currencies.
Without ever meeting, two engineers, Billy Markus (IBM) and Jackson Palmer (Adobe), will jointly give birth to Dogecoin.
On Twitter, in the face of the crypto hype, Palmer said, « I’m investing in Dogecoin, sure it’s the next big thing. » This is a simple joke: there is no crypto by the name of Dogecoin, and the tweet mostly means that any crypto can be a profitable investment these days. But the idea is taking off, and the ability to create a « fun cryptocurrency » is all the rage on social media, starting with Reddit. The idea is to ride the bitcoin wave but stand out from it to create a crypto that is less serious and accessible to as many people as possible.
Encouraged by a student on Twitter, Palmer buys the dogecoin.com domain. There he places a photo of a dog, which together with a few words becomes the logo of the project. For his part, Markus, who wants to create his own cryptocurrency, discovers the site. « Too funny, I have to do this crypto, » he explained. He comes into contact with Palmer and the project comes off quickly.
Cryptocurrencies that are most often developed in open source are likely to be « forked »: we duplicate their blockchain, change some parameters of their code and the protocols that control them, and we get a new independent crypto. So Dogecoin is derived from Luckycoin, itself a fork of Litecoin (itself derived from Bitcoin).
On December 6th, 2013, somewhere between a school joke and the intention to demonstrate that a « crypto revolution » was indeed going on: Dogecoin and its currency DOGE were born.
The project wants to be labeled with the seal of self-irony from the start. While Bitcoin, carried by crypto experts, high profile entrepreneurs or investors and other ambitious startups, seeks to be solid, reputable and even with a political message, Dogecoin has been viewed as a joke. Dogecoin is the (inevitable) illegitimate child of blockchains, web culture, and viral buzz.
The project owes its name and emblem to a questioning Shiba who some time earlier became a meme called « Doge » (deformation of the word « dog »). Unsurprisingly, web virality is part of Dogecoin’s daily life, accompanied by clean, vaguely absurd language intended to emphasize its « spectacular » character.
When talking about Dogecoin, in the spirit of the original meme, limit your sentences to two or three words that start or end with « Such », « Much », or « Wow ». Cryptic but useful, at least for fans.
Despite everything, the project is very successful and its history is marked by hours of fame. As of the first month, the Dogecoin site attracts over a million visitors. The currency’s rate rose and tripled in three days in mid-December 2013 (from $ 0.00026 to $ 0.00095) before falling sharply soon after.
If the project is interrupted by a few boondoggles, such as hacking the Dogewallet wallet, which caused about $ 12,000 to disappear into nature, his spirit will stay alive for several years.
Dogecoin was developed in a community spirit and is characterized by the ability to easily send small « tips » in cryptocurrency on social networks, through group donations for charitable purposes and even through inclinations to sponsor sports. Crypto fans with dog heads will therefore (unsuccessfully) try to fund a bobsleigh team’s participation in the Winter Olympics before they manage to sponsor racing driver Josh Wise (du NASCAR Championship). After raising 68 million doges (around $ 55,000 at the time), the pilot will take part in several races with the Dogecoin logo.
At the end of 2017, when the value of a Bitcoin exceeds USD 16,000 for the first time, Dogecoin will also benefit from the surge in cryptocurrency prices and its capitalization will exceed USD 1 billion in early 2018.
But the prompt falls quickly. As the “real” cryptocurrencies, starting with Bitcoin and Ethereum, cement and arouse strong institutional and industrial interest, Dogecoin is gradually being forgotten.
Elon Musk made a different decision. In December 2020, then in January and February 2021, the P.-D.G. from Tesla and SpaceX posted several tweets that appeared to show support for Dogecoin. « Dogecoin is the people’s crypto, » he wrote on February 4, 2021. More importantly, the richest man in the world recently declared his belief in Bitcoin but seems to laugh at his ability to influence the much more volatile price of DOGE . In some tweets, the price of the cryptocurrency has skyrocketed, reaching $ 0.057, its all-time high. In two months the value of the DOGE was multiplied by 20.
While Musk will delight fans (and early investors), not all are happy. “Elon Musk is discrediting the entire cryptocurrency industry with this Dogecoin crypto joke. This can only harm cryptocurrencies by arguing those who repeat that Bitcoin and cryptos are just worthless bubbles, ”criticized Alexandre Stachtchenko, co-founder of consulting firm Blockchain Partners, on Twitter.
What should one remember about all of this? At least this Dogecoin now enjoys a very ambivalent status.
For some, it will never be « shit » (literally « shitty cryptocurrency ») with no real benefit and no future other than financial speculation of « pump and dump » (grouped and coordinated purchase of a financial asset) artificially increasing its price before he is massively sold). And while this made the company successful, the project’s image somewhat undermines its credibility and viability. No offense to Elon Musk, it’s hard to see investment banks, big corporations, or e-commerce giants really care about a currency in the shape of a dog-headed meme that grew out of a joke on Twitter and a piquouzée of LOL culture .
Conversely, we can assume that Dogecoin is actually part of the crypto landscape. The blockchain works, and there are even a few dozen merchants who accept payments with Dogen. The project also brings enthusiastic users together: on Twitter, the official @dogcoin account reaches almost 400,000 subscribers, while on Reddit the Dogecoin community has around 860,000 members.
DOGE, whose price is particularly volatile, can be traded at dozens of exchange offices (including some of the larger ones like Binance, Kraken, Bittrex …). Dogecoin in particular weighs almost 6 billion US dollars to this day. At this point, it’s not entirely (or just) a joke.
Where can you buy bitcoin?
and more intuitive brokers (Coinbase, Coinhouse, etc.). The latter are usually easier to use, but are more expensive. There are also some physical counters in Paris (Coinhouse), Caen (Bitcoin Avenue), Brest (Byzantine) or Bordeaux (Comptoir des Cybermonnaies).
Where can you buy tobacco bitcoin?
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How do I buy and sell bitcoins?
To trade Bitcoin (BTC), all you have to do is enter its name in the search bar. Then just click on it and select the « Buy » option. To resell, simply click the « Sell » tab.
How do I get Bitcoin for free?
Playing dice. Different platforms offer free and paid games where it is possible to earn a little bitcoins. This is the case with PrimeDice and 999Dice, for example. Depending on your jurisdiction, you can play and withdraw the money won for free.
How do I get cryptocurrency?
You can invest in cryptocurrency by buying tokens through a special platform. You can also trade cryptocurrency through an online broker like eToro and invest in a derivative that is based on the virtual currency.
How do I earn 1 bitcoin per day?
List of Free Websites You Can Earn Bitcoin From
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Who Owns Most of the Bitcoin?
1 – Chris Larsen ($ 7.5 billion to $ 8 billion)
Why is Bitcoin increasing in value?
Bitcoin, a volatile asset As with these other assets, the value of Bitcoin is determined by supply and demand in marketplaces. Economic operators always start offers to buy and sell at a price that they set based on their own analysis.
Which country uses bitcoin currency?
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How do I invest in Bitcoin?
If you want to invest money in Bitcoin, you can either buy tokens (the coins of the cryptocurrency) or through an online broker that offers cryptocurrency trading through Contract For Difference (CFD), such as: B. eToro.
How to invest in Bitcoin in 2020
How do I invest in Bitcoin in 5 steps?
- Register with Bitcoin Trader using this link.
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Is it worth investing in Bitcoin?
Bitcoin, a Risky Investment Note that Bitcoin is based on an unregulated market and this virtual currency has no official price. It is an IT environment with its own rules that may prove unsuitable for people who do not have sufficient technical knowledge and skills.