The Dogecoin (DOGE) was launched in December 2013 by two software engineers (Jackson Palmer and Billy Markus), who created the payment system as a sarcastic meme coin (a type of cryptocurrency that originated from an online meme or viral image). The logo for this coin is the image of the Shiba Inu dog (an ancient Japanese breed of dog, which became popular in 2013 as a meme).
Although the cryptocurrency started as a means to poke fun at the wild speculations in cryptocurrencies, it is an open-source peer-to-peer digital currency based on the Scrpyt algorithm. The Scrypt algorithm allows for an easier transaction process and quick confirmation of the transaction as compared to the conventional blockchain technology.
Price history of DOGE:
Dogecoin’s price was relatively flat for seven years from December 2013 to December 2020.
Dogecoin’s trading volume momentarily eclipsed that of Bitcoin and all other cryptocurrencies combined in January 2014.
On May 6, 2015, Dogecoin briefly attained a price of $0.0000869, its lowest price since its creation.
In early 2018, Dogecoin’s price rose briefly but soon followed the same fate as other cryptos, as the crypto market collapsed following the bitcoin crash (also known as the 2018 cryptocurrency crash).
In January 2021, following the remarks made by Tesla CEO Elon Musk on January 28 and 29, Dogecoin’s value increased by about 339% to $0.032642.
On May 8, 2021, with a price of $0.682 per Dogecoin, the crypto briefly attained its highest price since its creation.
Dogecoin has benefited from the endorsement by other celebrities, but the commercial adoption for business transactions remains unpopular.