The dogecoin token, known as DOGE, holds a market cap of over $26 million. This is an impressive feat for a cryptocurrency that began as a joke. Jackson Palmer is a product manager at the Adobe Inc. office in Sydney. In 2013, Billy Markus, who was working as a software developer at IBM, contacted him. He said that he wanted to create a cryptocurrency.
Palmer started it out as a joke to see what would happen. When it launched, the pair revealed the popular Shiba Inu as the logo for the token. Compared to mainstream cryptocurrencies, Dogecoin is a cheaper token. Nevertheless, it has received backing from popular crypto proponents like Elon Musk, the CEO of Tesla. In addition, it has gotten support from the famous rapper SnoopDog and Marc Cuban, a successful entrepreneur.
If we talk about utility, the token is based on Luckycoin, which comes from Litecoin. It relies on Litecoin’s technology, called Scrypt, and is a coin type, proof-of-work. While flagship coins like Ethereum and Bitcoin have a limited supply in circulation, Dogecoin has no cap. This means the coins in circulation keep increasing.
So far, companies have made comments, acknowledging the meme coin as a relevant cryptocurrency. One such example is that of the Dallas Mavericks. They said that they’ll accept Doge tokens as a method of payment at their matches. One major advantage of Dogecoin over other cryptocurrencies is that it holds impressive backing. This comes from a large community of members. They have helped increase the brand’s awareness and value.
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You can purchase the coin on exchanges like Kraken, EToro, Coinbase, and Binance. According to the CEO and founder of Cheeze Inc., Simon Hudson, he’s had a bullish attitude from the start. He mentioned that he was lucky to have gotten involved in cryptocurrency early on. This was back when the community was gaining momentum in 2015.
He recognizes that memecoins heavily rely on backing from a dedicated community and brand awareness. That being said, personalities like Elon Musk have definitely helped garner traction towards the coin. He understands that most investors view Dogecoin as playful crypto and something to own as a joke. Nevertheless, he’s waiting for a time when more domains start accepting digital currencies as a means of payment.
He said that once that happens, Doge will be one of the first coins to be accepted because of its impressive community backing. Because it’s inexpensive, he said that investors see no harm in owning a little bit of it. Due to such a harmless nature, more and more traders are adopting it. Hudson is hopeful that sooner or later, every crypto enthusiast will have a bit of Doge in their wallets.