, 2 years ago

How did Dogecoin become so successful?

Dogecoin: How did DOGE become so successful

Dogecoin is one of the oldest cryptocurrencies on the market. It started in the year 2013 and has enjoyed much attention ever since. One remarkable event was the sponsoring of the Jamaican bobsled team in 2014. Most recently DOGE has seen a drastic increase in price and many people wonder why and how did this happen?

In today’s article we are going to explore Dogecoin and outline the reasons for its overall success and the recent price action on the market.

Dogecoin is a meme

If you never heard from DOGE before you have to start with the birth of this particular cryptocurrency. While any other crypto is usually designed to fulfil at least one use-case and solve a problem, Dogecoin was designed as a meme. Meaning that the creators of DOGE never intended a serious project.

It was meant to spread joy and fun in the crypto-community as a whole. And as such the Shiba Inu was chosen as the mascot and symbol of Dogecoin. The Shiba Inu is a race from Japan and aside from the fact that it looks very cute, the Shiba Inu is known to have a very strong and independent will.

And in many was those traits of its mascot reflect some of the qualities of Dogecoin. Over the years it has persisted, despite the fact that it has a very different value proposition.

DOGE has an infinite supply

Many cryptocurrencies picked up on Bitcoins idea that sound money should come with a limited and therefore finite supply. Dogecoin on the other hand was designed as meme and with no serious intend.

Its supply was designed to be infinite which makes it very hard to say what DOGE is really worth. While one could argue that 1 DOGE has intrinsic value, the story of digital gold is most likely to fail. Over the years Dogecoin will probably inflate more and more. But why is it enjoying such a huge rally?

From Elon Musk to Wallstreetbets

One reason is the endorsement of Doge by Elon Musk. He is not only the richest man in the world, but also a proponent of the funny meme. This had brought Doge to the attention of new retail investors who have thrown a tremendous amount of capital, once they learned via twitter that Musk is into it.

But that’s not the reason for the recent price surge. It is believed, that a group of redditors called Wallstreetbets is behind the strong rally. While the group itself denies allegations with DOGE and in fact ignores cryptocurrencies, the overall movement of new traders that are inspired by TikTok and the angry mob of Wallstreetbets might be the reason for its recent success.

Buy Dogecoin

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
What is Shiba Inu and is it the Dogecoin killer?

Nov 08, 2021

One of the maybe most exciting coins on the market is Shiba Inu (SHIB), but not because it has brought technical novelties or introduced a brand new blockchain product. Instead, Shiba has put up something completely different on the table: the power of memeing. But what is Shiba Inu really and what does it do besides being a meme? In this article, we are going to dive deeper into the first Dogecoin killer available on the market.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Careers
  • Business account
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2022 LiteBit - All rights reserved