, 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
Dogecoin price prediction for 2023, 2025 and 2030

Feb 14, 2023

Dogecoin is one of the oldest cryptocurrencies that still exist today. It is also the mother of all meme coins and its success in this category is unmatched so far. The use-case for Dogecoin is not NFTs, DeFi applications, and smart contracts. Instead, the whole cryptocurrency is built upon two pillars: fun and its community. When Dogecoin started in 2013 it was meant as a joke that was supposed to show that crypto is not going to work. It seems that DOGE has proven its founding fathers wrong more than one time. When looking at Dogecoin price predictions, one needs to keep in mind that this particular crypto asset makes it hard to create any projections. Some things work with a meme while others don’t. Let’s take a look at the facts and what they tell us about Dogecoin's future in terms of price.

Trade anytime, anywhere

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

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved