Dogecoin Surges 10% in a Day as Popular Meme Coin Celebrates 10th Anniversary
Dogecoin (DOGE) has gained more than 10% over the past day as the cryptocurrency celebrates its tenth anniversary, marking a decade since its inception.
At the time of writing, the popular meme coin is trading at $0.09909, up by 10% over the past 24 hours, according to data by CoinMarketCap.
With its iconic Shiba-Inu logo, Dogecoin has captured the hearts and imaginations of crypto enthusiasts worldwide.
The recent uptick in its value has not only brought joy to its holders but has also attracted attention to the increasing activities of whale transactions.
These transactions, involving large-wallet investors with holdings exceeding $100,000, have surged in the past week, further contributing to the rise in DOGE’s price.
How Was Dogecoin Created?
Dogecoin was created by software engineers Billy Markus and Jackson Palmer.
The idea behind Dogecoin emerged from an online conversation between the two in late 2013, during the height of the cryptocurrency boom.
Inspired by the popular “Doge” internet meme featuring a Shiba Inu dog, Markus and Palmer decided to create a cryptocurrency that would be fun and accessible to a wider audience.
Markus, a programmer from Portland, Oregon, took the lead in developing the technical aspects of Dogecoin.
He used the existing codebase of another cryptocurrency called Luckycoin, which itself was a fork of Litecoin, a well-established cryptocurrency.
By modifying the code and incorporating the Doge meme theme, Markus was able to create the initial version of Dogecoin.
On December 6, 2013, Dogecoin was officially launched to the public. The timing of its release coincided with the peak of the cryptocurrency frenzy, which helped generate significant attention and interest in the new coin.
The friendly and welcoming nature of the Dogecoin community, along with its philanthropic endeavors, quickly attracted a dedicated following.
Unlike many other cryptocurrencies, Dogecoin was not created with the intention of being a serious investment or a rival to Bitcoin.
Instead, its creators aimed to create a digital currency that would bring joy and laughter to its users while maintaining the core principles of decentralization and blockchain technology.
Elon Musk’s Support of Dogecoin
Musk has become a prominent figure in the world of cryptocurrency, particularly when it comes to meme coins.
His tweets and public statements have wielded significant influence over the market, often leading to dramatic price fluctuations and capturing the attention of crypto enthusiasts worldwide.
Musk’s connection with meme coins can be traced back to his fondness for Dogecoin.
The billionaire has previously endorsed Dogecoin in numerous tweets, which has consistently sparked excitement and speculation among traders.
His endorsement of the cryptocurrency has even led to the creation of other meme coins inspired by his persona.
Notably, the billionaire has even been sued for $258 billion for influencing the price of Dogecoin with his tweets.
Filed by plaintiff Keith Johnson in New York in June last year, the lawsuit accuses Musk and his companies, Tesla and SpaceX, of running a “pyramid scheme” to inflate the price of the meme coin.