Source: Wikipedia
How it Started
Dogecoin is already 4 years old yet not many people have heard about it. The whole idea of launching this cryptocurrency started as a bitcoin parody. In 2013 a man named Jack Palmer introduced the coin in an effort to point out the absurdity of the bitcoin phenomenon. Nowadays dodgecoin's marketcap is estimated at 813 million dollars. Even in the volatile world of cryptocurrency exchange dogecoin stands it's ground.
3 years earlier a Japanese teacher bought a dog, called him Kaboso and posted some pictures of him on social media. One of the photos became very popular and went viral in no time. A few years later Palmer used that picture or doge as a reference, the dogecoin was born. What Palmer didn't expect was that investors became interested in his cryptocurrency.
Source: Canton
They invested in his dogecoin that was previously meant as joke. After a period of 2 months his cryptocurrency had reached a value of 50 million dollars. The following years dogecoin remained stable with a price of 0.0002 dollars per coin. Since the month of May last year dogecoin began to rise again, as of today it costs about 0.0070 dollars per unit.
Market analysist Dave Chapman from Octagon Strategy says that the majority of people who want to invest in cryptocurrency find bitcoin and ethereum to be too expensive and therefore are looking for alternatives. This explains why dogecoin is so popular right now, ranking within the top 30's list of the world's most valuable cryptocurrencies.
Jack Palmer is not involved in the project anymore since 2015, he himself never had dogecoins in his posession. He warns the public not to invest in dogecoin stating that it is one big soap bubble who is about to burst at any moment.
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