If you’ve followed the rise of cryptocurrencies in the last decade, you likely know about Bitcoin, and you may have some knowledge about Ethereum and Tether. These are fairly mainstream crypto solutions, but what some people aren’t aware of are so-called meme coins.
Meme coins are crypto tokens that have been created for entertainment and collectability. They usually aren’t meant to be taken seriously, and most offer no real value or hope of accumulating value. Among meme coins, Dogecoin is one of the most popular.
The Rise of Dogecoin
Dogecoin is named after the Doge meme. This meme garnered popularity on the web starting around 2013 and features a Shiba Inu dog that has come to be the face of Dogecoin. The coin itself also was introduced in 2013 and was created as a joke. Billions of tokens were released initially, but that supply has since dropped. Track DOGE price movements in real-time! Visit this website now for up-to-date information and market analysis.
Although Dogecoin was never meant to be taken seriously, it is one of a handful of meme coins that have actually accumulated some value. The DOGE price has fluctuated over time, but at one point in 2021, DOGE was at $.64. Since then DOGE price charts have shown a steep decline with the coin showing valuations averaging around $.070.
Mass Appeal and Elon Musk
Part of the appeal of Dogecoin is the meme associated with it. Doge, the dog mascot of the coin, is a well-known and likable character that has been associated with cute memes. Doge has not generally been considered divisive in any way, and this makes the meme, the dog and Dogecoin likable.
Additionally, Elon Musk, leader of Tesla and SpaceX, has been known to show public support for Dogecoin, but this has caused some controversy. While Musk’s public tweets and comments about Dogecoin have been said to be all in good fun and publicity stunts, some have claimed his public support for Dogecoin amounts to market manipulation. A lawsuit has been filed against Elon Musk and others claiming the X owner used his position to pump the value of Dogecoin at the expense of others.
Read a similar article about BLK oracle here at this page.