![]() ![]() Markus had designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm. Markus reached out to Palmer after seeing the site, and started efforts to develop the currency. Palmer had purchased the domain and added a splash screen, which featured the coin's logo and scattered Comic Sans text. At the time, he was a member of the Adobe Systems marketing department in Sydney. Palmer is credited with making the idea a reality. Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to. In addition, they wanted to distance it from the controversial history of other coins. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. Originally formed as a "joke", Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached US$8 million, once jumping to become the seventh largest electronic currency in the world. With the help of Reddit, the site became an instant hit. Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. ĭ promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke". As of 2021, it is the sleeve sponsor of Watford Football Club. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a peak market capitalization of over $85 billion on May 5, 2021. Dogecoin features the face of the Shiba Inu dog from the " doge" meme as its logo and namesake. Despite its satirical nature, some consider it a legitimate investment prospect. It is considered both the first " meme coin", and more specifically the first "dog coin". “While shiba inu has made people some fortunes lately, I don’t want to be holding this when the music stops,” he said.Billy Markus ("Shibetoshi Nakamoto"), Michi Lumin, Ross NicollĮxactly Ð5 billion will enter circulation each year.ĭogecoin ( / ˈ d oʊ( d) ʒ k ɔɪ n/ DOHJ-koyn or DOHZH-koyn, Abbreviation: DOGE sign: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a " joke", making fun of the wild speculation in cryptocurrencies at the time. “Shiba has posted incredible gains on speculation that it will rival or replace the concept of dogecoin and its utility,” said Chris Kline, co-founder of Bitcoin IRA.īut while shiba inu has attracted new investors to the market, its lack of any real use case makes its sky-high valuation tough to justify, said Jack McDonald, CEO of PolySign, a digital asset custody solutions firm for institutional investors. “Get rich quick is a very powerful motivator.”Įxpectations of more mainstream acceptance was also driving gains with talk the meme-based cryptocurrency could be traded on a major retail brokerage. “People are always looking for ‘the next Bitcoin’,” said Mati Greenspan, founder of crypto analysis and advisory firm Quantum Economics. Others said crypto-specialist market makers were trading large volumes of the token. Its website calls it “a decentralised meme token that has evolved into a vibrant ecosystem”.ĭriving the gains, analysts said, is the promise of quick gains – a key factor behind the broader explosion of cryptocurrencies during the COVID-19 pandemic. Known as “shib” to a growing army of retail investors, shiba inu coins are worth a fraction of a cent. Trading in shiba inu is volatile, and by midday New York time it had given up most of the day’s gains, but was still up around 7%.īitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up around 4%, but below its record high from last week. ![]() “This makes it closer to a collectible market than a currency market, and as such determining value with traditional analysis seems impossible.” “It seems driven by fad buyers hoping to get in now and flip later to what will need to be a new series of buyers at even higher prices,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. 8 cryptocurrency, with a $42 billion capitalization. Yet its price has rocketed around 160% this week, according to CoinMarketCap, leapfrogging dogecoin to become the No. Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use. Meme-based cryptocurrency shiba inu soared more than 45% over the past 24 hours, muscling into the top-10 largest digital tokens by market capitalization. ![]()
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