Who Let The Doge Out: The Rise & Fall of Dogecoin

Back in the day, when Bitcoin’s popularity was at its peak, many speculated that it would soon overtake bank-regulated currencies and dominate most finance-driven change. The hype was so intense that two software engineers, Billy Markus and Jackson Palmer, created a similar coin called “Dogecoin” as a joke. What started as an internet joke slowly became popular among the young adult and teenage population. Dogecoin soon became a familiar name with crypto players.

Even today, memes with the dog’s face are still popular on the internet. After reaping profits from the brand that started as a joke, the Dogecoin craze only came to a halt when China began a systemic crackdown against Bitcoin and crypto miners.

Even to this day, cryptocurrency comes off as an unsteady investment option. You never know when governments decide to ban crypto mining. Mining in cyberspace is the process of generating more digital currency through proper currency verification.

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The Rise of Dogecoin

As the coin was released in 2013, it became an instant hit. Thanks to Reddit and other such websites where people shared their experience of the currency. The doge meme and dogecoin games continued to entertain people.

In a non-serious series of tweets, Dogecoin inventor Jackson Palmer talked about how Dogecoin will soon earn a name in the cryptocurrency business. The idea led him to introduce the Dogecoin website. Sometime later, Markus joined Palmer to develop a coin from Bitcoin’s source code available in the public domain. In 2021, Dogecoin shot to newer heights when Tesla’s founder Elon Musk tweeted a photo of the Shiba Inu dog. His other tweets came off as continued references to the Dogecoin currency.

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The Fall of Dogecoin

Cryptocurrency is a new player in the financial battlefield. Doubts about the future of cryptocurrency and cryptocurrency investment led many countries to crack down on cryptocurrency mining. Continued crackdown on cryptocurrency trading in countries like China greatly affected currencies like Dogecoin.

Recent Developments

As per recent developments, the value of Dogecoin slashed by around 24%, with other meme coins like Shiba Inu coming to a similar fate. It’s simply a matter of dog memes losing public interest and attention. Experts estimate that as soon as meme currencies slump, serious investors will begin investing in more stable currencies like Terra Luna and Ethereum.

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