Dogecoin is the original meme coin.
Created in 2013 by developers Billy Markus and Jackson Palmer, it started out as a joke which poked fun at wild cryptocurrency speculation at the time. The iconic face of Dogecoin is the Shiba Inu dog, and since its inception, it has transformed from a bit of fun into a legitimate cryptocurrency.
As the first meme coin, Dogecoin has inspired plenty of imitations. The most famous one is the Shiba Token, which skyrocketed in price back in 2021 and was even endorsed by Ethereum founder – Vitalik Buterin.
Often dubbed as “the people’s coin” Dogecoin is actually much faster and cheaper than Bitcoin. It experienced two major price rises in its history, the first in 2017, and the second in 2021, which was spurred on by Elon Musk’s Twitter account.
Musk is a big fan of cryptocurrency and even joked that it would be the first currency of the planet Mars. On the other hand, other influencers in the space are not so bullish on Dogecoin. In the summer of 2022, Elon Musk, SpaceX and Tesla were sued for $258bn, by one disgruntled investor, claiming that it was a deliberate crypto pyramid scheme.
The Future of Dogecoin
Many prominent investors (yes, not just Elon Musk) are bullish on Dogecoin’s future. Legendary businessman, Mark Cuban has stated that Bitcoin, Ethereum, and Dogecoin are the only valuable cryptocurrencies, believing the latter is serving a purpose, which is a stark contrast to most cryptos.
Cuban went further to say “Metaverse cryptos are a joke”, but claimed Dogecoin has big potential to be a major currency in the upcoming Metaverse. However, it has not released any plans as of yet. On the other hand, its main competitor, with a slightly different logo, Shiba Token (SHIB) has announced its plans for a Metaverse as well as a stablecoin to be the currency within it.
Some say the price of Dogecoin has risen solely because of Elon Musk’s tweets. With his 90 million+ followers and huge clout in the technology space, on many occasions when Musk tweeted about Dogecoin, the price doubled in 24 hours.
Yet, Musk has cooled down his crypto tweeting, perhaps because of legal implications. And if the Dogecoin price relies on one influencer, it might have issues going forward and fizzle out in the near future.
Crypto is a precarious market at the moment, totally built on confidence. With the recent Luna crash, many investors are apprehensive about investing in cryptocurrencies. Nevertheless, because of Dogecoins’ age, and sizable following, many holders are still buying the dip, hoping for the currency to the moon in the next few years.
Dogecoin Casinos
Finding merchants online that accept Dogecoin is a hassle. Nevertheless, you’re able to use this digital currency in the real world at online casinos. Because of its low fee and rapid speed, Dogecoin is perfect for deposits and withdrawals.
In fact, compared to regular online casinos, Dogecoin casinos like Cloudbet offer exclusive games as well as huge bonuses on signing up when you gamble with Dogecoin. In addition, fairness is important to these platforms – in fact, you can find provable fair play tools to prove that the games are safe to play.
You’re even able to play live games using Dogecoin, provided by internationally renowned suppliers such as Evolution Gaming.
Dogecoin NFTs
The 2021 craze of Non-Fungible Tokens (NFTs) saw a new element within cryptocurrency come to the forefront. Dogecoin also joined in the hype with the founder selling Dream Doge NFTs for 0.6 ETH on OpenSea.
As Dogecoin is one of the most popular digital currencies, you can now purchase NFTs with the coin. But plans for an NFT blockchain on the Dogecoin main chain have still not been announced.
This means that Solana and Ethereum are still the main two protocols that power NFTs, but who knows? In years to come, Dogecoin may enter the space, especially if NFTs continue to grow in popularity.
Final Thoughts
Dogecoin is a unique cryptocurrency in that it’s a meme coin and was originally invented to poke fun at Bitcoin. However, since its invention in 2013, it has garnered a huge army of supporters mainly from social media sites such as Reddit and Twitter.
The meme coin is one of the most recognized cryptocurrencies in the world, and certainly one to keep an eye on for the next crypto bull run.