Insights

Spotlight – Dogecoin (Doge)

Dogecoin (DOGE) is a joke coin. The “doge” Internet meme that featured a Shiba Inu on its logo and usually accompanied by the words “Much Wow”. The coin was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia. The coin is a fork from Litecoin, and was created in December 2013. Dogecoin’s creators spoke of it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Doge perhaps got its biggest endorsement ever by Tesla CEO Elon Musk who jokingly posted several tweets on Twitter that Dogecoin was his favorite coin. The Billionaire also admitted on SNL a live television show that it was “a Hustle”. 

Full Quote: “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.” SNL cast member Michael Che retorted, “So, it’s a hustle?” Musk replied, “Yeah, it’s a hustle.”

Hustle or not the coin has made an impressive run from being worth far less than a penny to reach past 60 cents before the SNL “Hustle” burst the bubbles of all the meme coin collectors. The surprising thing is that the coin still holds a firm grasp above 20 cents and has a market cap of over 30 Billion dollars…. Making it a pretty lucrative joke.

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