BIC’s Crypto Video News Show: All About Dogecoin

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In Brief
  • Although launched as a joke in 2013, recent months have seen Dogecoin’s (DOGE) price swell 2000%.

  • This rise is likely due to several high profile endorsements, most notably from Elon Musk.

  • Apart from the celebrity endorsements, DOGE has earned its reputation as ‘coin of the people,’ through several philanthropic efforts.

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In this episode of the BeInCrypto video news show, host Jessica Walker talks all about Dogecoin (DOGE)! Where DOGE started, how far it’s come, some celebrity endorsements it’s picked up along the way, and how it has earned its reputation as the ‘people’s cryptocurrency.’ 

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What is Dogecoin?

Launched in 2013, DOGE got its name from the popular “doge” meme, which featured an image of a Shiba Inu speaking in deliberate broken English.

Source: KnowYourMeme

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DOGE was co-founded by software engineers Billy Markus and Jackson Palmer, admittedly as a joke. However, inspired by Bitcoin, the founders hoped to create a P2P currency that could reach a broader demographic.

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At the end of December 2020, Dogecoin was trading for a mere $0.004. Only a month later, each token was trading for around $0.08. That represents a nearly 2,000% appreciation! It is now trading around $0.05, but its days of sub-penny-pricing seem to be over.

Dogecoin’s buying pressure has become too big to ignore, with daily trading volumes routinely peaking above $10 billion as well.

Doge’s Celebrity Endorsements

Apart from his company Tesla buying $1.5 billion in Bitcoin, which also increased interest in cryptocurrencies, overall, Elon Musk has been developing an ambiguous relationship with Dogecoin through a series of tweets. Many see these tweets as responsible for the astronomical demand DOGE has seen since December.

Likely influenced by the billionaire, other celebrities have gotten in on DOGE. On Jan. 31, rockstar Gene Simmons of the band KISS announced that he would be investing in cryptocurrencies, including DOGE. Following this purchase, he began referring to himself as “God of Dogecoin.”

On Feb. 4, tech entrepreneur Mark Cuban said that he would pick DOGE over a lottery ticket in a tweet. On Feb. 7, rapper Snoop Dogg tweeting a picture of “Snoop Doge” while tagging Musk. It’s likely this tweet sent DOGE to its all-time high of $0.08.

Fundraising Activities

Despite all the celebrity endorsements, DOGE already actually has rather good PR. The community of DOGE hodlers has raised money for a variety of causes over the past few years. 

For example, in 2014, a Reddit user successfully convinced the DOGE community to sponsor a NASCAR race car. Additionally, the DOGE community organized a fundraiser to provide service dogs to special needs children in September 2015. The Dogecoin Foundation also raised $50,000 to build two wells in Kenya, when the African country was suffering from a severe drought and multi-year water crisis.

Thanks to its highly approachable premise and philanthropic efforts, DOGE has grown in popularity as a people’s cryptocurrency. These efforts are largely in line with what co-founder Billy Markus saw as the coin’s ultimate purpose. 

“Joy, kindness, learning, giving, empathy, fun, community, inspiration, creativity, generosity, silliness, absurdity. These types of things are what make dogecoin worthwhile to me. If the community embodies these things, that’s True Value,” Markus said.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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