Many people associate the growth of the Dogecoin cryptocurrency with a successful hype, but this coin has its own ideas, values andsubculture, which makes it a truly unique element in the digital world.
Story
Jackson Palmer and Billy Marcus set up a project inas a joke: the cryptocurrency was called Dogecoin, and a meme depicting a dog of the Shiba Inu breed has become a popular visual image in Japan. The developers limited the release of 100 billion coins, and the mining reward was paid at random so that the project was not taken seriously.
This should have scared off investors andenthusiasts from any hopes for the growth of the Dogecoin rate. However, just a month after the launch, the project's website was visited a million times, and in 2014, it was necessary to abandon the random distribution of mining rewards in order to keep the network operational due to the exponential growth of users.
Idea
Dogecoin was launched on December 06, 2013.The project, with its immediacy, aroused positive emotions, and the price of the coin in fractions of a cent made it available for purchase and mining by everyone. The R / Dogecoin channel on the social network Reddit gained 20 thousand subscribers in a few weeks, and the price of the coin increased by 300% to $ 0.002.
But the real popularity of the coin came whenthe community came together for charity. This happened spontaneously - the first impetus for the unification was a hacker attack on December 25, 2013. The hackers stole about 11 million coins, which was worth $12,000 at the time. R/Dogecoin users decided to chip in and compensate the victims of the attack. The campaign was called SaveDogmas, within which 15 million dogecoin were collected.
This became the starting point for the subsequent seriescharitable events. Thus, in 2014, the Sibees (from Shiba Inu) raised $30,000 for the Jamaican bobsled team and $7,500 for the Indian luger Shiv Keshavan to send them to the Sochi Olympics. These stories were picked up by leading foreign media, and the whole world learned about Dogecoin. By mid-January, the volume of daily transactions on the Dogecoin network even briefly surpassed Bitcoin and other cryptocurrencies.
Scale and support
In 2014, the Seabees helped not only the Olympicathletes: $50,000 raised to build aquatic facilities in Kenya, $30,000 to provide service dogs for children with disabilities, $55,000 to NASCAR's Josh Wise to race.
Widespread community charity campaignhas caused a response in the hearts of celebrities. Snoop Dogg, Carol Baskin, Kai Greene, Gene Simmons and many others reported their appreciation. Since September 2018, Elon Musk has expressed sympathy for the project more than once, each time bringing the cryptocurrency rate to new heights. He even noted that Dogecoin could one day become the official currency of Mars.
Total
Dogecoin is no longer just a cryptocurrency, buta brand with inherent positive characteristics. This is one of the few projects that does not pursue capitalization growth as a priority goal. It is this quality that makes Elon Musk stand out in him, and it is this circumstance that makes Dogecoin so popular.
Prepared by StormGain Research Team using materials from coindesk.com
