Since the beginning of this year, Bitcoin has exceeded $60,000, which has shocked many people to drop their jaws, but the hottest digital currency this year is not Bitcoin, but a copycat Bitcoin, which is regarded as a joke by the cryptocurrency circle!
Since the beginning of this year, THE DOGE coin has risen 200 times, soaring even more than 800% during the day, and the market value once exceeded $120 billion, which is jaw-dropping.
Of course, the doge coin soared, inseparable from the Martian Musk's crazy cargo. Since the beginning of this year, Musk has continued to bring goods for DOGE coins in addition to bitcoin platforms on Twitter. On April Fool's Day 2019, the official account of DOGE coin launched a vote on Twitter to select the CEO of DOGE coin, and Musk was elected with a high vote. Subsequently, Musk tweeted that DOGE coin is his favorite digital currency, and had modified his Twitter account information to "former CEO of DOGE coin". In this way, Musk became the spokesperson for DOGE coins.
In early February, the retail investors of the WSB community who became famous in the bloodbath of Wall Street stumbled upon Musk's previous favorite DOGE posts and shared them. Many people believe that DOGE will be the next GME and Bitcoin, the price will reach $1, and will disrupt the crypto market. So they began to attack Dogecoin en masse.
As the image spokesperson of DOGE coin, Musk also tweeted that he "no thanks", and forwarded a spoof picture made by netizens: Musk incarnated as the baboon elder in the movie Lion King, holding up the "DOGE coin" high.
Someone replied that Musk was not drinking too much and how he was so excited. Musk replied seriously on Twitter: "We don't need to be billionaires to own DOGE coins, DOGE coins are the people's digital currency." I didn't drink much, I wasn't depressed, and I only had DOGE coins in my heart. ”
Although the DOGE coin rose considerably on this day, Musk did not seem to be very satisfied, he sent a picture of the launch of the rocket, with the text saying: Next time, let's directly pull up!
Doge coin was born in December 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Marcus. The original intention of these two people to launch Dogecoin is to mock digital currencies such as Bitcoin. Marcus named his tweet shibetoshi Nakaoto to satirize Bitcoin founder Satoshi Nakamoto. Palmer bought Dogecion's official website to benchmark Bitcoin's bitcoin, specifically to mock digital currencies.
In 2013, when the price of bitcoin rose rapidly, both of them were very unaccustomed to these speculative leeks, Palmer contacted Marcus, Marcus spent less than 3 hours to create "DOGE coin" to tease these leeks.
This "DOGE coin" used to trick cryptocurrency players is a complete altcoin, the consensus mechanism uses Bitcoin's PoW, and the encryption algorithm does not use the SHA256 used by Bitcoin, but uses the same Scrypt algorithm as Litecoin.
In addition, unlike Bitcoin and Litecoin, doge coins have no upper limit on the issuance of coins, with an average block per minute. The block reward is initially 1 million per block, the reward is halved per 100,000 blocks, and the block reward is constant at 10,000 from the 600,000th block and no longer changes.
DOGE coin uses a Shiba Inu as an image logo, which is respected by netizens in the coin circle and begins to soar after listing. In just two weeks, DOGE became the seventh largest virtual currency in the world at the time. This is something that the two founders could not have imagined. Palmer lianhu could not understand, said: the valuation of doge coins is the result of market mania, inexperienced investors impulsively buy low-priced assets, hoping that these products can also follow the soaring trajectory of bitcoin, but this is not right, the digital currency bubble will eventually burst, will make many investors ruined.
Palmer
I wanted to play tricks on it, but I didn't expect to hurt myself in turn. Palmer then emptied his social accounts and disappeared into the online world.
After Marcus played a trick, in 2015 he emptied all the Dogecoin, made a little money, and replaced it with a second-hand Honda.
However, the cute and cool DOGE coin, in addition to being loved by netizens, has also been recognized by big names including Elon Musk, Snoop Dogg and rock singer Gene Simmons, and the DOGE coin community naturally uses Musk as an image spokesperson.
After the big rally in February, doge coin has completely shed the image of altcoins and become the star of digital currencies. However, many experts and analysts generally believe that the surge of DOGE coins is speculative, and the bubble will eventually burst after the madness, which is not suitable for long-term holding. Novogratz, founder of cryptocurrency investment firm Galaxy Digital, said that Dogecoin "really has no use" and believes that a crypto "bubble" exists in the token, not Bitcoin.
Since April, THE DOGE coin has ushered in another round of wild rise, reaching $0.47, which is getting closer and closer to the goal of $1. And more and more businesses are starting to accept Dogecoin.
The NBA Dallas Mavericks were one of the first institutions to accept payments in DOGE coins. They found that the number of customers who used DOGE coins to buy team merchandise had increased, and sales had reached about 122,000 DOGEs. Dallas Mavericks owner and billionaire Mark Cuban said he would hold DOGE coins on his balance sheet permanently and bought a small amount of DOGE coins for his son in February.
Aker, the world's largest rare wine auction house, announced that it will accept cryptocurrency payments, which include cryptocurrency payments including Bitcoin, Ethereum and DOGEcoin. The auction house also accepts certain stablecoins, including PAX, Gemini Dollar, and BUSD.
A nightclub in the U.S. city of Miami called E11even will accept bitcoin and other cryptocurrencies as a form of payment more than a year after it was shut down due to the pandemic. According to the official statement, the list of supported cryptocurrencies will include Bitcoin, BCH, XRP, and DOGE coins. Dennis DeGori, creator and CEO of E11even, said: "As cryptocurrencies grow and their importance, and with Miami Mayor Francis Suarez leading the technology boom in Miami, we feel it makes sense to introduce cryptocurrencies as an option for guests to spend out at night. We believe cryptocurrencies will always be there. ”
Software retail giant Newegg recently tweeted that it is considering accepting DOGEcoin as a payment option.
Dogecoin's proponents are clearly more ambitious, issuing a petition titled "Doge4Amazon – Accept DOGEcoin as a Payment Method," calling on Amazon to use DOGEcoin as a payment method, claiming that Amazon's failure to offer DOGEcoin "is alienating many people who don't have traditional bank accounts." More than 140,000 people have signed the petition.
As the world's largest cross-border e-commerce company, the use of cryptocurrencies as a payment method is obviously conducive to expanding the share of transactions. Therefore, Amazon's latest reply said that it is considering Dogecoin as a payment method.
When Tesla announced its acceptance of Bitcoin as a payment method, Musk also had this expectation for DOGEcoin. On a show in February, Musk said:
Sometimes I'm just kidding DOGE, like THE DOGE coin was originally created to make fun of digital currencies. However, fate sometimes jokes with people. Maybe one day, Dogecoin will become the world's most popular currency.
Although he also takes DOGE coins as a joke, Musk's attitude towards digital currencies is serious. He has said more than once that a real DOGE coin will be placed on the moon. As a Martian, Musk thinks beyond the earth, in addition to electric vehicles, SpaceX, Starlink these projects aimed at Martian colonization, he is also trying to build a future Mars payment system, digital currency is undoubtedly the best choice.
As a large commercial organization, we all want to have our own decentralized payment system, so whether it is Amazon, Musk or Facebook, they all have this impulse. It's just that decentralized digital currencies are a big shock to fiat currencies, so business institutions will face unprecedented resistance if they want to launch them. Facebook's Libra coin is an example, it's been several years and hasn't been launched yet.
Musk is much smarter than Zuckerberg. He thought that if you get your own digital currency at the beginning, you will definitely face the same dilemma as Facebook, it is better to promote the normalization of the existing private digital currency, and it is natural to launch your own digital currency when the time is ripe.
Whether DOGE coin can become an "approved cryptocurrency" will take time to test. After all, this copycat digital currency lacks technical support and maintenance, and is not yet an ideal cryptocurrency that can be widely used in circulation.
However, since 2020, our world is changing paradigms, history is rapidly evolving, and bitcoin, which once dominated, has now fallen to less than half of the cryptocurrency market. The era of decentralization has come into this world (outside of China), and any black swan is possible, will you still joke like Marcus and Palmer?
The injured Palmer is no longer out of the mountains, and Marcus recently wrote a letter to doge fans, saying:
As a founder, I hope that DOGEcoin and the community can be a powerful force. I'm not saying that only donating to charity or helping others directly is the only thing that is valuable, doing anything else interesting is also valuable.
The legal value of doge coins is the price that anyone is willing to pay for at any time, but the intrinsic value I can never define. When I talk about value, I'm talking about "true value," the "positive energy" that DOGE brings to the world.