March 27, 2024
Dogecoin Surges 10% on Its Tenth Anniversary Amidst Whales' Increased Activity
Altcoins News

Dogecoin Surges 10% on Its Tenth Anniversary Amidst Whales’ Increased Activity

Dogecoin (DOGE) has experienced a growth of more than 10% in the last 24 hours, coinciding with its tenth anniversary. The popular meme coin, recognized by its iconic Shiba-Inu logo, is currently trading at $0.09909, as reported by CoinMarketCap.

The recent surge in Dogecoin’s value has not only brought joy to its holders but has also drawn attention to the heightened activity of whale transactions. Over the past week, transactions involving large-wallet investors with holdings exceeding $100,000 have increased, contributing to the rise in DOGE’s price.

Dogecoin’s Origin: A Fun and Accessible Creation

Created by software engineers Billy Markus and Jackson Palmer in late 2013, Dogecoin originated from an online conversation during the cryptocurrency boom. Inspired by the popular “Doge” internet meme featuring a Shiba Inu dog, Markus and Palmer aimed to develop a cryptocurrency that would be entertaining and accessible to a broader audience.

Markus, a programmer from Portland, Oregon, took the lead in developing Dogecoin’s technical aspects. Using the existing codebase of Luckycoin, a fork of the well-established cryptocurrency Litecoin, Markus modified the code and incorporated the Doge meme theme to create the initial version of Dogecoin.

On December 6, 2013, Dogecoin was officially launched to the public, coinciding with the peak of the cryptocurrency frenzy. The friendly and welcoming nature of the Dogecoin community, coupled with philanthropic endeavors, quickly garnered a dedicated following.

Dogecoin’s Unique Purpose

In contrast to many cryptocurrencies, Dogecoin was not designed as a serious investment or a competitor to Bitcoin. Instead, its creators aimed to establish a digital currency that would bring joy and laughter to users while upholding the core principles of decentralization and blockchain technology.

Elon Musk’s Influence on Dogecoin

Elon Musk has emerged as a prominent figure in the cryptocurrency world, particularly concerning meme coins. His tweets and public statements wield significant influence over the market, often causing dramatic price fluctuations and capturing the attention of crypto enthusiasts worldwide.

Musk’s connection to meme coins traces back to his fondness for Dogecoin. He has endorsed Dogecoin in numerous tweets, consistently sparking excitement and speculation among traders. Musk’s support has even led to the creation of other meme coins inspired by his persona. Notably, the billionaire faces a $258 billion lawsuit filed by Keith Johnson in New York, accusing Musk and his companies, Tesla and SpaceX, of running a “pyramid scheme” to inflate the value of the meme coin through his tweets.

Image by Freepik

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