One of the popular cryptocurrency names in the market is Dogecoin. It is one of the altcoins preferred by certain quarters over the more established Bitcoin.
How far has Dogecoin come?
What started out and being introduced as a ‘joke currency’ back in December 2013 grown into a serious digital currency only 2 months later with a capitalization of US$60 million. This has since grown to breach the US$1 billion mark only 4 years later.
Background of Dogecoin
Dogecoin is identified through its logo which is somewhat inspired by the Shiba Inu dog. The founder of Dogecoin is Billy Markus, an American programmer whose intention was to create an alternative to Bitcoin which is fun and that could cater to a larger demographic group. This was then further developed by an Australian-ased Adobe Systems member, Jackson Palmer through a Twitter post.
As such, a lot of Dogecoin’s success is said to be attributed by Twitter, the micro-blogging social network. After having several mentions on the site, Palmer created the site dogecoin.com which was then picked up by Markus who then reached out to Palmer before setting out to create the currency.
Dogecoin was developed based on Luckycoin which uses randomized reward for miners before it became a static block reward later. Luckycoin is a concept which is similar with Litecoin while Dogecoin was launched in December 2013 with an initial plan to create 100 billion Dogecoins. This has however changed to become infinite.
Barely a week after it went live, the value of Dogecoin jumped about 300% and with volumes breaching the billion mark being traded in a single day. As quick as it could surge, it experienced its first drop a few days later when it crashed by about 80%. In many case, Dogecoin’s performance was influenced by market forces. Its price surged after the China government banned its banks from investing its Yuan into cryptocurrencies. Meanwhile, there was an instance when Dogecoin was specially mentioned by the Reserve Bank of India as a caution to its users and its risks.
Later on, there was even attempts to steal Dogecoin during a hacking exercise inflicted on Dogewallet. By 2014 January, Dogecoin’s trading volume has overtaken Bitcoin and all the other altcoins. A year later, the market capitalization of Dogecoin was at US$13.5 million. There was 100 billion coins circulated around 2015 and each year saw an increase of over 5 billion coins. It has already reached its 100 billionth coin ever since.
To buy Dogecoin in Malaysia, you can do so via the standard methods through banks but you can mostly do so online via C-Cex which is quite a popular platform for cryptocurrency trading.