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The Rise & Fall Of Dogecoin

A quick justification of Dogecoin

Dogecoin promotional image.

Have you ever wondered about that Crypto called Dogecoin? Dogecoin was, in fact, a joke on the internet. Some people would put some money into Dogecoin just as a joke. Nobody knew that some people would be millionaires from the value in Dogecoin growing. As more people invested in Dogecoin, the share value of Dogecoin skyrocketed.

Dogecoin began in 2013, created by software engineers Billy Markus and Jackson Palmer. Dogecoin has the face of the Shiba Inu dog from the “Doge” meme as the logo & the namesake.

On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours, rising from US$0.00026 to $0.00095. This jump occurred when bitcoin and many other cryptocurrencies felt the effects of China’s decision to forbid Chinese banks from investing in the bitcoin economy. Three days later, Dogecoin experienced its first significant crash by dropping by 80% due to this decision and to large mining pools exploiting the tiny amount of computing power required at the time to mine Dogecoin.

With the assistance of Reddit, the site became popular rapidly. Within two weeks, Dogecoin had established a dedicated blog and forum. Its market value has been close to $8 million, once again the seventh-largest electronic currency globally. People made a literal fortune off Dogecoin. For something so great for the stock market, it didn’t last long.

Unfortunately, some people lost interest in Dogecoin. People sold their shares. The more this happened, the lower the value went. Today, 2/1/2022, 1:38PM, 1 Dogecoin is $0.14. That is such a small price. It’s almost unbelievable. Bitcoin’s current value is $38,843.20. Bitcoin is still holding lots of value in the crypto market.

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