Is Dogecoin Still a Joke?
The meme coin created in 2013 has been growing rapidly since 2021 and is now considered a top altcoin. The cryptocurrency has seen phenomenal growth and increasing popularity among crypto fans and other investors.
Dogecoin‘s blockchain qualifies it as a crypto coin, just like Bitcoin. However, this coin was created as a parody made even funnier by using the Shiba Inu dog as its mascot. This story gradually changed, and today you can easily invest in Dogecoin with no commission. So what changed about Dogecoin?
The richest man in the universe, Tesla CEO and SpaceX boss, Elon Musk, hailed peer-to-peer transactions as the future of payments. However, he didn’t endorse Dogecoin in the video. He used it as an example and hinted that it could be among the winning cryptos of the future.
The tech billionaire, regarded as an inventions pioneer and influencer, followed his words with several tweets about Dogecoin. Musk went even as far as to get a Shiba Inu puppy he named Floki as a pet. Owing to Musk’s standing, many crypto investors took his words seriously and now Dogecoin is traded more frequently.
It’s a Culture Coin
Memes are very effective at passing along messages. So who knew they could influence markets too? Well, the joke with Dogecoin went too far. People bought it as part of a trend. Experts believe most buyers didn’t buy it as an altcoin but rather to participate in the culture. They point at how it’s rarely used in transactions as proof that people just like having it.
There Are Infinite Dogecoins
Most cryptocurrencies, including major coins such as Bitcoin and Ethereum, have supply caps. This determines the number of such coins that can be in existence. Bitcoin, which has the most significant supply cap, shall only have 21 million BTC coins.
However, Dogecoin has no supply cap yet, so there can be as many coins as the market demands. Some have viewed Dogecoin as a pump and dump scheme because of this. It remains unclear whether the creators will set a supply cap for Dogecoin; today, the DOGE is infinite.
Regardless of its infinite concerns, people seem to enjoy owning the meme coin, and its market valuation keeps on rising.