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Dog-Themed Cryptocurrency Dogecoin (DOGE) is 11 years old. Dogecoin was created on December 6, 2013 by software engineers Billy Markus and Jackson Palmer. What started as a joke 11 years ago has since become a major player in the crypto space, capturing the hearts of many with its fun and friendly approach.
On the occasion of its 11th anniversary, the crypto community, led by official Dogecoin X handletook to social media to share celebrations of the original meme piece.
A highlight of this year was the passing of Kabosu, the dog behind the “doge” meme, who died in May of this year. The Japanese Shiba Inu inspired a generation of online jokes and became the symbol of the cryptocurrency Dogecoin.
As the first parody coin celebrates its 11th anniversary, it remains one of the leading cryptocurrencies in terms of market valuation. Dogecoin is now the seventh largest cryptocurrency, with a market cap of $62.68 billion, according to CoinMarketCap.
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Dogecoin has been on the rise since September, boosted by bullish sentiment in the market that saw Bitcoin surpass the $100,000 mark; its rise in recent months has also been partly fueled by Elon Musk’s tweets about DOGE, which stands for Department of Governmental Efficiency.
Dogecoin closed November higher, up 161%; in the last 24 hours, it fell by 4.61% to $0.426. However, it remains 3% higher each week. Dogecoin reached a three-year high of $0.48 in late November before declining slightly.
What’s next for Dogecoin’s development?
The Dogecoin Foundation is a non-profit organization that builds open source projects for the Dogecoin ecosystem, and its goal since 2021 is to increase the adoption of Dogecoin as a useful currency for everyday payments, as well as to study the ways to make Dogecoin more efficient. more scalable and efficient as a global medium of exchange for all humanity.
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By 2025, the Dogecoin Foundation hopes to continue its open source work through the new decentralized infrastructure system Dogebox, which is the culmination of the development of many projects and the vehicle it envisions to onboard the first million local retailers to accept Dogecoin as a direct payment layer.
Dogebox will allow small businesses to self-host and manage their own online stores, as well as create integrations with existing systems.