Started as a joke in 2013, cryptocurrency meme Dogecoin DOGE/USD is now one of the most valuable cryptos and is enjoying a strong 2024 thanks to rising sector valuations after the 2024 presidential election.
Like Dogecoin celebrates its 11th birthdayth birthday on December 6, here’s a look back at how the coin was created and how much investors could have made following one of the key events in crypto history.
What happened: Dogecoin was created in 2013 by Jackson Palmer And Billy Markus. The room was supposed to be satirical, mocking Bitcoin BTC/USDbut with time, received the support of a loyal community.
Palmer purchased dogecoin.com and connected with Markus, who had previous experience with altcoins, including creating a coin based on the Bells currency in the video game Animal Crossing. The duo created the piece in just a few hours, with Markus previously saying that much of the development time was spent changing the piece’s font to Comic Sans.
The cryptocurrency was based on the iconic Doge meme which features Kabosu, a Shiba Inu dog.
A profile for Dogecoin was created on Bitcointalk.org on December 6, 2013. A subreddit for Dogecoin (r/Dogecoin) was created on December 8, 2013. The coin opened for trading on December 15, 2013.
“Today is the 11th of dogecointh birthday. It’s extremely surreal that a stupid thing I did in a matter of hours has had the impact it has on the world. It’s a good reminder that everyone has the potential to make a huge impact through their actions, no matter how big or small,” Markus tweeted on Friday December 6, 2024.
One of the first uses of the coin was as a tipping bot on Reddit.
Dogecoin price rose from around $0.0002 to $0.002 in two weeks, marking a significant return for early investors.
The coin saw a rise in 2017 alongside other altcoins before dropping its price in late 2018. In 2021, Dogecoin saw one of its biggest runs, rising from less than 1 cent to an all-time high of $0.7376.
Read also: Here’s how much $100 in Dogecoin could be worth today if DOGE hits new all-time highs
Musk tweets: Before and after Dogecoin’s rise in popularity in 2021, the cryptocurrency has always garnered the support of the billionaire. Elon Musk. His tweets have often fueled significant volatility in the value of the same coin.
On April 2, 2019, Musk responded to a tweet saying “Dogecoin might be my favorite cryptocurrency.”
“It’s pretty cool,” Musk said of winning the fictional title of CEO of Dogecoin in a Twitter poll with 49% of the vote.
Musk fought Ethereum ETH/USD co-founder Vitalik Buterinwho obtained 9% of the votes, Litecoin LTC/USD Creator Charlie Lee, which got 8% of the votes and a payment processing platform Metal founder Marshal Hayner, who obtained 33% of the votes.
Another important moment for Dogecoin’s entry point occurred on July 17, 2020, marked by Musk’s tweet about the digital currency.
On that fateful day, Musk shared a meme of Dogecoin passing through the global financial system saying, “It’s inevitable.”
Since then, Musk has tweeted about Dogecoin several times, and several of his companies have even accepted the cryptocurrency as payment. that of musk acquisition of a social media platform Twitter, now known as
Iinvest $100 in DOGE: Dogecoin was trading at $0.002552 on April 2, 2019, around the time of Musk’s first tweet mentioning Dogecoin. If you had purchased $100 in Dogecoin at that time, you would have 39,185 DOGE today. The value of the $100 investment would now be $17,010.21 based on a current Dogecoin price of $0.4341 at the time of writing. This represents a hypothetical return of 16,910.2%
Dogecoin was trading at $0.003084 on July 17, 2020, its highest price. An investment of $100 that day could have purchased 32,425 DOGE. The value of the $100 investment would have increased to $14,943.89 today. This represents a hypothetical return of 14,843.9%
Dogecoin reached an all-time high of $0.07376 in May 2021. At its peak, these $100 investments in Dogecoin based on Musk’s tweets would have been worth $28,902.86 and $23,916.68, respectively.
The ability for increase the price of Dogecoin.
Dogecoin hit a new one-year high of $0.4775 in November and is up over 370% year-to-date in 2024.
Dogecoin investors from Musk’s tweets or earlier this year will likely say “wow a lot.”
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This article was previously published by Benzinga and has been updated.
Image created using artificial intelligence via Midjourney.
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