Started as a joke in 2013, the cryptocurrency Dogecoin DOGE/USD remains one of the most valuable and talked about cryptocurrencies today. Crypto and other industry coins soared after Donald Trump won the 2024 presidential election, paving the way for a a more crypto-friendly administration.
Here’s a look at the history of Dogecoin and how lucky investors who bought back in 2013 would be today.
What happened: Dogecoin was created in 2013 by Jackson Palmer And Billy Markus. The play was intended to be a satirical piece to make fun of Bitcoin BTC/USDbut over time he gained 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.
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.
One of the biggest public supporters of Dogecoin over the years has been Tesla CEO Elon Musk. A Twitter post from 2019 who elected Musk as the fictional CEO of Dogecoin saw the billionaire declaring “Dogecoin might be my favorite cryptocurrency.”
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
In 2021, Dogecoin reached all-time highs, a move that may have been helped by an appearance by Musk on “Saturday Night Live.”
Nowadays, Musk may have helped drive up the price of Dogecoin with his appointment to head the Department of Government Efficiency, or DOGE for short, under Trump.
Over the years, another strong supporter of Dogecoin has been the billionaire and NBA team owner. Mark Cuban. The billionaire revealed that he possessed of Dogecoin and the Dallas Mavericks have accepted the cryptocurrency for merchandise and tickets in the past.
Retailers and websites have started accepting Dogecoin as a payment method thanks to its popularity. Cryptocurrency exchanges such as Coinbase And eToro added Dogecoin to its platform due to customer demand.
Although Dogecoin is not trading near its all-time highs set in 2021, many early investors are still enjoying strong returns.
Read also: Here’s how much $100 in Dogecoin could be worth today if DOGE hits new all-time highs
Investing $100 in Dogecoin: On December 15, 2013, Dogecoin began trading, according to data from Coinmarketcap.
A look at the chart on Coinmarketcap shows a price of $0.0002993 for Dogecoin on December 15, 2013.
A $100 investment could have purchased 334,112.93 DOGE at the time.
The investment would be worth $119,545.06 today, based on a price of $0.3578 for Dogecoin at the time of writing.
Dogecoin reached an all-time high of $0.7376 in May 2021. The hypothetical investment of $100 would have been worth $246,441.70 at that time.
“Much Wow” indeed!
And then: Not all cryptocurrency investments will increase in value, and the hypothetical investment has likely been made by few, if any.
A Trump victory sent cryptocurrency prices soaring, with Bitcoin achieving several unprecedented peaks throughout the current trading week.
Dogecoin hit a one-month and one-year high in the last 24 hours with a price of $0.4359. The cryptocurrency has traded between $0.07028 and $0.4359 over the past year. The cryptocurrency has failed to return to its all-time high in recent years, with the current rally being the closest since then.
Optimism towards the Trump administration and Musk’s role for DOGE could continue to put Dogecoin in the spotlight.
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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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