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Initially known as cryptocurrency’s resident ‘meme coin’, Dogecoin has become one of the most valuable cryptocurrencies in the world. It was designed by Jackson Palmer and Billy Markus to be as ridiculous as possible but it has turned into a valuable project.
When you look at the market value of Dogecoin, you might be surprised that its market capitalization is worth around $19,521,421,411 as of mid-February 2022. That kind of value is comparable to the top dogs of the crypto market with the likes of Bitcoin and Ethereum.
It was jarring to see that Dogecoin was only done as a joke between Palmer and Markus. Just a month after it was launched, Dogecoin’s website managed to amass a significant following. That is an amazing development from just an internet joke but it is a serious asset now. When you read news about cryptos, Dogecoin is discussed in a similar vein as Bitcoin and Ethereum.
With that, let’s talk about how Dogecoin became popular in recent years.
Dogecoin has a caring community
Cryptocurrencies have been driven by the community from an early point. With Dogecoin, you can expect that there are dedicated people who are willing to help the people in the community. Going back to that first month of Dogecoin, you can see that people were excited to support this project.
Back in 2014, the Dogecoin community managed to raise around $30,000 in just a few hours to help send the Jamaican bobsled team to Sochi, Russia to compete in the Winter Olympics. That was a huge deal because it showed that the coin community is legitimately filled with good people.
In the past few years, Dogecoin’s community has continued to grow and more people are becoming involved with the community projects. That is huge for the community because Dogecoin has a gleaming reputation with the people that are involved in it and the projects that are being boosted by big names.
Celebrities boosted Dogecoin’s value
Dogecoin was already popular in its first few years but it reached another level when big-name people started to publicly show their support. People like Elon Musk, Snoop Dogg, Gene Simmons, Lil Yachty, and many more showed their love and support for Dogecoin.
Of course, Musk is the most notable supporter of cryptocurrency as he managed to boost the asset’s value almost overnight. That is huge for the crypto market because people have looked for other top-tier assets to catch up to the likes of Bitcoin and Ethereum.
Do not underestimate the power of celebrities and their influence because if you look at the times when celebs showed support for Dogecoin, the value went up with Musk’s tweets.
Dogecoin became an endearing asset
When you look at the origins of Dogecoin, you can see that the developers didn’t take themselves seriously. That was endearing to a lot of people which made the asset so appealing because they know that this is a wholesome cryptocurrency but it turned into a massive deal.
Organic growth is hard to do in the modern world but coin managed to do so. Hopefully, it can continue on that path because most people would love to see them pop up in news about cryptos more.
