Why Dogecoin Is Now Running With The Big Dogs Of Cryptocurrency
When people think of cryptocurrencies, they typically think of the big players like Ethereum or Bitcoin, both of which hit new heights this year. Besides these two major cryptos, there is a whole world of alternates out there that people have created, including a smaller meme-coin called Dogecoin. This coin was previously lower than a penny earlier this year and then shot up to $0.43 yesterday, so what exactly is going on here?
Dogecoin is a cryptocurrency created by engineers Jackson Palmer and Billy Markus back in 2013 as a fun poke at the other cryptocurrencies coming up at the time. The Doge mascot, according to KnowYourMeme, is "a slang term for 'dog' that is primarily associated with pictures of Shiba Inus (nicknamed "Shibe") and internal monologue captions on Tumblr." As the coin was generally regarded as a meme, it never really took off in any capacity until this year, with the incredible rise to $0.43 and a current market cap of $35.96 billion.
Whatever the case may be, Dogecoin fell from its high down to $0.28 today, which is still significantly higher than it was earlier this year. Maybe there will be a cryptocurrency rally in the coming weeks, but it is likely not worth getting into now. Memecoins are just gambling with extra steps, and someone may get burned.
