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04/02 17:45
DogeCoin History
Billy Markus and Jackson Palmer, the founders of Dogecoin, believed that the cryptocurrency industry was taking itself too seriously. They felt that crypto at large was nothing more than magic internet money with no tangible value. Ultimately, the world’s first meme coin was created for a laugh, which seems quite fitting.
Of course, nothing travels faster than viral trends online. Within a month, the Dogecoin website was overwhelmed with excited visitors, all itching to get their hands on DOGE. In Q1 2014, DOGE price hit a high of $0.0018 before winding down for an extended crypto winter.
During this time, emotional DOGE investors blamed Markus and Palmer for their losses. Sustained online harassment, including death threats, pushed the founders to step away from the project.
To fill the void, the Dogecoin community rallied and created the Dogecoin Foundation, a leadership group determined to continue the growth and development of the Dogecoin ecosystem.
In January 2018, DOGE exploded to new all-time highs. Dogecoin Price briefly hit $0.017, attracting over $235M U.S. trading volume on crypto exchanges over 24 hours. True to crypto market volatility, DOGE price suffered a brutal collapse, decreasing by over 80% in just a few months.
This pales in significance to the astronomical DOGE price surge witnessed in 2021 when cryptocurrency mania swept the mainstream media. Dogecoin blew its previous all-time highs out of the water, eventually trading at $0.73 in May 2021.
In recent years, there have been rumors and speculation that Dogecoin would follow Ethereum and transition to a Proof-of-Stake consensus mechanism. However, this theory has been debunked by Michi Lumin, the Dogecoin Foundation’s lead developer.
Lumin took to Twitter to remind the Dogecoin community that replicating The Merge simply cannot work for a blockchain like Dogecoin.
#Bonus for posting:The establishment of HKVAC#Trading Volume Hits New Low Since November 2020
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