Billy Marcus, a former IBM engineer, and Jackson Palmer, a former Adobe Systems employee, created Dogecoin in 2013 based on the most popular meme of the time. It featured a Shiba Inu dog named Doge, which is the image of the cryptocurrency today. According to its creators, Dogecoins appeared as a joke for fans of these currencies. However, no one expected that in 8 years Dogecoin would become the 11 most important coin in the market.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF— Elon Musk (@elonmusk) February 7, 2021
How Did Dogecoin Appear On The Market?
The main reason for its popularity is that one of its biggest supporters in the world is Elon Musk. This famous South African businessman has contributed to Dogecoin's rise in prominence, as he has raised expectations through the investments he has made using Dogecoin as a form of payment.
Following Ilon Musk's actions, the value of this cryptocurrency has risen by more than 15,000% in just one year, which is truly incredible when compared to the growth of major stock market indices.
At the end of January 2021, the Reddit community decided to go into battle with investment funds by killing off GameStop's shares. Based on this fact and knowing that it is possible to increase the value of this company, they wanted to try their luck with the price of Dogecoin. Since then, its price has risen ridiculously. Other celebrities such as Snoop Dogg have also expressed their support. For this reason, it showed that the Dogecoin community is really strong.