You’ve seen the meme and probably heard of its unexpected ascent to fame. But what is Dogecoin used for and where did it come from?
When evaluating most cryptocurrencies and digital tokens, I’d take a deep dive into the infrastructure and technology behind the protocol, but that’s not applicable for Dogecoin given its lack of unique features. Since it’s based on bitcoin, in theory, DOGE would be classed as an alternative currency.
Despite being around since 2014, Dogecoin went pretty much unnoticed for the first six years of its existence. When Dogecoin launched, its price was $0.0002, which didn’t change significantly until 2021. In February 2021, the coin enjoyed what at the time seemed like a big jump up to $0.079.
We finally come to the million-dollar question: should you give the dogecoin project your money?
If you feel an illogical pull toward Dogecoin that you can’t shake, you’re not the only one. Some might say it’s just a joke. Still, DOGE gained traction by taking inspiration from a meme and using it to give a middle finger to the financial system and cryptocurrencies that take themselves too seriously.