What is Dogecoin, the cryptocurrency named after an internet meme?

Team Udayavani, Feb 9, 2021, 11:15 AM IST

Cryptocurrency Dogecoin was created by software engineers Billy Markus and Jackson Palmer to critique the cryptocurrency frenzy in 2013.

It was started as a joke but has gained a following since then. Its logo is inspired by a popular “doge” meme featuring Shiba Inu dog.

Dogecoin is called the “fun and friendly internet currency” by its creators. The token was created in 2013 as satire about the proliferation of dubious crypto coins at the time. Dogecoin holders often use the tokens to give each other small tips in online forums

It is said that the price of Dogecoin surged steeply after Reddit traders targeted it in an attempt to repeat the unprecedented share rises in heavily shorted companies like GameStop and AMC. Recently, Elon Musk made multiple tweets about Dogecoin leading to a surge in its price.

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