According to Alex Dovbnya
Dogecoin, an alternative to Bitcoin that was created as a joke and intended ironically, has become more popular recently.
According to data provided by Whale Alert, a dormant Dogecoin (DOGE) address containing 2,043,137 DOGE tokens ($186K)—which had been inactive for 9.1 years—was recently reactivated.
After being inactive for a decade, the owner of the address—which had made $1.5 million at Bitcoin’s price peak by investing only $800 — saw their account recently reactivated. The activation has drawn attention from users, with one noting that it makes them feel jealous to think they could have been rich if they’d been around in 2009 like our mystery investor was!
In response to a Financial Times report about Twitter CEO Elon Musk introducing a payment system for the popular social media platform that might include DOGE in the future.
Dogecoin has had a bumpy ride since its release in 2013. It was created by engineers Billy Markus and Jackson Palmer as a joke; the coin’s name is based on the popular meme of an image of a Shiba Inu dog, which itself refers to “doge”—a term for dogs whose owners have added their own tags or words
The two men had never met when they released the cryptocurrency, which immediately took off. In its first month alone, over a million unique visitors visited Dogecoin’s website.
The currency, derived from open-source software project Litecoin, became popular for “tipping” on the internet, rewarding users for “good deeds.” It then started attracting attention from mainstream media publications such as The Guardian. Dogecoin then became the second-most-tipped currency and generated a market value of $8 million at the time.
In spite of its initial success, Dogecoin’s relevance waned. This all changed in 2021 when the cryptocurrency experienced a resurgence in popularity because of excessive attention from major celebrities such as Elon Musk and Snoop Dogg.
However, its longevity remains to be seen—dubbed “Dogecoin” by Jackson Palmer in 2013 as a joke based on the name of an Internet meme.
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