Dogecoin was not a meme token earlier than we know it to be at present. Dogecoin was previously a sponsor of NASCAR drivers.
DOGE has recently shot up to fame after Elon Musk started showing massive interest and it started getting recognized as the favorite cryptocurrency of the Tesla owner. Although it is known as a meme token, its price has lately risen steeply since the beginning of the year 2021.
The Journey Of Dogecoin
Dogecoin is represented with a dog of Shibu Inu that has a few horrific stories behind it. On the other hand, the people who are purchasing the token do not have any idea regarding the earlier days and journey of this cryptocurrency. They are buying DOGE primarily due to the reason that Elon Musk, SpaceX and Tesla CEO, has been investing in this crypto.
DOGE was launched by Jackson Palmer and Billy Markus in 2013 December. Their protocol followed the Litecoin and Luckycoin working algorithm that basically used the technology of Scrypt.
After the announcement of Dogewallet, their website was compromised leading to the allocation of user funds to the address of the hacker. DOGE was able to reimburse funds worth $12,000 with the donation from Ben Doerberg, Board Member of Dogecoin Foundation.
Later a DOGEtipbot service was launched that allowed automatic tipping by DOGE to Twitch, Twitter, and Reddit. However, the entire stash cashed out in 2015 and resulted in their 2017 May bankruptcy.
This crypto was also involved in a 600% sudden spike in 2014 that was coordinated by whales and the sponsorship of the Jamaican team. SatoshiBets activity had also led to a sudden 980% surge in 2021.
Alex Green of Moolah organized the campaign for a driver sponsorship of NASCAR that helped build the online community of DOGE.