Jakarta, CNBC Indonesia – Dogecoin is currently the hottest and most unique cryptocurrency. The total value of Dogecoin in circulation is nearly US $ 50 billion or IDR 726 trillion (assuming IDR 14,500 / US $), becoming the number five most valuable digital currency and has increased by more than 6,000% this year, according to CoinMarketCap.
But who would have thought the Dogecoin cryptocurrency competing with Bitcoin started as a joke. Reporting from CNN International, dogecoin was created December 6, 2013 by a couple of software engineers.
It was Billy Markus, an IBM programmer from Portland, Oregon, preparing to differentiate his crypto from bitcoin, which was created by an anonymous creator and attracted a small group of miners.
According to Usman Chohan, an economist at the University of New South Wales Business School, Markus wants his cryptocurrency to be open to the public.
Markus seeks help to fulfill his strange dream and finds Jackson Palmer, who works for Adobe (ADBE). Palmer bought the dogecoin.com domain, which refers to “doge” memes all over the internet at the time.
At dogecoin.com, the mascot is given the title: “Dogecoin is a digital currency peer-to-peer open source, loved by Shiba Inus around the world. “
Although it started out as a joke, Dogecoin’s popularity is now soaring, and is partly supported by the mainstream adoption of bitcoin and other cryptocurrencies.
As of Friday (16/4/2021), the price of Dogecoin has doubled again after Tesla CEO Elon Musk tweeted about the crypto money for the umpteenth time. Demand for Dogecoin surged so much this week, it briefly broke the Robinhood cryptocurrency trading system.
Like all cryptocurrencies, Dogecoin is a digital currency that can be bought and sold like an investment and spent like money.
Unlike bitcoin, which has designated 21 million as a limited number of digital currencies, Dogecoin has 129 billion coins in circulation and will continue to make new blocks of coins available for mining each year. That’s part of the reason one Dogecoin is currently valued at around three cents and bitcoin is worth around US $ 62,000.
Although cryptos is increasingly being accepted as a currency for buying goods, Dogecoin is not widely used in the real world. It has several niche markets, including using Dogecoin to tip online artists.
Dogecoin also enjoys cult status on the site Reddit, where popular groups, unlike the WallStreetBets group behind the GameStop rally, decided earlier this year to push its value “to the moon”. Dogecoin jumped more than 600% after that boost.
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