- Dogecoin recently made headlines, surpassing Cardano as the 6th largest cryptocurrency globally.
- In addition, Elon Musk has contributed significantly in shifting favour to Dogecoin. Millions have followed his open support of Dogecoin, causing its coin’s value to rise and steadily attract potential investors
- The meme-coin has officially turned the crypto market upside down and does not seem to stop there.
As the year ends, the crypto market is experiencing its final year rush. The crypto ecosystem has progressively grown as organizations seek to incorporate crypto as a service. This has significantly boosted various individual cryptocurrencies, but so far, with the current trend, meme-coins seem to take dominance.
Dogecoin recently made headlines, surpassing Cardano as the 6th largest cryptocurrency globally. This news has taken everyone by surprise. No one would have expected a meme-coin, something that was initially designed as a joke to cause this many waves in the crypto market.
The birth of Dogecoin
Dogecoin was initially designed as a joke posed to crypto traders during the start of the golden age of the crypto ecosystem. It initially branded itself as the “fun version” of bitcoin with a Shiba Inu dog as its logo.
Palmer and Markus launched the meme-coin in December 2013 and based its original code on Luckcoin, derived from Litecoin. The meme-coin is referred to as an inflationary coin in the crypto market, while ordinary crypto coins such as Ether and Bitcoin are called deflationary. This is because there is a limit on the number of coins the crypto network can create over time.
Dogecoin is a peer-to-peer, open-source cryptocurrency that eventually gained popularity over the years. In its second year, the meme coin raised $30000 as part of a crowdfunding effort to sponsor Jamaican athletes to the Sochi Olympics, a noble cause seen by many in the crypto ecosystem.For some time, Dogecoin remained silent but suddenly received recognition from Elon Musk. Elon invested at least $1.5 billion in the project since he saw the potential behind the meme coin. Some even speculate that Elon was moved by what the meme-coin would represent if it outthrew the current dominating cryptocurrency. It would shift the entire crypto market from a joke to the top position.
Charles Hoskinson launched the Cardani or ADA in 2017 as part of a project to test their new consensus mechanism Proof-of-Stake. Over its course, Cardano gained much popularity, and many considered it an alternative to Ethereum or an updated version of Ethereum. This was, however, before the Merge, where Ethereum converted its entire network to the Pos mechanism.
Cardano has made significant global contributions to the crypto market, and in Africa, it has launched various startups and campaigns to promote Africa’s crypto ecosystem.
Cardano Foundation has expanded to over 20 countries, and its rate is merely increasing. The plans behind Cardano’s development were ambitious, and its goal was eventually to overtake Ethereum in the overall crypto ecosystem.
The success behind Dogecoin’s recent big step
The meme-coin has dropped the jaws of many crypto traders who didn’t believe in it. Despite its consistent rise, this sudden achievement did not just come instantly. Over the past six months, Dogecoin has gained a steady value increase and has received support from its users, investors, and even the gaming platforms it’s associated with.
In addition, Elon Musk has contributed significantly in shifting favour to Dogecoin. Millions have followed his open support of Dogecoin, causing its coin’s value to rise and attract potential investors steadily. Musk went as far as receiving a lawsuit suing him for $258 billion in damages in July. The case accused Musk of running a pyramid scheme to fund Dogecoin.
Charles, the founder of Cardano, stated that with Musk’s acquisition of Twitter, Dogecoin would have the opportunity to converge with the social media network.
In light of this, he invited Dogecoin to joinCardan as a sidechain. Charges state that he is prepared to perform the migration at no cost and will offer various intelligent contracts to ensure a smooth transition.
Musk continues his efforts to support the meme-coin as Tesla and Starlink goods are now purchasable through the meme-coin. This has contributed to at least 17% of Dogecoin’s value.
The meme-coin has officially turned the crypto market upside down and does not seem to stop there. Now that Dogecoin has surpassed Cardano, will it set its sights on big leagues such as Bitcoin and BNB? Is this the new revolution that the crypto ecosystem desperately needs?
As crypto traders and enthusiasts, we can merely speculate and hope on the Dogecoin bandwagon while seats are still available.