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Cryptocurrency

The Rise And Rise Of Dogecoin – The Joke That Took The Crypto Space By Storm

Jokes are meant to be taken lightly, and usually, have no meaning or practical application. However, there are a few exceptions when jokes created iconic things. Potato Chips, for example, was created when a customer kept asking the chef to make his French Fries thinner, and the chef, in frustration, sliced wafer-thin potato, and rest is history.

Dogecoin is another example. The fun cryptocurrency came into existence due to a joke made out of the famous Doge meme, which broke the internet in 2013. The creators of Dogecoin, Jackson Palmer and Billy Markus, not in their wildest dreams would have thought that their ‘joke’ would become the next big thing in the crypto industry. Soon after its launch on December 6, 2013, the cryptocurrency entered the top 10 digital token list, however, is now placed at the 29th position. Dogecoin currently has a market cap of around $360 million.

The journey of Dogecoin has been quite spectacular, and it has garnered praise from all sections of the industry and outside. There’s a long list of people who fall in love with Dogecoin, which includes high-profile names like Elon Musk and John McAfee. The former has been quite vocal about his love for Dogecoin, which has furthered the fame of the token.

John McAfee, the famous, computer scientist, and creator of the McAfee anti-virus software has also been quite impressed with Dogecoin. He recently tweeted that Dogecoin is one of the fastest growing coins based on usability.

McAfee has been a strong supporter of cryptocurrencies at large. He has consistently maintained that the bulls will come back roaring, and all that was lost in the winter of 2018, will be recovered very soon. When asked about the market swings, McAfee said that for every dollar lost during the bears, will be compensated by $10-$20 during the bulls.

The feature which makes Dogecoin a favorite for big names like Musk and McAfee is its usability. The fun token has been utilized for various purposes, right from a property sale to buying an Amazon Gift Card. The coin has also been extensively used in online gambling, which itself is a booming industry.

It is also one of the rare tokens which have an infinite coin supply, without any cap limit. Also, Dogecoin has lower transaction fees as compared to other established platforms, and also takes 1 minute, which a considerably lesser time, to complete a transaction. For reference, Litecoin takes about 2.5 minutes for the same task.

As the crypto markets are moving towards mass adoption, demand for tokens more accessible, easy to use, and affordable is growing. Dogecoin’s simple architecture, lower fees, and user-friendly interface makes it a strong contender for ruling the roost in the future.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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