If the collection of endless memes displayed on your favorite social media sites could be condensed into a mascot for a new cryptocurrency, what would it look like? Those of you in the know already see where I’m going with this. Yes, you would condense those memes into the face of a Shiba Inu.
The creators of one of the most popular cryptocurrencies out there saw the obvious potential of cross-pollinating the ultimate symbol of the internet (the Shiba Inu) and our favorite topic of the day, cryptocurrency. And in order to solidify their creation’s place in history as the ultimate crypto-meme, the creators of Dogecoin plastered their website and YouTube channel with an amazing array of pictures and videos of their loyal crypto-mascot.
Usually, though, he is shown riding a rocket to the moon:
This ridiculous joke of a currency probably shouldn’t even exist. It’s apparently a copy of a copy of some nerd code that was created as a gag to poke fun at the budding technology of the blockchain. But a key decision was made, perhaps accidentally, that unleashed a power that until recently we didn’t know existed. A power that lay dormant, slowly building with pressure within countless basements across the US (and the world). It is the power of the meme. And it was burned into the retinas of your millennial son or daughter (still living at home despite their crypto gains of 2017).
The countless images of grumpy cats, right-wing frogs, and the ever-popular Shiba Inu became a part of all our lives really. After all, who doesn’t want to see a doge chase a graph up a chart, right? But aside from the nexus between internet memes and digital currency, why has this rising star in the crypto-universe done so well lately? What data trends can be analyzed before we decide to invest in this potential store of value? What are the technical details lurking behind the core concept(s) of Dogecoin?
If you’re asking yourself these questions, stop. Just stop. Lulz.
But What Is it?
Dogecoin is a decentralized, peer-to-peer currency. Sound familiar? It is open source and apparently favored by Shiba Inus worldwide. In Dogecoin’s defense, it can be sent across the internet with total security, and get this, within seconds. Seriously. For all you budding crypto-enthusiasts anguishing with multi-day waits to receive your Bitcoin (BTC), Dogecoin is fast. Almost instant. And it’s accepted as a tip online for all kinds of cool stuff your basement-dwelling kid is watching and commenting on.
You can send a few cents to a popular comment you enjoy on your social media site, or a few bucks to support larger content, like your best friend’s new rock album.
Very Currency, Such Coin
While technical analysis and market indicators aren’t Dogecoin’s thing, it has been steadily rising in price and volume on a number of popular exchanges. Over the past month alone, Dogecoin has risen from 66 satoshi to 110 as I write these words. That puts it at US$0.0175. Who knows where this thing can go, as it wasn’t meant to be HODL’d like Sméagol from The Lord of the Rings (as seems to be the case with its related Bitcoin derivatives). No, Dogecoin was meant to be shared, peer-to-peer, just like the rest of them, only way cooler.
Disclaimer: This is not trading or investment advice.