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How did a joke turn
into a culturally significant cryptocurrency

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what is dogecoin

Dogecoin, which is famous across the world, was launched as a parody of various blockchain projects. Its sole objective was to reach a large number of masses and in order to do so Dogecoin utilised social media and popular culture. The “Doge” meme which is the inspiration behind the cryptocurrency quickly developed itself as a community of various supporters etc. The community has been a significant factor in the spread of Dogecoin.

Dogecoin: A culturally significant cryptocurrency

  • “Social media” has been heavily leveraged inorder to promote the coin. Dogecoin has been backed by various influential people who leverage the coin and cause massive market movements even with the help of any tweets.
  • The coin has been a part of various funny social media campaigns. However a social media campaign urged investors to buy Dogecoin worth around $25 and fluctuate the price of Dogecoin to $1. Various investors declared this as a tactic of illegal “pump and dump” which could easily attract regulatory attention.
  • The campaign ran successfully but it couldn’t drive the price as high as stated in the campaign. However the social media campaign drove the price by around 60%. This happening highlights how social media can be utilised in order to promote massive cryptocurrency adoption.

The use of Dogecoin

  • Dogecoin was never incorporated as an investment alternative or any store of value. The only major function of Dogecoin is tipping wherein online content creators receive their remuneration or appreciation from people in the form of social media. The deep coordination between social media and popular culture is a major example of social media entanglement of various cryptocurrencies.

The Dogecoin community

  • Dogecoin was incorporated with a philosophy of tipping. However over time the Dogecoin community has turned into a fund for various donations and charitable campaigns. The donation stories of the Dogecoin community are exceptional in nature and reveal the fact that the community doesn’t differentiate between rich and poor in hate.

If we talk about an unofficial perspective the community has shown various records wherein they supported the rich and poor unlike and issued various micro donations. However the organisational level of Dogecoin seems to be present in a dormant state. The Dogecoin Foundation has turned inactive since 2015 following which there have been no technical upgrades of the entire network.

Thus this article helps understand various metrics associated with Dogecoin.