[Wise Crypto Life] 03. DogeCoin Edition
Are there any cryptocurrencies you may be interested in these days? Many people who answer "Dogecoin" to this question. Recently, people who are not interested in cryptocurrency have been curious about the identity of the Shiba logo, facing forward with a sullen expression, which we will discuss in this article.
Petite Shiba, Big Results
Dodgecoin is a cryptocurrency created by IBM developer Billy Marcus and Adobe's Jackson Palmer in 2013. In fact, Dodgecoin was inspired by the internet meme of Doge, a Shiba dog in Japan, which was popular at the time in 2013, ultimately being adopted as their mascot. Dogecoin's Twitter introduction can confirm that "Dogecoin is an open source peer-to-peer cryptography, and a favorite by Shiba dogs around the world."
Although Dodgecoin is a P2P digital cryptocurrency, it has grown by generating various memes rather than attracting attention in terms of fundamentals or functions. Celebrities and influencers have also risen significantly, referring to Dodgecoin. "Fun" is a big part of the reason why Dodgecoin's weekly price has risen from about 75 won earlier this year to over 500-700 won.
Characteristics of Dogecoin
1. Unlimited issuance: Issuance refers to the maximum amount of cryptocurrency generated. Bitcoin's issuance is fixed at 21 million and Lightcoin's issuance at 84 million. These are their total supply figures, which leaves a high marginal utility. However, some cryptocurrencies do not restrict the amount of issuance. If there is no issue limit, the market price will be maintained to some extent, preventing many people from buying and a few from making disproportionate gains. It also receives positive reviews in that it implements 'decentralization', the core value of cryptocurrency. However, there is also a risk that if demand does not support the supply, the price will naturally fall. Dodgecoins are one of those cryptocurrencies with unlimited issuance, and as many as 10,000 Dodgecoins are generated per minute.
2. Elon Musk's full support: Tesla CEO Elon Musk, also known as "Doge Father," cannot be left out when it comes to Dodgecoin. Elon Musk has continued to mention Dojicoin on Twitter since 2019, when Dodgecoin was only 3 won per share, and each time, Dodgecoin has soared. On the 9th of this month, they announced that they could use Dodgecoin for SpaceX's lunar exploration plan, showing support for Dodgecoin once again.
3. Meme Culture: If you search 'Dogecoin Meme', you can see the endless GIFs and TikTok videos. These fun factors contributed greatly to raising awareness and increasing Dodgecoin's popularity. Some experts say that the "meme culture and network" is the unique value and fundamentals of Dodgecoin due to criticism that Dodgecoin does not have fundamentals.
The evaluation of Dodgecoin is extreme. It is divided into negative assessments of bubbles riding on the popularity of the moment and positive assessments of new forms of currency and innovation that have never been seen before. Many are excited to see how this Shiba-meme inspired crypto will do in the future.