How did Dogecoin become so popular?
In: Technology
Dogecoin was originally a prank, a cryptocurrency invented purely to troll people. Hence why the Doge meme was used as it’s logo/name. Several other fake coins like Coinye West cropped up at around the same time.
Dogecoin specifically was pumped up by Reddit and got a lot of attention on Social Media. Due to the crypto currency craze people who didn’t get the prank started buying it and it started gaining real world value. Dogecoin at the time was virtually worthless so while BitCoin was already highly valued, investing in Dogecoin was like buying a penny stock. People were buying up worthless Cryptocurrencies for pennies in the hopes that one of them would take off. So 2nd wave investors in cryptocurrency were able to get in at the bottom.
Once it actually had value a group of Redditors decided to act like the Rich Texan from the Simpsons, spending Dogecoin money on frivolous things just for kicks.
The most egregious example of this was that time Reddit Dogecoin miners sponsored a NASCAR team… yes that actually happened and it was amazing. This of course had the effect of making Dogecoin even more popular as a cryptocurrency.
Since then Dogecoin has had remarkable staying power for something that really is a joke.
I highly suggest you read up on the Dutch Tulip Craze because we’re in the middle of another one right now…
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