In 2013, two popular things were happening on the internet: bitcoin, which caused people to focus on cryptocurrencies and memes. Two coders, Jackson Palmer and Billy Markus took digital
currencies too seriously and had a digital currency. The new “fun” currency was based on Bitcoin and the Doge meme, which was especially popular at the time.
How Dogecoin grow into famous Cryptocurrency?
What began as a joke has now become a big community behind it? Crypto skeptics for the longest time have regarded DOGE as a meme currency. In fact, the brains behind the currency confessed they did not take it seriously and only considered developing it when they saw the response they got. Blockchain technology drives DOGE, like all other digital currencies. You may thus use the tokens to complete transactions, pay for products and services, without suffering any additional costs by the intermediaries. The cryptocurrency is based on Luckycoin and utilizes the Scrypt algorithm to verify the work evidence extraction tool (PoW).
It should also be noted that DOGE is open source cryptography. Therefore, the community behind the currency has a voice in its path of growth. In the genuine spirit of the nature of the currency, its rise to the big-league crypto began when Elon Musk began to make his own thoughts on it. While he just began by mentioning the currency, he openly proclaimed his support for the coin via tweets of support. The SpaceX firm tech billionaire even unveiled the DOGE-1 lunar mission. The trip will be fully funded in Dogecoin and will be carried by a Falcon 9 Rocket into the Lunar orbit.
Tesla & Dogecoin
In more recent times, Tesla stated that it will deprive bitcoin of environmental harm as one of its payment options. Musk then suggested that they might utilize DOGE, which created huge volatility on the crypto markets. With the backing of Elon, DOGE has continued to develop and seems to be entering the top digital currencies. Irrespective of whether Tesla accepts DOGE, the meme currency has the attention of the globe already and has supporters and detractors monitoring it carefully.