Memes usually have a fun way of transforming into profitable ventures. But we’d never imagined a meme would turn into a financial venture like this. Say hello to Dogecoin, which puts together two of the most important “things” of 2013 – virtual currency and Doge.
Now, there’s a lot to explain here but we’ll try. Dogecoin is essentially a Bitcoin-like cryptocurrency created by an Australian brand and marketing specialist and a programmer from the US. The currency that started as a joke, reports The Verge, has now started to gain actual value. As of December 20, the currency jumped some 300 percent in value, from $0.00026 to $0.00095. Now while this is no Bitcoin with its $700 and up value, Dogecoin is starting to gain legitimacy.
Many currency. Much Doge. Wow
For those not in the know, Doge is a meme that made it large this year. It essentially involves a picture of a Shiba Inus dog accompanied by text in comic sans. The multi-tiered text almost always reads like the canine is saying it aloud and is generally made up of one word at a time and punctuated with an occasional “wow”.
Yes, a lot of people do not get it, and that’s okay. However, Jackson Palmer, a Sydney-based Adobe employee tweeted about investing in Dogecoin, which was just a random idea at that point of time. That was until Billy Markus from Oregon, USA stumbled on to programming his own cryptocurrency. They both joined forces last month and thus Dogecoin was born.
Reddit picked it up with much enthusiasm and Dogecoin exploded. Coinmarketcap said that it’s the 13th largest cryptocurrency currently and has a market value of about 3 million right now. Whether Dogecoin will last the test of time is yet to be seen but this new meme currency is definitely the rage right now.