Meme coins have always made it to the highlights in the crypto industry. While some would argue that these types of coins are unstable, it remains a proven fact that they have generated more than thousands in revenue for both investors and other team players. On the lead board is Dogecoin. The meme coin has solidified its place as the largest meme coin by market cap. It renewed confidence and optimism after adding over $1 billion to its market cap. The effect of this move scored the cryptocurrency as the 8th largest crypto, having caused the coin to surge over 10% and adding more than $10 billion to its market cap in a short amount of time.

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History of the Dogecoin
Dogecoin was introduced in 2013 as a peer-to-peer open-source cryptocurrency and features the face of the Shiba Inu, a Japanese dog breed as its logo. It was created by Jackson Palmer and Billy Markus, both software engineers, as a memecoin. Memecoins derive their value from social media hype and virality.
Some features of Dogecoin, which uses a scrypt algorithm, include its low price and unlimited supply.
According to Global Data, the value of the coin remained relatively flat for seven years and reached $0.0000869, its lowest price since its creation. It came alive in 2021 after the billionaire Elon made remarks about it. The Dogecoin experienced a surge of over 300% increasing its value to $0.032642.
Dogecoin overtakes Solana Just like most meme coins, Dogecoin is propelled by social media hype and also enjoys the influence of the Twitter CEO, Elon Musk. With the new development where it added more to its market cap, the coin has
overtaken Solana on the lead board. It nudged Solana to number 9, which went down by up to 7% in a 7-day timeframe and lost more than $1.4 Billion in its market cap.
The Dogecoin’s success is largely based on the billionaire Elon Musk. Past events have shown that the coin experiences a lot of activity whenever it is perceived by the media that Musk is remarking the coin, conclusive or not. Once the billionaire makes a tweet about the coin, it gains more attention from the interested community and investors. This would eventually lead to major spikes in price and interest. A similar frenzy was experienced with the $PEPE Coin when Elon Musk made a tweet appearing to be remarking the coin. The frog coin had gained a tremendous spike of over 60% overnight as a result.
A recent surge in the price of Dogecoin appears to be related to the rumours that Tesla removed Bitcoin from its payment page source code but stained Dogecoin. The meme coin is the second cryptocurrency to be accepted by Tesla after it added Bitcoin as a payment option on its payment page source code.
Removing Bitcoin and retaining Dogecoin is certain to raise eyebrows.

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Future of Dogecoin
Unlike native cryptocurrencies and altcoins, meme coins do not enjoy the scarcity feature and Dogecoin is not an exception. However, it is backed by an enthusiastic community and continues to defy the notion of many critics as to its longevity. It has continued to grow and remained stable over the years despite
deriving value from social media hype than real word utility

Written by Nwogu Ihuoma

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