It was in 2013 when blockchain and cryptocurrency became a hot topic in internet circles on platforms such as Reddit and Twitter. The market value of Bitcoin, the most valuable cryptocurrency at the time, had risen from $ 1 to $ 1,000 in a matter of weeks, forcing people to take cryptocurrencies seriously. In Sydney, Australia, a marketing manager at Adobe, Jackson Palmer was into this latest cryptocurrency craze. He was addicted to checking Bitcoin prices but felt that Bitcoin enthusiast groups were small elitist groups who disliked foreigners. At the same time, sparked by the success of Bitcoin, many alternative cryptocurrencies have entered the market. Sitting over a beer, Palmer came up with the idea of making a cryptocurrency parody making fun of Bitcoin. At that time, a meme of a dog looking at a camera was all over the internet. The meme that was going viral was based on a 2010 photo of a Shiba Inu dog, who was looking at the camera when the photo was taken. The meme creator had written the guessed inner monologue in Comic Sans font on the picture which made her funny.
Palmer also found the Doge meme to be really funny. He decided to create a cryptocurrency with the Doge meme on his logo. He bought the DogeCoin.com domain and left a message on the website asking if anyone wanted to see the proposed parody cryptocurrency become a reality. The idea resonated with IBM software engineer Billy Markus, who wrote to Palmer and offered to help. Excited, Markus had started working on the new cryptocurrency before getting Palmer’s response.
When they both collaborated, the word Doge replaced Bit in Bitcoin to become Dogecoin, the first meme cryptocurrency. The logo was one piece with the Doge meme and the fonts on the website were Comic Sans, the same font that the Doge meme monologues were written in. Soon the cryptocurrency expanded its dedicated community on Reddit and earlier this year Dogecoin went viral on Twitter when the world’s richest man Elon Musk tweeted about it.
In a series of tweets, Musk introduced himself as the father of Dogecoin encouraging people to invest in it. However, he also warned that people should not be investing their savings in the booming cryptocurrency. Dogecoin has gone from a market valuation of $ 3 billion to $ 45 billion in six months.
Two years later, in April 2015, Markus took an extended leave of absence from the cryptocurrency community and he sold all of his Dogecoin holdings, which was enough for him to purchase a used Honda Civic. Palmer has also left the cryptocurrency space. The cryptocurrency, which was abandoned by its creators, is now maintained by volunteers. Palmer works as director of product management, growth and data science at Adobe Systems while Markus works for an education company in the San Francisco Bay Area.
Unlike Bitcoin and many other cryptocurrencies, there is no limit to the number of Dogecoins that can exist, making it harder for it to get expensive and make its owners rich. For one of its creators Palmer, “Dogecoin is sort of my barometer for how much bitcoin mania or crypto-mania has taken hold and how much stupid money is flowing in that space,” Palmer said in an interview. at Bloomberg.
Read all the latest news, breaking news and coronavirus news here